Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 01, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Entity Registrant Name | EKSO BIONICS HOLDINGS, INC. | ||
Entity Central Index Key | 1,549,084 | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,015 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 108,555,641 | ||
Entity Public Float | $ 82,962,801 | ||
Trading Symbol | PNMD | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash | $ 19,552 | $ 25,190 |
Accounts receivable less allowance of $93 and $55 | 2,069 | 1,549 |
Inventories, net | 1,056 | 622 |
Prepaid expenses and other current assets | 436 | 388 |
Deferred cost of revenue, current | 2,088 | 1,551 |
Total current assets | 25,201 | 29,300 |
Property and equipment, net | 2,625 | 2,102 |
Deferred cost of revenue | 2,502 | 2,017 |
Intangible assets, net | 1,584 | 55 |
Goodwill | 189 | 0 |
Other assets | 97 | 0 |
Total assets | 32,198 | 33,474 |
Current liabilities: | ||
Accounts payable | 2,694 | 783 |
Accrued liabilities | 1,885 | 2,378 |
Deferred revenues, current | 3,960 | 3,412 |
Capital lease obligation, current | 80 | 41 |
Total current liabilities | 8,619 | 6,614 |
Deferred revenues | 4,613 | 3,895 |
Warrant liability | 9,195 | 0 |
Contingent consideration liability | 768 | 0 |
Other non-current liabilities | 195 | 165 |
Total liabilities | $ 23,390 | $ 10,674 |
Commitments and contingencies (Note 16) | ||
Stockholders' equity: | ||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized at December 31, 2015 and 2014; 13 and none issued and outstanding at December 31, 2015 and 2014, respectively | $ 0 | $ 0 |
Common stock, $0.001 par value; 500,000 shares authorized at December 31, 2015 and 2014; 105,191 and 101,622, shares issued and outstanding at December 31, 2015 and 2014, respectively | 105 | 102 |
Additional paid-in capital | 100,094 | 94,499 |
Accumulated deficit | (91,391) | (71,801) |
Total stockholders' equity | 8,808 | 22,800 |
Total liabilities and stockholders' equity | $ 32,198 | $ 33,474 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts receivable, allowance | $ 93 | $ 55 |
Convertible Preferred stock, par value per share | $ 0.001 | $ 0.001 |
Convertible Preferred stock, shares authorized | 10,000 | 10,000 |
Convertible Preferred stock, shares issued | 13 | 0 |
Convertible Preferred stock, shares outstanding | 13 | 0 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 500,000 | 500,000 |
Common Stock, Shares, Issued | 105,191 | 101,622 |
Common Stock, Shares, Outstanding | 105,191 | 101,622 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | |||
Medical devices | $ 4,252 | $ 2,924 | $ 1,612 |
Engineering services | 4,409 | 2,403 | 1,690 |
Total revenue | 8,661 | 5,327 | 3,302 |
Cost of revenue | |||
Medical devices | 3,926 | 2,048 | 1,461 |
Engineering services | 3,556 | 1,720 | 1,254 |
Total cost of revenue | 7,482 | 3,768 | 2,715 |
Gross profit | 1,179 | 1,559 | 587 |
Operating expenses | |||
Sales and marketing | 9,258 | 7,085 | 4,291 |
Research and development | 6,480 | 3,868 | 2,677 |
General and administrative | 7,002 | 7,400 | 3,913 |
Total operating expenses | 22,740 | 18,353 | 10,881 |
Loss from operations | (21,561) | (16,794) | (10,294) |
Other income (expense) | |||
Interest expense | (13) | (435) | (1,726) |
Warrant issuance expense | (487) | 0 | 0 |
Gain (loss) on warrant liability | 2,505 | (16,485) | 186 |
Interest income | 11 | 6 | 5 |
Other expense, net | (45) | (61) | (58) |
Total other income (expense), net | 1,971 | (16,975) | (1,593) |
Net loss | (19,590) | (33,769) | (11,887) |
Less: Preferred deemed dividend | 4,655 | 0 | 0 |
Net loss applicable to common shareholders | $ (24,245) | $ (33,769) | $ (11,887) |
Basic net loss per share (in dollars per share) | $ (0.24) | $ (0.43) | $ (0.57) |
Diluted net loss per share (in dollars per share) | $ (0.26) | $ (0.43) | $ (0.57) |
Weighted-average shares outstanding, basic (in shares) | 102,241 | 78,264 | 20,977 |
Weighted-average shares outstanding, diluted (in shares) | 102,265 | 78,264 | 20,977 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2012 | $ (25,087) | $ 16,676 | $ 10 | $ 1,048 | $ (26,145) |
Balance (in shares) at Dec. 31, 2012 | 15,799 | 15,066 | |||
Issuance of convertible preferred stock | 0 | $ 4,294 | $ 0 | 0 | 0 |
Issuance of convertible preferred stock (in shares) | 4,083 | 0 | |||
Issuance of stock upon conversion of convertible debt and accrued interest | 0 | $ 6,490 | $ 0 | 0 | 0 |
Issuance of stock upon conversion of convertible debt and accrued interest (in shares) | 6,041 | 0 | |||
Common stock warrants issued in connection with issuance of Series B convertible preferred stock | 136 | $ (136) | $ 0 | 136 | 0 |
Common stock repurchased | 0 | $ 0 | $ 0 | 0 | 0 |
Unamortized debt discounts transferred to equity | 0 | (2) | |||
Vesting of early exercised options | 4 | $ 0 | $ 0 | 4 | |
Effect of merger and recapitalization of share amounts | 0 | 0 | 6 | (6) | 0 |
Issuance of shares to stockholders of Ekso Bionics Holdings Inc | 0 | $ 0 | $ 5 | (5) | 0 |
Issuance of shares to stockholders of Ekso Bionics Holdings Inc (in shares) | 0 | 5,280 | |||
Issuance of common stock upon exercise of stock options | 65 | $ 0 | $ 0 | 65 | 0 |
Issuance of common stock upon exercise of stock options (in shares) | 0 | 771 | |||
Stock-based compensation expense | 396 | $ 0 | $ 0 | 396 | 0 |
Net loss | (11,887) | 0 | 0 | 0 | (11,887) |
Balance at Dec. 31, 2013 | (36,373) | $ 27,324 | $ 21 | 1,638 | (38,032) |
Balance (in shares) at Dec. 31, 2013 | 25,923 | 21,115 | |||
Conversion of preferred stock | 27,324 | $ (27,324) | $ 27 | 27,297 | 0 |
Conversion of preferred stock (in shares) | (26,691) | 26,691 | |||
Issuance of common stock upon exercise of stock options | 2 | $ 0 | 2 | 0 | |
Issuance of common stock upon exercise of stock options (in shares) | 90 | ||||
Fair value of warrant liability transferred to equity upon net exercise | 282 | $ 0 | 282 | 0 | |
Fair value of warrant liability transferred to equity upon net exercise (in shares) | 767 | ||||
Balance at Jan. 14, 2014 | (8,765) | $ 0 | $ 48 | 29,219 | (38,032) |
Balance (in shares) at Jan. 14, 2014 | 0 | 47,896 | |||
Balance at Dec. 31, 2013 | (36,373) | $ 27,324 | $ 21 | 1,638 | (38,032) |
Balance (in shares) at Dec. 31, 2013 | 25,923 | 21,115 | |||
Net loss | (33,769) | ||||
Balance at Dec. 31, 2014 | 22,800 | $ 0 | $ 102 | 94,499 | (71,801) |
Balance (in shares) at Dec. 31, 2014 | 0 | 101,622 | |||
Balance at Jan. 14, 2014 | (8,765) | $ 0 | $ 48 | 29,219 | (38,032) |
Balance (in shares) at Jan. 14, 2014 | 0 | 47,896 | |||
Issuance costs | (3,339) | $ 0 | $ 0 | (3,339) | 0 |
Issuance of common stock warrants at fair value | (10,614) | 0 | 0 | (10,614) | 0 |
PPO shares issued for cash | 25,300 | $ 0 | $ 25 | 25,275 | 0 |
PPO shares issued for cash (in shares) | 0 | 25,300 | |||
PPO shares issued upon conversion of 2013 Bridge Notes | 5,082 | $ 0 | $ 5 | 5,077 | 0 |
PPO shares issued upon conversion of 2013 Bridge Notes (in shares) | 0 | 5,000 | |||
Shares issued to consultant in PPO | 0 | $ 0 | 0 | 0 | |
Shares issued to consultant in PPO (in shares) | 250 | ||||
Fair value of warrant obligation transferred to equity | 96 | $ 0 | 96 | 0 | |
Unamortized debt discounts transferred to equity | (947) | 0 | $ 0 | (947) | 0 |
Balance at Jan. 16, 2014 | 6,813 | $ 0 | $ 78 | 44,767 | (38,032) |
Balance (in shares) at Jan. 16, 2014 | 0 | 78,446 | |||
Fair value of warrant anti-dilution feature transferred to equity | 27,099 | $ 0 | $ 0 | 27,099 | 0 |
Issuance of common stock upon exercise of warrants | 21,412 | $ 0 | $ 23 | 21,389 | 0 |
Issuance of common stock upon exercise of warrants (in shares) | 0 | 22,881 | |||
Issuance of common stock upon exercise of stock options | 102 | $ 0 | $ 1 | 101 | 0 |
Issuance of common stock upon exercise of stock options (in shares) | 0 | 295 | |||
Stock-based compensation expense | 1,143 | $ 0 | $ 0 | 1,143 | 0 |
Net loss | (33,769) | 0 | 0 | (33,769) | |
Balance at Dec. 31, 2014 | 22,800 | $ 0 | $ 102 | 94,499 | (71,801) |
Balance (in shares) at Dec. 31, 2014 | 0 | 101,622 | |||
Issuance of convertible preferred stock | 14,218 | $ 0 | $ 0 | 14,218 | 0 |
Issuance of convertible preferred stock (in shares) | 15 | 0 | |||
Issuance of warrants in connection with Series A convertible preferred stock recorded as a warrant liability | $ (11,700) | $ 0 | $ 0 | (11,700) | 0 |
Conversion of preferred stock (in shares) | 2 | ||||
Beneficial conversion feature on Series A preferred stock | $ 3,300 | 0 | 0 | 3,300 | 0 |
Conversion of Series A convertible preferred stock to common stock and accretion of Series A convertible preferred stock discount | 1,356 | $ 0 | $ 1 | 1,355 | 0 |
Conversion of Series A convertible preferred stock to common stock and accretion of Series A convertible preferred stock discount (in shares) | (2) | 1,720 | |||
Deemed dividend on Series A convertible preferred stock | (4,655) | $ 0 | $ 0 | (4,655) | 0 |
Issuance of common stock for assets acquired from Equipois | 1,071 | $ 0 | $ 1 | 1,070 | 0 |
Issuance of common stock for assets acquired from Equipois (in shares) | 0 | 781 | |||
Issuance of common stock upon exercise of warrants | 52 | $ 0 | $ 0 | 52 | 0 |
Issuance of common stock upon exercise of warrants (in shares) | 0 | 51 | |||
Issuance of common stock upon exercise of stock options | 225 | $ 0 | $ 1 | 224 | 0 |
Issuance of common stock upon exercise of stock options (in shares) | 0 | 1,017 | |||
Stock-based compensation expense | 1,731 | $ 0 | $ 0 | 1,731 | 0 |
Net loss | (19,590) | 0 | 0 | 0 | (19,590) |
Balance at Dec. 31, 2015 | $ 8,808 | $ 0 | $ 105 | $ 100,094 | $ (91,391) |
Balance (in shares) at Dec. 31, 2015 | 13 | 105,191 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Deficit) [Parenthetical] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
Shares Issued, Price Per Share | $ 2.10 | |
Payments of Stock Issuance Costs | $ 782 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net loss attributable to common stockholders | $ (19,590) | $ (33,769) | $ (11,887) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation and amortization | 933 | 745 | 469 |
Inventory allowance expense | 34 | (36) | (8) |
Amortization of deferred rent | (37) | (36) | (36) |
Amortization of debt discounts | 0 | 208 | 169 |
Finance cost attributable to issuance of warrants | 487 | 0 | 0 |
Amortization of notes payable offering costs | 0 | 0 | 21 |
Interest expense accrued to convertible notes | 0 | 20 | 231 |
Interest income added to note receivable from stockholder | 0 | 3 | 0 |
Adjustment to record convertible note at fair value | 0 | 0 | 799 |
Stock-based compensation expense | 1,731 | 1,143 | 391 |
(Gain) loss on change in fair value of warrant liability | (2,505) | 16,485 | (186) |
Changes in operating assets and liabilities | |||
Accounts receivable | (520) | (1,000) | 239 |
Inventories | (200) | 354 | (102) |
Prepaid expense and other assets current and noncurrent | (91) | (36) | (87) |
Deferred cost of revenue | (1,022) | (1,995) | (442) |
Accounts payable | 1,738 | (716) | (231) |
Accrued liabilities | (493) | 944 | 433 |
Deferred revenues | 1,266 | 2,679 | 1,164 |
Net cash used in operating activities | (18,269) | (15,007) | (9,063) |
Investing activities | |||
Acquisition of property and equipment, net | (1,492) | (1,487) | (379) |
Net cash used in investing activities | (1,492) | (1,487) | (379) |
Financing activities | |||
Proceeds from issuance of 2012 Series B convertible bridge notes, net | 0 | 0 | 2,000 |
Proceeds from issuance of 2013 Series B convertible bridge notes, net | 0 | 0 | 4,929 |
Principal payments on notes payable | (60) | (2,596) | (1,829) |
Payment for private placement offering | 0 | 0 | (948) |
Proceeds from issuance of convertible preferred stock and warrants, net | 13,906 | 0 | 4,152 |
Proceeds from exercise of stock options | 225 | 102 | 205 |
Proceeds from exercise of common stock warrants | 52 | 21,412 | 0 |
Proceeds from issuance of common stock, net | 0 | 21,961 | 0 |
Net cash provided by financing activities | 14,123 | 40,879 | 8,509 |
Net (decrease) increase in cash | (5,638) | 24,385 | (933) |
Cash at beginning of the period | 25,190 | 805 | 1,738 |
Cash at end of the period | 19,552 | 25,190 | 805 |
Supplemental disclosure of cash flow activities | |||
Cash paid for interest | 12 | 138 | 633 |
Cash paid for income taxes | 5 | 38 | 25 |
Supplemental disclosure of non-cash activities | |||
Acquisition of property and equipment with capital lease | 166 | 0 | 0 |
Preferred deemed dividend to common shareholders in connection with anti-dilution feature associated with issuance of Series A preferred warrants | 4,655 | 0 | 0 |
Issuance of Series A preferred stock warrants | 11,700 | 0 | 0 |
Acquisition of Equipois assets with common stock and contingent consideration liability | 1,839 | 0 | 0 |
Preferred stock and common stock warrants issued to lender | 0 | 0 | 5 |
Conversion of convertible notes into Series B convertible preferred stock | 0 | 0 | 6,490 |
Common stock warrants issued in connection with Series B convertible preferred stock offering | 0 | 0 | 169 |
Conversion of bridge loan to common stock | 0 | 5,082 | 0 |
Conversion of convertible preferred stock to common stock | 0 | 27,324 | 0 |
Conversion of preferred stock warrants to common stock warrants | 0 | 282 | 0 |
Transfer of warrant liability to equity | 0 | 27,099 | 0 |
Vesting of early exercised stock options | $ 0 | $ 0 | $ 5 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Description of Business 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. As used in these notes to the consolidated financial statements, the term “the Company” refers to Ekso Bionics Holdings, Inc. formerly known as PN Med Group, Inc., and its wholly-owned subsidiaries, including Ekso Bionics, Inc. 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 and share amounts included in these notes to the financial statements are in thousands. The Company designs, develops, and sells exoskeletons that augment human strength, endurance and mobility. The Company’s exoskeletons have applications in health care, industrial, military, and consumer markets. Liquidity Largely as a result of significant research and development activities related to the development of the Company’s advanced technology and commercialization of this technology into its medical device business, the Company has incurred significant operating losses and negative cash flows from operations since inception. The Company has also recognized significant non-cash losses associated with the revaluation of certain securities, which have also contributed significantly to its accumulated deficit. As of December 31, 2015, the Company had an accumulated deficit of $ 91,391 Cash on hand at December 31, 2015 was $ 19,552 25,190 18,269 15,007 Based upon the Company’s current twelve-month average monthly net use of cash of approximately $ 1,520 The Company’s actual capital requirements may vary significantly and will depend on many factors. For example, the Company plans to continue to increase its investments (i) in its clinical, sales and marketing initiatives to accelerate adoption of the Ekso robotic exoskeleton in the rehabilitation market, (ii) in its 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 the Company intends to raise through corporate collaborations, public or private equity offerings, debt financings or warrant solicitations within the next two to four quarters. Sales of additional equity securities by us could result in the dilution of the interests of existing stockholders. 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, the Company may be required to reduce its discretionary overhead costs substantially, including research and development, general and administrative, and sales and marketing expenses or otherwise curtail operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Estimates | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Estimates | The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. All significant intercompany transactions and balances have been eliminated in consolidation. The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 associated costs, valuation of acquired intangible assets and goodwill, useful lives assigned to long-lived assets, realizability of deferred tax assets, valuation of common and preferred stock warrants, the valuation of options, and contingencies. Actual results could differ from those estimates. The assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date and revenue and expense amounts are translated at average rates during the period, with resulting foreign currency translation adjustments recorded in other comprehensive (loss) income. Where the U.S. dollar is the functional currency, re-measurement adjustments are recorded in other income, net in the accompanying consolidated statements of operations. Gains and losses realized from transactions, including related party balances not considered permanent investments, that are denominated in currencies other than an entity’s functional currency are included in other income, net in the accompanying consolidated statements of operations. Comprehensive loss for the periods presented was comprised solely of the Company’s consolidated net loss. Comprehensive loss for the years ended December 31, 2015, 2014 and 2013 was $ 19,590 33,769 11,887 The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. The Company’s cash is deposited in bank accounts with the Company’s primary cash management bank. The Company places its cash and cash equivalents in highly liquid instruments with, and in the custody of, financial institutions with high credit ratings and limits the amounts invested with any one institution, type of security and issuer. The Company did not have any cash equivalents or investments in money market funds as of December 31, 2015 and 2014. Financial instruments that potentially subject us to concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains our cash accounts in excess of federally insured limits. However, the Company believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. The Company extends credit to customers in the normal course of business and performs ongoing credit evaluations of its customers. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the consolidated financial statements. The Company does not require collateral from its 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. The Company reviews accounts receivable for collectability and provide an allowance for credit losses, as needed. The Company has not experienced material losses related to accounts receivable as of December 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. The Company does not enter into any foreign currency hedging agreements and are susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon settling foreign contracts. In 2015, the Company had one customer with accounts receivable balances totaling 10% or more of the Company’s total accounts receivable ( 10 22 11 In 2015, the Company had one customer with billed revenue of 10% or more of the Company’s total customer revenue ( 33 12 19 10 The Company has a note receivable from a customer for $ 101 5 Inventories are recorded at the lower of cost or market value. Cost is principally determined using the average cost method. Parts from vendors are received and recorded as raw material. Once the raw materials are incorporated in the fabrication of the product, the related value of the component is recorded as work in progress (“WIP”). Direct and indirect labor and applicable overhead costs are also allocated and recorded to WIP inventory. Finished goods are comprised of completed products that are ready for customer shipment. The Company periodically evaluates the carrying value of inventory on hand for potential excess amounts over sales and forecasted demand. Excess and obsolete inventories identified are recorded as an inventory impairment charge to the consolidated statement of operations. Property and equipment are stated at cost less accumulated depreciation and are depreciated on a straight-line basis over the estimated useful lives of the assets, generally ranging from three five ten The costs of repairs and maintenance are expensed when incurred, while expenditures for refurbishments and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. When assets are retired or sold, the asset cost and related accumulated depreciation or amortization are removed from the accompanying Consolidated Balance Sheets, with any gain or loss reflected in the accompanying Consolidated Statements of Operations. The Company has evaluated its lease obligations and does not have any material asset retirement obligations. The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that their carrying value may not be recoverable from the estimated future cash flows expected to result from their use or eventual disposition. If estimates of future undiscounted net cash flows are insufficient to recover the carrying value of the assets, the Company will record an impairment loss in the amount by which the carrying value of the assets exceeds the fair value. If the assets are determined to be recoverable, but the useful lives are shorter than originally estimated, the Company will depreciate or amortize the net book value of the assets over the newly determined remaining useful lives. None of the Company’s property and equipment, or intangible assets was impaired as of December 31, 2015 and 2014. Accordingly, no impairment loss has been recognized in the years ended December 31, 2015, 2014 and 2013. The Company records goodwill when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. We perform an annual impairment assessment in the fourth quarter of each year, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of goodwill. We perform impairment tests using a fair value approach when necessary. For further discussion of goodwill, see Note 4: Acquisition. We account for hybrid contracts that feature conversion options in accordance with generally accepted accounting principles in the United States. ASC 815, Derivatives and Hedging Activities Conversion options that contain variable settlement features such as provisions to adjust the conversion price upon subsequent issuances of equity or equity linked securities at exercise prices more favorable than that featured in the hybrid contract generally result in their bifurcation from the host instrument. We account for convertible instruments when we have determined that the embedded conversion options should not be bifurcated from their host instruments, in accordance with ASC 470-20, Debt with Conversion and Other Options We also follow ASC 480-10, Distinguishing Liabilities from Equity For warrants where there is a possibility that we may have to settle the warrants in cash, or for warrants with price-based anti dilution features, we record the fair value of the issued warrants as a liability at each reporting date and records changes in the estimated fair value as a non-cash gain or loss in the consolidated statements of operations. The fair values of these warrants have been determined using the Binomial Lattice (“Lattice”) valuation model, and the changes in the fair value are recorded in the consolidated statements of operations. The Lattice model provides for assumptions regarding volatility, call and put features and risk-free interest rates within the total period to maturity. These values are subject to a significant degree of judgment on our part. We generally account for warrants issued in connection with debt and equity financings as a component of equity, unless the warrants include a conditional obligation to issue a variable number of shares or there is a deemed possibility that we may need to settle the warrants in cash. For warrants issued with a conditional obligation to issue a variable number of shares or the deemed possibility of a cash settlement, we record the fair value of the warrants as a liability at each balance sheet date and record changes in fair value in other income (expense) in the Consolidated Statements of Operations. We account for business combinations under the acquisition method of accounting in accordance with ASC 805, Business Combinations Contingent consideration, if any, is recorded at the acquisition date based upon the estimated fair value of the contingent payments. The fair value of the contingent consideration is re-measured each reporting period with any adjustments in fair value being recognized in earnings from operations. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill. Deferred rent consists of the difference between cash payments and the recognition of rent expense on a straight-line basis over the life of the lease. When collaboration, other research arrangements and product sales include multiple-element revenue arrangements, the Company accounts for these transactions by identifying the elements, or deliverables, included in the arrangement and determining which deliverables are separable for accounting purposes. The Company considers delivered items to be a separate unit of accounting if the delivered item(s) have stand-alone value to the customer and delivery or performance of the undelivered item is considered probable and substantially in the control of the Company. The Company recognizes revenue when the four basic criteria of revenue recognition are met: • Persuasive evidence of an arrangement exists. Customer contracts and purchase orders are generally used to determine the existence of an arrangement. • The transfer of technology or products has been completed or services have been rendered. Customer acceptance, when applicable, is used to verify delivery. • The sales price is fixed or determinable. The Company assesses whether the cost is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. • Collectability is reasonably assured. The Company assesses collectability based primarily on the creditworthiness of the customer as determined by credit checks and analysis as well as the customer’s payment history. Medical Device Revenue and Cost of Revenue Recognition The Company builds medical device robotic exoskeletons for sale and capitalizes into inventory materials, direct and indirect labor and overhead in connection with manufacture and assembly of these units. Through December 31, 2015, the sale of an exoskeleton, associated software, training, support and maintenance were deemed as a single unit of accounting due to the uncertainty of follow up maintenance service agreements which were forecast to extend to three years. Accordingly, the sales amount of an exoskeleton and its associated cost were deferred at the time of shipment. Upon completion of training, such amounts were recognized as revenue and cost of revenue over a three year period on a straight line basis. Engineering Services Revenue and Cost of Revenue Collaborative arrangements typically consist of cost reimbursements for specific engineering and development spending, and future product royalty payments. Cost reimbursements for engineering and development spending are recognized as the related project labor hours are incurred in relation to all labor hours and when collectability is reasonably assured. Amounts received in advance are recorded as deferred revenue until the technology is transferred, services are rendered, or milestones are reached. Product royalty payments are recorded when earned under the arrangement. Government grants, which support the Company’s research efforts in specific projects, generally provide for reimbursement of approved costs as defined in the notices of grant awards. Grant revenue is recognized as the associated project labor hours are incurred in relation to total labor hours. There are some grants, such as the National Science Foundation grants, of which the Company draws upon and spends based on budgets preapproved by the grantor. The cost of engineering services revenue includes payroll and benefits, subcontractor expenses and materials. All costs related to engineering services are expensed as incurred and reported as cost of revenue. Research and development costs consist of costs incurred for internal research and development activities. These costs primarily include salaries and other personnel-related expenses, contractor fees, facility costs, supplies, and depreciation of equipment associated with the design and development of new products prior to the establishment of their technological feasibility. Such costs are expensed as incurred. Advertising costs are recorded in sales and marketing expense as incurred. Advertising expense was $ 25 1 6 The Company accounts for income taxes using the asset and liability method. Under this method, income tax expense or benefit is recognized for the amount of taxes payable or refundable for the current year and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company's consolidated financial statements or tax returns. The Company accounts for any income tax contingencies in accordance with accounting guidance for income taxes. The measurement of current and deferred tax assets and liabilities is based on provisions of currently enacted tax laws. The effects of any future changes in tax laws or rates have not been considered. For the preparation of the Company's consolidated financial statements included herein, the Company estimates its income taxes and tax contingencies in each of the tax jurisdictions in which it operates prior to the completion and filing of its tax returns. This process involves estimating actual current tax expense together with assessing temporary differences resulting from differing treatment of items, such as deferred revenue, for tax and accounting purposes. These differences result in net deferred tax assets and liabilities. The Company must then assess the likelihood that the deferred tax assets will be realizable, and to the extent they believe that realizability is not likely, the Company must establish a valuation allowance. In assessing the need for any additional valuation allowance, the Company considers all the evidence available to it, both positive and negative, including historical levels of income, legislative developments, expectations and risks associated with estimates of future taxable income, and ongoing prudent and feasible tax planning strategies. The Company measures stock-based compensation expense for all stock-based awards made to employees and directors based on the estimated fair value of the award on the date of grant using the Black-Scholes option pricing model and recognizes the fair value less estimated forfeitures on a straight-line basis over the requisite service periods of the awards. Stock-based awards made to non-employees are measured and recognized based on the estimated fair value on the vesting date and are re-measured at each reporting period. The Company’s determination of the fair value of stock-based awards on the date of grant using the Black-Scholes option pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. Because there is insufficient information available to estimate the expected term of the stock-based awards, the Company adopted the simplified method of estimating the expected term pursuant to SEC Staff Accounting Bulletin No. 110. On this basis, the Company estimated the expected term of options granted by taking the average of the vesting term and the contractual term of the option. The Company has, from time to time, modified the terms of its stock options to employees. The Company accounts for the incremental increase in the fair value over the original award on the date of the modification as an expense for vested awards or over the remaining service (vesting) period for unvested awards. The incremental compensation cost is the excess of the fair value of the modified award on the date of modification over the fair value of the original award immediately before the modification. Net Loss Per Share of Common Stock Basic net loss per share of common stock is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the weighted average number of common stock, adjusted to include conversion of certain stock options and warrants for common stock during the period, as follows: Years ended December 31, 2015 2014 2013 Numerator: Net loss applicable to common stockholders Basic $ (24,245) $ (33,769) $ (11,887) Adjustment for gain on fair value of warrant liability (2,505) - - Diluted $ (26,750) $ (33,769) $ (11,887) Denominator Weighted-average number of shares for basic net loss per share 102,241 78,264 20,977 Effect of dilutive shares 24 - - Weighted-average number of shares for dilutive net loss per share 102,265 78,264 20,977 Net loss per share Basic $ (0.24) $ (0.43) $ (0.57) Diluted $ (0.26) $ (0.43) $ (0.57) The following potential dilutive securities were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive: Years ended December 31, 2015 2014 2013 Options to purchase common stock 13,743 10,791 7,555 Warrants for common stock 13,745 13,796 1,389 Common stock issuable upon conversion of preferred shares 13,131 - - Total common stock equivalents 40,619 24,587 8,944 In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued Accounting Standards Update 2015-11, "Simplifying the Measurement of Inventory" ("ASU 2015-11"), which requires entities to measure inventory at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 will be effective for the Company during the first quarter of its fiscal year 2017 and must be applied on a prospective basis. Early adoption is permitted. The Company does not anticipate the adoption of this guidance will have a material impact on our financial position, results of operations, or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) |
Merger, Offering and Other Rela
Merger, Offering and Other Related Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Merger, Offering and Other Related Transactions | 3. 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 42,616 621 4,989 7,602 5,280 4,501 779 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 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 the Company’s 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, except for the pre-Merger amounts shown in the consolidated statement of stockholders’ equity (deficit) or 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 2,500 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 (the “PPO”) in which it sold 20,580 1.00 2.00 five 5,000 9,720 30,300 25,300 5,083 2,553 3,338 Investors in the Units had 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 issued 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 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 $ 3,030 500 1.00 five 2,500 five 1.00 Offer to Amend and Exercise In November 2014, the Company consummated an offer to amend and exercise (the “Offer to Amend and Exercise”) its PPO Warrants at a temporarily reduced exercise price. Pursuant to the Offer to Amend and Exercise, an aggregate of 22,756 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, PPO Agent Warrants and Bridge Agent Warrants approved an amendment to remove the price-based anti-dilution provisions in those warrants (see Note 13, Capitalization and Equity Structure - Warrants 2014 Equity Incentive Plan Before the Merger, the Board of Directors adopted, and the stockholders approved, the 2014 Equity Incentive Plan, which provided for the issuance of incentive awards constituting up to 14,410 7,602 2,300 Subsequent to the Merger, on June 10, 2015, the Board submitted to the stockholders and the stockholders approved an amendment of the 2014 Plan to increase the maximum number of shares of common stock that may be issued under the Amended and Restated 2014 Equity Incentive Plan (the “2014 Plan”) by 11,590 26,000 |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition | 4. Acquisition On December 1, 2015, the Company acquired substantially all of the assets of Equipois, LLC, a New Hampshire limited liability company (“Equipois”), for an initial payment of approximately $1.1 million of the Company’s common stock pursuant to an asset purchase agreement among the Company, Ekso Bionics, Inc., Equipois and Allard Nazarian Group, Inc. ( the “Asset Purchase Agreement”). The Company will potentially make additional payments in shares of the Company’s common stock or cash upon the achievement of certain financial targets for the period from January 1, 2016 through December 31, 2018. The Company accounted for the acquisition as a business combination by applying the acquisition method, and accordingly, the purchase price of $1,839 was allocated to the assets assumed based on their fair values at the acquisition date. The excess of the purchase price over the assets of $189 was recorded as goodwill. The goodwill recognized is attributed primarily to expected synergies of Equipois with the Company. The Company is in the process of finalizing the purchase allocation, and accordingly the provisional measures of deferred income taxes and goodwill are subject to change. From the acquisition date and as of December 31, 2015, there were no changes in the recognized amounts of goodwill resulting from the acquisition. For the year ended December 31, 2015, the Company did not recognize any revenue related to the Equipois acquisition. The acquired assets consist of mechanical balance and support arms technologies, including the rights to the zeroG® and X-Ar® products. The acquired assets were integral to the Equipois business and include patents, trademarks and other intellectual property rights as well as certain tools and product designs and specifications. The Company also assumed the rights and obligations of Equipois under certain intellectual property license agreements. The Company did not assume any other obligations of Equipois. The total purchase price is summarized as follows: Amount Stock consideration (781 shares) $ 1,071 Estimated contingent consideration 768 Total purchase price $ 1,839 The fair value of the 781 shares of common stock issued was determined based on the closing market price of the Company’s common shares on the acquisition date. In connection with the acquisition, the parties entered into a supply agreement pursuant to which Equipois will supply products to the Company during a post-closing transition period expiring December 31, 2016 unless mutually extended by the parties (the “Supply Agreement”), and a reseller agreement pursuant to which Equipois may purchase and resell the products to certain current Equipois customers for a three-year term (the “Reseller Agreement”). Under the Supply Agreement, the Company is obligated to make a minimum purchase of $157 and a maximum purchase of $521. The fair value of the contingent consideration resulting from the Supply Agreement and Reseller Agreement requires the Company to pay $500 in additional shares of the Company’s common stock on December 31, 2016 or earlier, in the event that the Company terminates the Supply Agreement without cause or if Equipois terminates the Supply Agreement for cause. In addition, an annual contingent consideration payment of between $125 and $375 payable in shares of the Company’s common stock is due if the Company and Equipois meet certain product sales targets for each of the calendar years 2016, 2017 and 2018. Upon the termination of the Reseller Agreement by the Company without cause, the Company will pay to Equipois a final contingent consideration payment, payable in shares of the Company’s common stock, such that the total consideration received by Equipois under the Asset Purchase Agreement, including the shares issued upon closing, the additional shares issued upon termination of the Supply Agreement and the annual contingent consideration payments are not less than the sum of (a) 7.5 multiplied by 10% of specified product revenues of Equipois during the preceding four complete quarters, plus (b) 7.5 multiplied by 5% of specified product revenues of the Company during the preceding four complete quarters. The Asset Purchase Agreement also provides for the election of a buyout payment by either the Company or Equipois which is payable in shares of the Company’s common stock. Upon the election of the buyout payment by either party, the Reseller Agreement is terminated and the buyout payment will be considered in lieu of any further annual or final earn-out payments. The buyout payment ranges from total consideration of $1.75 million to $3.0 million and is based on the timing of the election and whether it is Equipois or the Company who makes the election. The buyout payment provision expires on November 30, 2017. The contingent consideration was valued using the Probability Weighted Value Analysis which considered performance based contingent payments for both the supply and sales functions of the Company, and both buyer and seller options. Multiple forecasted scenarios were evaluated which include (i) a minimum payment case, (ii) an expected payment case and (iii) a maximum payment case. The Company determined the potential deferred payment cash flows of Equipois and the Company based on each scenario. The cash flow payments were converted to a present value using a discount rate of 15% based on the Company’s weighted average cost of capital. Finally, the Company probability weighted each scenario. The Company has reviewed the assumptions used to value the contingent consideration from the date of acquisition to December 31, 2015, noting no change in the initial estimated fair value of the contingent consideration. Any changes in the fair value of this contingent consideration liability are recognized in earnings in the period of the change. The following table summarizes the preliminary estimated fair values of the assets acquired as of the acquisition date: Amount Fixed assets $ 40 Intangible assets 1,610 Total identifiable assets acquired 1,650 Goodwill 189 Net assets acquired $ 1,839 The Company recorded $1,610 to intangible assets as of the acquisition date and is amortizing the value of the technology, customer relationships and trade name over an estimated useful life of 3 years. Amortization expense related to the acquired intangible assets was $26 for the year ended December 31, 2015 and was included as a component of operating expenses in the consolidated statement of operations. Of the $189 of goodwill, none was expected to be deductible for tax purposes. Acquired intangible assets as of December 31, 2015 were as follows: Gross Accumulated Net Estimated Developed technology $ 1,160 $ 19 $ 1,141 3 yrs Customer relationships 70 1 69 3 yrs Customer trade name 380 6 374 3 yrs $ 1,610 $ 26 $ 1,584 The estimated future aggregate amortization expense is $537, $537 and $511 for the years ended December 31, 2016, 2017, and 2018. Pro Forma The following unaudited pro forma financial information reflects the Company’s consolidated statement of operations as if the acquisition of Equipois had taken place on January 1, 2014. The pro forma information includes adjustments for royalty revenue, impact from the Supply Agreement, and the amortization of intangible assets. The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transaction been effected on the assumed date. Years Ended December 31 2015 2014 Revenue $ 9,434 $ 5,449 Net loss $ (19,590 ) $ (33,978 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Three levels of inputs, of which the first two are considered observable and the last unobservable, may be used to measure fair value which are the following: • Level 1 • Level 2 • Level 3 Quoted Prices Significant in Active Other Significant Markets For Obserable Unobserable Total (Level 1) (Level 2) (Level 3) December 31, 2015 Liabilities Warrant liability $ (9,195) $ - $ - $ (9,195) Contingent consideration liability $ (768) $ - $ - $ (768) *The Company has no financial assets measured at fair value on a recurring basis. Contingent Warrant Consideration Liability Liability Balance at December 31, 2014 $ - $ - Fair value of warrants issued with 2015 financing (11,700) - Gain on decrease in fair value of warrants issued with 2015 financing 2,505 - Fair value of contingent consideration related to Equipois Acquisition - (768) Balance at December 31, 2015 $ (9,195) (768) The warrant liability as of December 31, 2015 was a result of the issuance of 15 stock in December 2015, and warrants to purchase 14,851 Capitalization and Equity Structure Warrants |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. Inventories Inventories consist of the following: December 31, 2015 2014 Raw materials $ 783 $ 554 Work in progress 336 53 Finished goods 19 63 1,138 670 Less: inventory reserve (82) (48) Inventories, net $ 1,056 $ 622 |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 7. Property and Equipment, net Property and equipment, net consisted of the following: Estimated December 31, Life (Years) 2015 2014 Machinery and equipment 3-5 $ 3,097 $ 2,210 Computers and peripherals 3-5 460 380 Computer software 3-5 148 78 Leasehold improvement 5-10 625 625 Tools, molds, dies and jigs 5 37 37 Furniture, office and leased equipment 3-7 511 274 4,878 3,604 Accumulated depreciation and amortization (2,253) (1,502) Property and equipment, net $ 2,625 $ 2,102 Depreciation and amortization expense totaled $ 933 745 469 |
Deferred Revenues
Deferred Revenues | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenues | 8. Deferred Revenues In connection with the Company’s medical device sales and research services, the Company often receives cash payments before its earnings process is complete. In these instances, the Company records 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. In both cases, the cash received is recorded as a component of deferred revenue. Revenue from the Company’s 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 consisted of the following: December 31, 2015 2014 Customer deposits and advances $ 48 $ 105 Deferred Ekso medical device revenues 6,167 5,327 Deferred service and leasing revenues 2,358 1,875 Deferred revenues 8,573 7,307 Less current portion (3,960) (3,412) Deferred revenues, non-current $ 4,613 $ 3,895 Deferred Ekso medical device costs $ 4,590 $ 3,568 Less current portion (2,088) (1,551) Deferred cost of revenue, non-current $ 2,502 $ 2,017 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities | 9. Accrued Liabilities Accrued liabilities consisted of the following: December 31, 2015 2014 Salaries, benefits and related expenses $ 1,464 $ 1,847 Professional fees 257 184 Warranty expense - 126 Other 164 221 Total $ 1,885 $ 2,378 |
Lease and Note Obligations
Lease and Note Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Lease and Note Obligations | 10. Lease and Note Obligations 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 additional years. During January 2016, the Company entered into a lease agreement to rent 4,585 5 5 In 2012, the Company entered into a note agreement in connection with the lease for its Richmond, California facility. The note, for an aggregate principal of $ 200 7 4 May 31, 2017 Commencing in August 2015, the Company entered into a long-term capital lease obligation for equipment. The aggregate principal of the lease is $ 166 4.7 3 July 1, 2020 The Company estimates future minimum payments as of December 31, 2015 to be the following: Period Operating Note Capital Total 2016 $ 457 $ 48 $ 42 $ 90 2017 238 20 40 60 2018 82 - 37 37 2019 82 - 37 37 2020 82 - 22 22 Total minimum payments $ 941 68 178 246 Less interest (3) (17) (20) Present value minimum payments 65 161 226 less current portion (44) (36) (80) Long-term portion $ 21 $ 125 $ 146 Rent expense under the Company’s operating leases was $ 342 343 339 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plan | 11. Employee Benefit Plan The Company administers a 401(k) retirement plan (the “401(k) Plan”) in which all employees are eligible to participate. Each eligible employee may elect to contribute to the 401(k) Plan. During the years ended December 31, 2015 and 2014, the Company has made no matching contributions. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions The Company has license agreements and various collaboration agreements (see Note 16, Commitments and Contingencies 50 391 24 10 55 Astrolink International LLC (“Astrolink”), an affiliate of Lockheed Martin Corporation, owned various shares of the Company’s convertible preferred stock in 2013 and conducted business with the Company through 2013. Astrolink is no longer a customer of the Company. For the years ended December 31, 2015, 2014 and 2013, the Company recognized as revenue of $ 0 0 338 |
Capitalization and Equity Struc
Capitalization and Equity Structure | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Capitalization and Equity Structure | 13. Capitalization and Equity Structure The Company’s authorized capital stock at December 31, 2015 consisted of 500,000 10,000 105,191 13 Common Stock The holders of outstanding shares of common stock are entitled to receive dividends out of assets or funds legally available for the payment of dividends at such times and in such amounts as the Board of Directors from time to time may determine. Holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders. There is no cumulative voting for the election of directors. The common stock is not entitled to pre-emptive rights and is not subject to conversion or redemption. Upon liquidation, dissolution or winding up of the Company, the assets legally available for distribution to stockholders are distributable ratably among the holders of the common stock after payment of liquidation preferences, if any, on any outstanding payment of other claims of creditors. Each outstanding share of common stock is duly and validly issued, fully paid and non-assessable. Preferred Stock The Company may issue shares of preferred stock from time to time in one or more series, each of which will have such distinctive designation or title as shall be determined by its Board of Directors and will have such voting powers, full or limited, or no voting powers, and such preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof, as shall be stated in such resolution or resolutions providing for the issue of such class or series of preferred stock as may be adopted from time to time by the Board of Directors. Convertible Preferred Stock On December 23, 2015, the Company entered into an agreement to sell 15 Convertible Preferred Stock (the “Preferred Shares”) and Warrants to purchase 14,851 1,000 15,000 13,906 considering $ 173 The Preferred Shares and Warrants were sold in units, with each unit consisting of one Preferred Share and a Warrant to purchase up to 0.9901 shares of Common Stock. T h C o mp n Th rm o h r Convertible P r f rr t o f o o s ⋅ Dividends ⋅ Co n v e r s on : Th P r f rr hares m b o nv r n i m t h o p t o o h h o d r i n s h r o omm o s o on v r s i o p r o $ 1. 0 p s h r S r Co n v r s o r T h S r C onv r s o r w b d u s f o u s om r s ru u r h n g s u s o s p i stock dividends. In the event that the Company enters into a merger, consolidation or transaction of a similar · Anti-Dilution Protection ⋅ V o t i n R i g h s : Ex p r qu r b w h r P r f rr t o d o no h v v o n 75 Shares, (a) alter or change adversely the powers, preferences or rights given to the Preferred Shares or alter or amend the Certificate of Designation of the Series A Convertible Preferred Stock, (b) amend its articles of incorporation or other charter documents in any manner that adversely affects any rights of the Holders, (c) increase the number of authorized shares of Series A Convertible Preferred Stock, or (d) enter into any agreement with respect to any of the foregoing. · Liquidation Rights : Upon any liquidation, dissolution or winding-up of the Company, whether voluntary or involuntary (a “Liquidation Event”), the Holders shall be entitled to receive out of the assets, whether capital or surplus, of the Company the same amount that a holder of common stock would receive if the Preferred Shares were fully converted to common stock, on a pro rata basis with all holders of common stock. At the date of the Financing, because the effective conversion rate of the Preferred Shares was less than the market value of the Company’s common stock a beneficial conversion feature of $ 3,300 to record 2 1.01 1,355 Warrants Source Exercise Term December Issued Exercised December 2015 Series A Preferred warrants $ 1.25 5 - 14,851 - 14,851 2014 PPO and Merger Placement agent warrants $ 1.00 5 3,030 - (49) 2,981 Bridge warrants $ 1.00 3 2,600 - - 2,600 PPO warrants $ 2.00 5 7,545 - - 7,545 Pre 2014 warrants $ 1.38 various 621 - (3) 618 13,796 14,851 (52) 28,595 2015 Warrants I o nn o i h o 23 2 0 15 h C omp n s s u W rr n p ur h s u a g g r g o 14,851 s h r o omm o s t o k The Warrants have a 5 1.25 ⋅ Anti-Dilution Provision 10 · Put Option ⋅ Call Option 0.25 ⋅ Cashless Exercise: T W r r n s s f liability n are m r k t m r k d B u s h W r r n r o rd r r n b y h po r t o o pr o d fr o h s o t h r f r r h r or d q u i r du o r d ng y 487 Th C omp n s m h v u o h r r n b on the date of issuance B n om i Option Pricing Mod Th rr n b i m s u r f a i v u u s n r s m n pu s h a r s s f h L v o h v u o h r r h y T h fo o n s s u m p on r u s h B n om i Option Pricing Mod to measure the f v u of the in the Warrants o 23 20 1 n December 31 2 01 5 December 31, 2015 December 23, 2015 Current share price $ 1.02 $ 1.26 Conversion price $ 1.25 $ 1.25 Risk-free interest rate 1.76 % 1.74 % Periodic rate 0.88 % 0.87 % Term (years) 4.9 5.0 Volatility of stock 75 % 75 % The Warrants were valued at $ 11,700 2,505 2014 PPO and Merger Warrants As discussed in Note 3. The Merger, Offering and Other Related Transactions, 36,055 30,300 2.00 1.00 Dividend yield Risk-free interest rate 0.60% - 1.73% Share price at final valuation $1.51 Expected term (in years) 2.15- 4.80 Volatility 65% - 79% As a result of the anti-dilution feature, the Company recorded a non-cash charge of $ 16,485 30,300 1.00 2.00 22,756 1,467 27,099 As discussed in Note 3. The Merger, Offering and Other Related Transaction 618 1.38 |
Employee Stock Options
Employee Stock Options | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Employee Stock Options | 14. Employee Stock Options In the first quarter of 2014, prior to the Merger, the Board of Directors and a majority of the stockholders adopted the 2014 Plan allowing for the issuance of 14,410 11,590 26,000 7,602 10,542 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 During the year ended December 31, 2014, due to a decline in the Company’s stock price following the Merger, options representing 857 14 3.57 6.50 2.19 411 Weighted Average Weighted Remaining Average Contractual Aggregate Options Exercise Life Intrinsic Outstanding as of December 31, 2014 10,791 $ 0.79 Granted 4,705 $ 1.36 Exercised (1,407) $ 0.51 Forfeited (232) $ 1.02 Expired (114) $ 0.60 Outstanding as of December 31, 2015 13,743 $ 1.01 7.78 $ 2,788 Vested and expected to vest at December 31, 2015 12,679 $ 0.99 7.66 $ 2,774 Exercisable as of December 31, 2015 6,308 $ 0.70 6.27 $ 2,569 Of the 1,407 904 390 224 The intrinsic value of options exercised in 2015 was $ 1,089 0.82 1,138 As of December 31, 2015, total unrecognized compensation cost related to unvested stock options was $ 5,386 2.99 Shares Available as of December 31, 2014 3,311 Authorized shares increase 11,590 Granted (4,705) Forfeited 232 Expired 114 Available as of December 31, 2015 10,542 Options Outstanding Options Exercisable Weighted-Average Weighted Weighted Range of Remaining Average Average Exercise Number of Contractual Life Exercise Number of Exercise Prices Shares (Years) Price Shares Price $0.04 - $0.07 806 2.96 $ 0.05 806 $ 0.05 $0.39 - $1.00 6,037 6.76 $ 0.69 4,591 $ 0.63 $1.06 - $1.87 6,234 9.36 $ 1.33 584 $ 1.28 $2.19 - $2.19 666 8.04 $ 2.19 327 $ 2.19 13,743 7.78 $ 1.01 6,308 $ 0.70 Stock-based compensation is included in the consolidated statements of operations in general and administrative, research and development or sales and marketing expenses, depending upon the nature of services provided. Stock-based compensation expense recorded to operations for stock options for both employees and non-employees was as follows: Years Ended December 31, 2015 2014 2013 Sales and marketing $ 579 $ 345 $ 111 Research and development 414 180 74 General and administrative 738 618 206 $ 1,731 $ 1,143 $ 391 The Company recognizes compensation expense using the straight-line method over the requisite service period. Years Ended December 31, 2015 2014 2013 Dividend yield Risk-free interest rate 1.41% - 2.50% 0.97% - 2.61% .83% - 1.93% Expected term (in years) 5.52-10 3-10 5-6 Volatility 73.21%-75.67% 66%-75% 65% -71% |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes Years Ended December 31, 2015 2014 2013 Domestic $ (19,918) $ (33,750) $ (11,928) Foreign 328 113 65 Loss before income taxes $ (19,590) $ (33,637) $ (11,863) The Company had no current or deferred federal and state income tax expense or benefit for the years ended December 31, 2015, 2014 and 2013 because the Company generated net operating losses, and currently management does not believe it is more likely than not that the net operating losses will be realized. The Company’s non-U.S. tax obligation is primarily for business activities conducted through the United Kingdom for which taxes included in other expense (net) for the years ended December 31, 2015, 2014 and 2013 were immaterial and accordingly, such amounts were excluded from the following tables. Years Ended December 31, 2015 2014 2013 Federal tax at statutory rate 34.0 % 34.0 % 34.0 % State tax, net of federal tax effect - 1.5 5.8 R&D credit 0.5 0.3 - Change in valuation allowance (38.4) (18.9) (40.1) Non- deductible expenses (1.0) (.2) (3.6) Unrealized (gain) loss on warrant 4.3 Foreign 0.5 (0.1) (0.1) Other 0.1 0.1 1.6 Total tax expense - % - % - % December 31, 2015 2014 Deferred tax assets: Depreciation and other $ $ 1,409 Net operating loss carryforwards 26,826 19,525 Unused R& D tax credits 530 381 Accruals & reserves 317 Deferred Revenue 693 Stock Compensation 1,222 Other 43 Deferred tax liabilities: Depreciation and other (220) Prepaid expenses (113) Less: Valuation allowance (29,298) (21,315) Net deferred tax asset (liability) $ $ The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of the Company’s net deferred tax assets. The Company primarily considered such factors as the Company’s history of operating losses; the nature of the Company’s deferred tax assets and the timing, likelihood and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. At present, the Company does not believe that it is more likely than not that the deferred tax assets will be realized; accordingly, a full valuation allowance was established and no deferred tax assets were shown in the accompanying balance sheets. The valuation allowance increased by $ 7,983, 6,371 As of December 31, 2015 the Company had federal net operating loss carryforwards of $ 71,901 534 As of December 31, 2015, the Company had state net operating loss carryforwards of $ 56,894 260, As of December 31, 2015, $ 1,662 767 Utilization of the Company’s net operating losses and credit carryforwards may be subject to annual limitations in the event of a Section 382 ownership change. Such future limitations could result in the expiration of net operating losses and credit carryforwards before utilization as a result of such an ownership change. Balance at December 31, 2013 $ 93 Increase of unrecognized tax benefits taken in prior years 4 Increase of unrecognized tax benefits related to current year 46 Balance at December 31, 2014 $ 143 Decrease of unrecognized tax benefits taken in prior years (19) Increase of unrecognized tax benefits related to current year 75 Balance at December 31, 2015 $ 199 Balance at December 31, 2015 $ 199 If the Company eventually is able to recognize these uncertain tax positions, the unrecognized tax benefits would not reduce the effective tax rate if the Company is applying a full valuation allowance against the deferred tax assets, as is the Company’s current policy. The Company had not incurred any material tax interest or penalties as of December 31, 2015. The Company does not anticipate any significant change within 12 months of this reporting date of its uncertain tax positions. The Company is subject to taxation in the United States, the United Kingdom, Germany and various states jurisdictions. There are no other ongoing examinations by taxing authorities at this time. The Company’s tax years 2007 through 2015 will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss credits. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. 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 21 1 50 In connection with acquisition of Equipois, the Company assumed the rights and obligations of Equipois under a license agreement with Garrett Brown, the developer of certain intellectual property related to mechanical balance and support arm technologies, which grants us an exclusive license with respect to the technology and patent rights for certain fields of use. Pursuant to the terms of the license agreement, the Company will be required to pay Mr. Brown a single-digit royalty on net receipts, subject to a $ 50 The Company entered into a supply agreement with Equipois to purchase mechanical arm products on a quarterly basis commencing on December 1, 2015 through December 31, 2016, with a minimum annual price of $ 157 Payments Due By Period Total 1-2 Years 2-3 Years 3-4 Years 4-5 Years After 5 Years Facility operating lease $ 941 $ 457 $ 238 $ 82 $ 82 $ 82 Capital lease 178 42 40 37 37 22 Leasehold improvement loan 68 48 20 - - - Equipois supply agreement 157 157 - - - - Total $ 1,344 $ 704 $ 298 $ 119 $ 119 $ 104 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 new Powered Exoskeleton classification and designated it as being Class II, which requires the clearance of a 510(k) notice. On October 21, 2014, concurrent with the FDA’s publication of the reclassification of Powered Exoskeleton devices, the FDA issued the Company an “Untitled Letter” which informed the Company in writing of the agency’s belief that this new product classification applied to its Ekso GT device. The Company filed a 510(k) notice for the Ekso robotic exoskeleton on December 24, 2014, which was accepted by the FDA for substantive review on July 29, 2015. By letter dated September 11, 2015, the FDA requested that the Company provide additional information in support of its requested 510(k) clearance for the Ekso robotic exoskeleton, which the Company responded to on March 2, 2016. In connection with our formal response, we revised our requested indications for use to include only individuals with spinal cord injuries and individuals with hemiplegia due to stroke. The FDA will review our response for substantive adequacy and either: (1) determine that the response is adequate to support a determination of substantial equivalence, or (2) request further additional information, generally in the form of an interactive review. The FDA will generally seek to make a final decision on a 510(k) submission within 90 days from the date the 510(k) notice was first accepted for substantive review, excluding any time that the application was placed on hold due to an additional information request from 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 a new product classification has been created and is applicable to a previously marketed device, manufacturers are normally granted enforcement discretion by the FDA and given ample time to seek clearance under the new classification level. Nonetheless, the FDA may not agree with the Company’s decision to continue marketing the device until a 510(k) notice is cleared. From the time of the Company’s 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 the Company’s decision, the Company may be required to cease marketing or to recall the products until the Company obtains clearance or approval, and the Company may be subject to regulatory fines or penalties. From September 2, 2015 to September 11, 2015, the Division of Bioresearch Monitoring Center for Devices and Radiological Health of the FDA conducted an inspection of the Company’s facility in Richmond, California. At the conclusion of the inspection, the FDA issued a Form FDA 483 with four observations. These observations are inspectional and do not represent a final FDA determination of non-compliance. The observations pertain to informed consent requirements, reporting of adverse results and records maintenance. On October 2, 2015, the Company responded to the FDA. That response describes the corrective and preventive actions that the Company has implemented and continues to implement to address the FDA’s concerns. |
Segment Disclosures
Segment Disclosures | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment Disclosures | 17. 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 it used 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. Engineering Medical Services Devices Total Year ended December 31, 2015 Revenue $ 4,409 $ 4,252 $ 8,661 Cost of revenue 3,556 3,926 7,482 Gross profit $ 853 $ 326 $ 1,179 Year ended December 31, 2014 Revenue $ 2,403 2,924 5,327 Cost of revenue 1,720 2,048 3,768 Gross profit (loss) $ 683 876 1,559 Year ended December 31, 2013 Revenue $ 1,690 $ 1,612 $ 3,302 Cost of revenue 1,254 1,461 2,715 Gross profit $ 436 $ 151 $ 587 Years Ended December 31 2015 2014 2013 North America $ 6,687 $ 4,214 $ 2,847 Europe, Middle East, Asia 1,974 1,113 455 $ 8,661 $ 5,327 $ 3,302 |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 18. Quarterly Data (Unaudited) Quarter Ended March June September 30 December 31 2015 Revenue $ 1,689 $ 2,114 $ 2,915 $ 1,943 Gross profit 403 502 468 (194) Net loss (4,115) (5,645) (5,185) (4,645) Net loss attributable to common shareholders (4,115) (5,645) (5,185) (9,300) Basic and diluted net loss per share (0.04) (0.06) (0.05) (0.09) 2014 Revenue $ 1,062 $ 1,197 $ 1,588 $ 1,480 Gross profit 480 45 480 554 Net income (loss) (81,766) 56,128 12,024 (20,155) Basic net income (loss) per share (1.22) 0.72 0.15 (0.23) Diluted net income (loss) per share (1.22) (0.05) (0.04) (0.23) |
Summary of Significant Accoun26
Summary of Significant Accounting Policies and Estimates (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States. All significant intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 associated costs, valuation of acquired intangible assets and goodwill, useful lives assigned to long-lived assets, realizability of deferred tax assets, valuation of common and preferred stock warrants, the valuation of options, and contingencies. Actual results could differ from those estimates. |
Foreign Currency Translation | Foreign Currency Translation The assets and liabilities of foreign subsidiaries, where the local currency is the functional currency, are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date and revenue and expense amounts are translated at average rates during the period, with resulting foreign currency translation adjustments recorded in other comprehensive (loss) income. Where the U.S. dollar is the functional currency, re-measurement adjustments are recorded in other income, net in the accompanying consolidated statements of operations. Gains and losses realized from transactions, including related party balances not considered permanent investments, that are denominated in currencies other than an entity’s functional currency are included in other income, net in the accompanying consolidated statements of operations. |
Comprehensive Income / (Loss) | Comprehensive Income (Loss) Comprehensive loss for the periods presented was comprised solely of the Company’s consolidated net loss. Comprehensive loss for the years ended December 31, 2015, 2014 and 2013 was $ 19,590 33,769 11,887 |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. The Company’s cash is deposited in bank accounts with the Company’s primary cash management bank. The Company places its cash and cash equivalents in highly liquid instruments with, and in the custody of, financial institutions with high credit ratings and limits the amounts invested with any one institution, type of security and issuer. The Company did not have any cash equivalents or investments in money market funds as of December 31, 2015 and 2014. |
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. The Company maintains our cash accounts in excess of federally insured limits. However, the Company believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. The Company extends credit to customers in the normal course of business and performs ongoing credit evaluations of its customers. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the consolidated financial statements. The Company does not require collateral from its 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. The Company reviews accounts receivable for collectability and provide an allowance for credit losses, as needed. The Company has not experienced material losses related to accounts receivable as of December 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. The Company does not enter into any foreign currency hedging agreements and are susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon settling foreign contracts. In 2015, the Company had one customer with accounts receivable balances totaling 10% or more of the Company’s total accounts receivable ( 10 22 11 In 2015, the Company had one customer with billed revenue of 10% or more of the Company’s total customer revenue ( 33 12 19 10 |
Note Receivable | Note Receivable The Company has a note receivable from a customer for $ 101 5 |
Inventories, net | Inventories, net Inventories are recorded at the lower of cost or market value. Cost is principally determined using the average cost method. Parts from vendors are received and recorded as raw material. Once the raw materials are incorporated in the fabrication of the product, the related value of the component is recorded as work in progress (“WIP”). Direct and indirect labor and applicable overhead costs are also allocated and recorded to WIP inventory. Finished goods are comprised of completed products that are ready for customer shipment. The Company periodically evaluates the carrying value of inventory on hand for potential excess amounts over sales and forecasted demand. Excess and obsolete inventories identified are recorded as an inventory impairment charge to the consolidated statement of operations. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation and are depreciated on a straight-line basis over the estimated useful lives of the assets, generally ranging from three five ten The costs of repairs and maintenance are expensed when incurred, while expenditures for refurbishments and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. When assets are retired or sold, the asset cost and related accumulated depreciation or amortization are removed from the accompanying Consolidated Balance Sheets, with any gain or loss reflected in the accompanying Consolidated Statements of Operations. The Company has evaluated its lease obligations and does not have any material asset retirement obligations. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that their carrying value may not be recoverable from the estimated future cash flows expected to result from their use or eventual disposition. If estimates of future undiscounted net cash flows are insufficient to recover the carrying value of the assets, the Company will record an impairment loss in the amount by which the carrying value of the assets exceeds the fair value. If the assets are determined to be recoverable, but the useful lives are shorter than originally estimated, the Company will depreciate or amortize the net book value of the assets over the newly determined remaining useful lives. None of the Company’s property and equipment, or intangible assets was impaired as of December 31, 2015 and 2014. Accordingly, no impairment loss has been recognized in the years ended December 31, 2015, 2014 and 2013. |
Goodwill | Goodwill The Company records goodwill when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. We perform an annual impairment assessment in the fourth quarter of each year, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of goodwill. We perform impairment tests using a fair value approach when necessary. For further discussion of goodwill, see Note 4: Acquisition. |
Convertible Instruments | Convertible Instruments We account for hybrid contracts that feature conversion options in accordance with generally accepted accounting principles in the United States. ASC 815, Derivatives and Hedging Activities Conversion options that contain variable settlement features such as provisions to adjust the conversion price upon subsequent issuances of equity or equity linked securities at exercise prices more favorable than that featured in the hybrid contract generally result in their bifurcation from the host instrument. We account for convertible instruments when we have determined that the embedded conversion options should not be bifurcated from their host instruments, in accordance with ASC 470-20, Debt with Conversion and Other Options We also follow ASC 480-10, Distinguishing Liabilities from Equity |
Common Stock Warrant Liability | Common Stock Warrant Liability For warrants where there is a possibility that we may have to settle the warrants in cash, or for warrants with price-based anti dilution features, we record the fair value of the issued warrants as a liability at each reporting date and records changes in the estimated fair value as a non-cash gain or loss in the consolidated statements of operations. The fair values of these warrants have been determined using the Binomial Lattice (“Lattice”) valuation model, and the changes in the fair value are recorded in the consolidated statements of operations. The Lattice model provides for assumptions regarding volatility, call and put features and risk-free interest rates within the total period to maturity. These values are subject to a significant degree of judgment on our part. |
Warrants Issued in Connection with Financings | Warrants Issued in Connection with Financings We generally account for warrants issued in connection with debt and equity financings as a component of equity, unless the warrants include a conditional obligation to issue a variable number of shares or there is a deemed possibility that we may need to settle the warrants in cash. For warrants issued with a conditional obligation to issue a variable number of shares or the deemed possibility of a cash settlement, we record the fair value of the warrants as a liability at each balance sheet date and record changes in fair value in other income (expense) in the Consolidated Statements of Operations. |
Business Combinations | Business Combinations We account for business combinations under the acquisition method of accounting in accordance with ASC 805, Business Combinations Contingent consideration, if any, is recorded at the acquisition date based upon the estimated fair value of the contingent payments. The fair value of the contingent consideration is re-measured each reporting period with any adjustments in fair value being recognized in earnings from operations. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill. |
Deferred Rent | Deferred Rent Deferred rent consists of the difference between cash payments and the recognition of rent expense on a straight-line basis over the life of the lease. |
Revenue and Cost of Revenue Recognition | Revenue and Cost of Revenue Recognition When collaboration, other research arrangements and product sales include multiple-element revenue arrangements, the Company accounts for these transactions by identifying the elements, or deliverables, included in the arrangement and determining which deliverables are separable for accounting purposes. The Company considers delivered items to be a separate unit of accounting if the delivered item(s) have stand-alone value to the customer and delivery or performance of the undelivered item is considered probable and substantially in the control of the Company. The Company recognizes revenue when the four basic criteria of revenue recognition are met: • Persuasive evidence of an arrangement exists. Customer contracts and purchase orders are generally used to determine the existence of an arrangement. • The transfer of technology or products has been completed or services have been rendered. Customer acceptance, when applicable, is used to verify delivery. • The sales price is fixed or determinable. The Company assesses whether the cost is fixed or determinable based on the payment terms associated with the transaction and whether the sales price is subject to refund or adjustment. • Collectability is reasonably assured. The Company assesses collectability based primarily on the creditworthiness of the customer as determined by credit checks and analysis as well as the customer’s payment history. Medical Device Revenue and Cost of Revenue Recognition The Company builds medical device robotic exoskeletons for sale and capitalizes into inventory materials, direct and indirect labor and overhead in connection with manufacture and assembly of these units. Through December 31, 2015, the sale of an exoskeleton, associated software, training, support and maintenance were deemed as a single unit of accounting due to the uncertainty of follow up maintenance service agreements which were forecast to extend to three years. Accordingly, the sales amount of an exoskeleton and its associated cost were deferred at the time of shipment. Upon completion of training, such amounts were recognized as revenue and cost of revenue over a three year period on a straight line basis. Engineering Services Revenue and Cost of Revenue Collaborative arrangements typically consist of cost reimbursements for specific engineering and development spending, and future product royalty payments. Cost reimbursements for engineering and development spending are recognized as the related project labor hours are incurred in relation to all labor hours and when collectability is reasonably assured. Amounts received in advance are recorded as deferred revenue until the technology is transferred, services are rendered, or milestones are reached. Product royalty payments are recorded when earned under the arrangement. Government grants, which support the Company’s research efforts in specific projects, generally provide for reimbursement of approved costs as defined in the notices of grant awards. Grant revenue is recognized as the associated project labor hours are incurred in relation to total labor hours. There are some grants, such as the National Science Foundation grants, of which the Company draws upon and spends based on budgets preapproved by the grantor. The cost of engineering services revenue includes payroll and benefits, subcontractor expenses and materials. All costs related to engineering services are expensed as incurred and reported as cost of revenue. |
Research and Development | Research and Development Research and development costs consist of costs incurred for internal research and development activities. These costs primarily include salaries and other personnel-related expenses, contractor fees, facility costs, supplies, and depreciation of equipment associated with the design and development of new products prior to the establishment of their technological feasibility. Such costs are expensed as incurred. |
Advertising Costs | Advertising costs are recorded in sales and marketing expense as incurred. Advertising expense was $ 25 1 6 |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, income tax expense or benefit is recognized for the amount of taxes payable or refundable for the current year and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company's consolidated financial statements or tax returns. The Company accounts for any income tax contingencies in accordance with accounting guidance for income taxes. The measurement of current and deferred tax assets and liabilities is based on provisions of currently enacted tax laws. The effects of any future changes in tax laws or rates have not been considered. For the preparation of the Company's consolidated financial statements included herein, the Company estimates its income taxes and tax contingencies in each of the tax jurisdictions in which it operates prior to the completion and filing of its tax returns. This process involves estimating actual current tax expense together with assessing temporary differences resulting from differing treatment of items, such as deferred revenue, for tax and accounting purposes. These differences result in net deferred tax assets and liabilities. The Company must then assess the likelihood that the deferred tax assets will be realizable, and to the extent they believe that realizability is not likely, the Company must establish a valuation allowance. In assessing the need for any additional valuation allowance, the Company considers all the evidence available to it, both positive and negative, including historical levels of income, legislative developments, expectations and risks associated with estimates of future taxable income, and ongoing prudent and feasible tax planning strategies. |
Stock-based Compensation | Stock-based Compensation The Company measures stock-based compensation expense for all stock-based awards made to employees and directors based on the estimated fair value of the award on the date of grant using the Black-Scholes option pricing model and recognizes the fair value less estimated forfeitures on a straight-line basis over the requisite service periods of the awards. Stock-based awards made to non-employees are measured and recognized based on the estimated fair value on the vesting date and are re-measured at each reporting period. The Company’s determination of the fair value of stock-based awards on the date of grant using the Black-Scholes option pricing model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. Because there is insufficient information available to estimate the expected term of the stock-based awards, the Company adopted the simplified method of estimating the expected term pursuant to SEC Staff Accounting Bulletin No. 110. On this basis, the Company estimated the expected term of options granted by taking the average of the vesting term and the contractual term of the option. The Company has, from time to time, modified the terms of its stock options to employees. The Company accounts for the incremental increase in the fair value over the original award on the date of the modification as an expense for vested awards or over the remaining service (vesting) period for unvested awards. The incremental compensation cost is the excess of the fair value of the modified award on the date of modification over the fair value of the original award immediately before the modification. |
Net loss per share | Net Loss Per Share of Common Stock Basic net loss per share of common stock is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the weighted average number of common stock, adjusted to include conversion of certain stock options and warrants for common stock during the period, as follows: Years ended December 31, 2015 2014 2013 Numerator: Net loss applicable to common stockholders Basic $ (24,245) $ (33,769) $ (11,887) Adjustment for gain on fair value of warrant liability (2,505) - - Diluted $ (26,750) $ (33,769) $ (11,887) Denominator Weighted-average number of shares for basic net loss per share 102,241 78,264 20,977 Effect of dilutive shares 24 - - Weighted-average number of shares for dilutive net loss per share 102,265 78,264 20,977 Net loss per share Basic $ (0.24) $ (0.43) $ (0.57) Diluted $ (0.26) $ (0.43) $ (0.57) The following potential dilutive securities were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive: Years ended December 31, 2015 2014 2013 Options to purchase common stock 13,743 10,791 7,555 Warrants for common stock 13,745 13,796 1,389 Common stock issuable upon conversion of preferred shares 13,131 - - Total common stock equivalents 40,619 24,587 8,944 |
Recent Accounting Pronouncements | In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements Going Concern In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In July 2015, the FASB issued Accounting Standards Update 2015-11, "Simplifying the Measurement of Inventory" ("ASU 2015-11"), which requires entities to measure inventory at the lower of cost or net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. ASU 2015-11 will be effective for the Company during the first quarter of its fiscal year 2017 and must be applied on a prospective basis. Early adoption is permitted. The Company does not anticipate the adoption of this guidance will have a material impact on our financial position, results of operations, or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) |
Summary of Significant Accoun27
Summary of Significant Accounting Policies and Estimates (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule of basic and diluted net income (loss) per share | Basic net loss per share of common stock is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the weighted average number of common stock, adjusted to include conversion of certain stock options and warrants for common stock during the period, as follows: Years ended December 31, 2015 2014 2013 Numerator: Net loss applicable to common stockholders Basic $ (24,245) $ (33,769) $ (11,887) Adjustment for gain on fair value of warrant liability (2,505) - - Diluted $ (26,750) $ (33,769) $ (11,887) Denominator Weighted-average number of shares for basic net loss per share 102,241 78,264 20,977 Effect of dilutive shares 24 - - Weighted-average number of shares for dilutive net loss per share 102,265 78,264 20,977 Net loss per share Basic $ (0.24) $ (0.43) $ (0.57) Diluted $ (0.26) $ (0.43) $ (0.57) |
Schedule of Antidilutive Securities | The following potential dilutive securities were excluded from the computation of diluted net loss per share because including them would have been anti-dilutive: Years ended December 31, 2015 2014 2013 Options to purchase common stock 13,743 10,791 7,555 Warrants for common stock 13,745 13,796 1,389 Common stock issuable upon conversion of preferred shares 13,131 - - Total common stock equivalents 40,619 24,587 8,944 |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Summary of Total Purchase Price | The total purchase price is summarized as follows: Amount Stock consideration (781 shares) $ 1,071 Estimated contingent consideration 768 Total purchase price $ 1,839 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary estimated fair values of the assets acquired as of the acquisition date: Amount Fixed assets $ 40 Intangible assets 1,610 Total identifiable assets acquired 1,650 Goodwill 189 Net assets acquired $ 1,839 |
Schedule of Acquired Indefinite-lived Intangible Assets by Major Class | Acquired intangible assets as of December 31, 2015 were as follows: Gross Accumulated Net Estimated Useful Life Developed technology $ 1,160 $ 19 $ 1,141 3 yrs Customer relationships 70 1 69 3 yrs Customer trade name 380 6 374 3 yrs $ 1,610 $ 26 $ 1,584 |
Business Acquisition, Pro Forma Information | The following unaudited pro forma financial information reflects the Company’s consolidated statement of operations as if the acquisition of Equipois had taken place on January 1, 2014. The pro forma information includes adjustments for royalty revenue, impact from the Supply Agreement, and the amortization of intangible assets. The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transaction been effected on the assumed date. Years Ended December 31 2015 2014 Revenue $ 9,434 $ 5,449 Net loss $ (19,590) $ (33,978) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s fair value hierarchies for its financial assets and liabilities which require fair value measurement on a recurring basis are as follows: Quoted Prices Significant in Active Other Significant Markets For Obserable Unobserable Total (Level 1) (Level 2) (Level 3) December 31, 2015 Liabilities Warrant liability $ (9,195) $ - $ - $ (9,195) Contingent consideration liability $ (768) $ - $ - $ (768) *The Company has no financial assets measured at fair value on a recurring basis. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets forth a summary of the changes in the fair value of Company’s Level 3 financial liabilities during the year ended December 31, 2015, which were measured at fair value on a recurring basis: Contingent Warrant Consideration Liability Liability Balance at December 31, 2014 $ - $ - Fair value of warrants issued with 2015 financing (11,700) - Gain on decrease in fair value of warrants issued with 2015 financing 2,505 - Fair value of contingent consideration related to Equipois Acquisition - (768) Balance at December 31, 2015 $ (9,195) (768) |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following: December 31, 2015 2014 Raw materials $ 783 $ 554 Work in progress 336 53 Finished goods 19 63 1,138 670 Less: inventory reserve (82) (48) Inventories, net $ 1,056 $ 622 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, net | Property and equipment, net consisted of the following: Estimated December 31, Life (Years) 2015 2014 Machinery and equipment 3-5 $ 3,097 $ 2,210 Computers and peripherals 3-5 460 380 Computer software 3-5 148 78 Leasehold improvement 5-10 625 625 Tools, molds, dies and jigs 5 37 37 Furniture, office and leased equipment 3-7 511 274 4,878 3,604 Accumulated depreciation and amortization (2,253) (1,502) Property and equipment, net $ 2,625 $ 2,102 |
Deferred Revenues (Tables)
Deferred Revenues (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule of Deferred Revenue | Deferred revenues and deferred cost of revenues consisted of the following: December 31, 2015 2014 Customer deposits and advances $ 48 $ 105 Deferred Ekso medical device revenues 6,167 5,327 Deferred service and leasing revenues 2,358 1,875 Deferred revenues 8,573 7,307 Less current portion (3,960) (3,412) Deferred revenues, non-current $ 4,613 $ 3,895 Deferred Ekso medical device costs $ 4,590 $ 3,568 Less current portion (2,088) (1,551) Deferred cost of revenue, non-current $ 2,502 $ 2,017 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: December 31, 2015 2014 Salaries, benefits and related expenses $ 1,464 $ 1,847 Professional fees 257 184 Warranty expense - 126 Other 164 221 Total $ 1,885 $ 2,378 |
Lease and Note Obligations (Tab
Lease and Note Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Future Obligations | The Company estimates future minimum payments as of December 31, 2015 to be the following: Period Operating Note Capital Total 2016 $ 457 $ 48 $ 42 $ 90 2017 238 20 40 60 2018 82 - 37 37 2019 82 - 37 37 2020 82 - 22 22 Total minimum payments $ 941 68 178 246 Less interest (3) (17) (20) Present value minimum payments 65 161 226 less current portion (44) (36) (80) Long-term portion $ 21 $ 125 $ 146 |
Capitalization and Equity Str35
Capitalization and Equity Structure (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Warrant share activity | Warrant share activity for the year ended December 31, 2015 was as follows: Source Exercise Term December Issued Exercised December 2015 Series A Preferred warrants $ 1.25 5 - 14,851 - 14,851 2014 PPO and Merger Placement agent warrants $ 1.00 5 3,030 - (49) 2,981 Bridge warrants $ 1.00 3 2,600 - - 2,600 PPO warrants $ 2.00 5 7,545 - - 7,545 Pre 2014 warrants $ 1.38 various 621 - (3) 618 13,796 14,851 (52) 28,595 |
Schedule of assumption used in valuation | The factors utilized were as follows: Dividend yield Risk-free interest rate 0.60% - 1.73% Share price at final valuation $1.51 Expected term (in years) 2.15- 4.80 Volatility 65% - 79% |
2015 Warrants [Member] | |
Schedule of assumption used in valuation | T h fo o n s s u m p on r u s h B n om i Option Pricing Mod to measure the f v u of the in the Warrants o 23 20 1 n December 31 2 01 5 December 31, 2015 December 23, 2015 Current share price $ 1.02 $ 1.26 Conversion price $ 1.25 $ 1.25 Risk-free interest rate 1.76 % 1.74 % Periodic rate 0.88 % 0.87 % Term (years) 4.9 5.0 Volatility of stock 75 % 75 % |
Employee Stock Options (Tables)
Employee Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | A summary of the option activity as of December 31, 2015 and changes during the fiscal year then ended is presented below: Weighted Average Weighted Remaining Average Contractual Aggregate Options Exercise Life Intrinsic Outstanding as of December 31, 2014 10,791 $ 0.79 Granted 4,705 $ 1.36 Exercised (1,407) $ 0.51 Forfeited (232) $ 1.02 Expired (114) $ 0.60 Outstanding as of December 31, 2015 13,743 $ 1.01 7.78 $ 2,788 Vested and expected to vest at December 31, 2015 12,679 $ 0.99 7.66 $ 2,774 Exercisable as of December 31, 2015 6,308 $ 0.70 6.27 $ 2,569 |
Schedule of Shares available for future grant | Shares available for future grant under the 2014 Plan is as follows for the year ended December 31, 2015: Shares Available as of December 31, 2014 3,311 Authorized shares increase 11,590 Granted (4,705) Forfeited 232 Expired 114 Available as of December 31, 2015 10,542 |
Summary of information about stock options outstanding | The following table summarizes information about stock options outstanding as of December 31, 2015: Options Outstanding Options Exercisable Weighted-Average Weighted Weighted Range of Remaining Average Average Exercise Number of Contractual Life Exercise Number of Exercise Prices Shares (Years) Price Shares Price $0.04 - $0.07 806 2.96 $ 0.05 806 $ 0.05 $0.39 - $1.00 6,037 6.76 $ 0.69 4,591 $ 0.63 $1.06 - $1.87 6,234 9.36 $ 1.33 584 $ 1.28 $2.19 - $2.19 666 8.04 $ 2.19 327 $ 2.19 13,743 7.78 $ 1.01 6,308 $ 0.70 |
Allocation of Stock Option Compensation Expense | Stock-based compensation is included in the consolidated statements of operations in general and administrative, research and development or sales and marketing expenses, depending upon the nature of services provided. Stock-based compensation expense recorded to operations for stock options for both employees and non-employees was as follows: Years Ended December 31, 2015 2014 2013 Sales and marketing $ 579 $ 345 $ 111 Research and development 414 180 74 General and administrative 738 618 206 $ 1,731 $ 1,143 $ 391 |
Schedule of Fair Value Calculation Assumptions | The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes option pricing model under the following assumptions: Years Ended December 31, 2015 2014 2013 Dividend yield Risk-free interest rate 1.41% - 2.50% 0.97% - 2.61% .83% - 1.93% Expected term (in years) 5.52-10 3-10 5-6 Volatility 73.21%-75.67% 66%-75% 65% -71% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of domestic and foreign components of pre-tax loss | The domestic and foreign components of pre-tax loss for the years ended December 31, 2015, 2014 and 2013 were as follows: Years Ended December 31, 2015 2014 2013 Domestic $ (19,918) $ (33,750) $ (11,928) Foreign 328 113 65 Loss before income taxes $ (19,590) $ (33,637) $ (11,863) |
Schedule of income tax expense (benefit) differed from the amounts computed by applying the statutory federal income tax rate to pretax income (loss) | Income tax expense (benefit) for the years ended December 31, 2015, 2014 and 2013 differed from the amounts computed by applying the statutory federal income tax rate of 34% to pretax income (loss) as a result of the following: Years Ended December 31, 2015 2014 2013 Federal tax at statutory rate 34.0 % 34.0 % 34.0 % State tax, net of federal tax effect - 1.5 5.8 R&D credit 0.5 0.3 - Change in valuation allowance (38.4) (18.9) (40.1) Non- deductible expenses (1.0) (.2) (3.6) Unrealized (gain) loss on warrant 4.3 Foreign 0.5 (0.1) (0.1) Other 0.1 0.1 1.6 Total tax expense - % - % - % |
Schedule of tax effects of temporary differences and related deferred tax assets and liabilities | The tax effects of temporary differences and related deferred tax assets and liabilities as of December 31, 2015 and 2014 were as follows: December 31, 2015 2014 Deferred tax assets: Depreciation and other $ $ 1,409 Net operating loss carryforwards 26,826 19,525 Unused R& D tax credits 530 381 Accruals & reserves 317 Deferred Revenue 693 Stock Compensation 1,222 Other 43 Deferred tax liabilities: Depreciation and other (220) Prepaid expenses (113) Less: Valuation allowance (29,298) (21,315) Net deferred tax asset (liability) $ $ |
Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows: Balance at December 31, 2013 $ 93 Increase of unrecognized tax benefits taken in prior years 4 Increase of unrecognized tax benefits related to current year 46 Balance at December 31, 2014 $ 143 Decrease of unrecognized tax benefits taken in prior years (19) Increase of unrecognized tax benefits related to current year 75 Balance at December 31, 2015 $ 199 Balance at December 31, 2015 $ 199 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual obligation, fiscal year maturity | The following table summarizes our outstanding contractual obligations as of December 31, 2015 and the effect those obligations are expected to have on our liquidity and cash flows in future periods: Payments Due By Period Total 1-2 Years 2-3 Years 3-4 Years 4-5 Years After 5 Years Facility operating lease $ 941 $ 457 $ 238 $ 82 $ 82 $ 82 Capital lease 178 42 40 37 37 22 Leasehold improvement loan 68 48 20 - - - Equipois supply agreement 157 157 - - - - Total $ 1,344 $ 704 $ 298 $ 119 $ 119 $ 104 |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment reporting information is as follows: Engineering Medical Services Devices Total Year ended December 31, 2015 Revenue $ 4,409 $ 4,252 $ 8,661 Cost of revenue 3,556 3,926 7,482 Gross profit $ 853 $ 326 $ 1,179 Year ended December 31, 2014 Revenue $ 2,403 2,924 5,327 Cost of revenue 1,720 2,048 3,768 Gross profit (loss) $ 683 876 1,559 Year ended December 31, 2013 Revenue $ 1,690 $ 1,612 $ 3,302 Cost of revenue 1,254 1,461 2,715 Gross profit $ 436 $ 151 $ 587 |
Schedule of Geographic Information | Geographic information based on location of customer is as follows: Years Ended December 31 2015 2014 2013 North America $ 6,687 $ 4,214 $ 2,847 Europe, Middle East, Asia 1,974 1,113 455 $ 8,661 $ 5,327 $ 3,302 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following is a summary of quarterly results of operation for the years ended December 31, 2015 and 2014: Quarter Ended March June September 30 December 31 2015 Revenue $ 1,689 $ 2,114 $ 2,915 $ 1,943 Gross profit 403 502 468 (194) Net loss (4,115) (5,645) (5,185) (4,645) Net loss attributable to common shareholders (4,115) (5,645) (5,185) (9,300) Basic and diluted net loss per share (0.04) (0.06) (0.05) (0.09) 2014 Revenue $ 1,062 $ 1,197 $ 1,588 $ 1,480 Gross profit 480 45 480 554 Net income (loss) (81,766) 56,128 12,024 (20,155) Basic net income (loss) per share (1.22) 0.72 0.15 (0.23) Diluted net income (loss) per share (1.22) (0.05) (0.04) (0.23) |
Organization (Details Textual)
Organization (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Organization [Line Items] | ||||
Retained Earnings (Accumulated Deficit), Total | $ (91,391) | $ (71,801) | ||
Cash and Cash Equivalents, at Carrying Value, Total | 19,552 | 25,190 | $ 805 | $ 1,738 |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations, Total | (18,269) | $ (15,007) | $ (9,063) | |
Average Monthly Cash Burn | $ 1,520 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies and Estimates (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Feb. 06, 2014 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Numerator: | ||||||||||||
Basic | $ (9,300) | $ (5,185) | $ (5,645) | $ (4,115) | $ (24,245) | $ (33,769) | $ (11,887) | |||||
Adjustment for gain on fair value of warrant liability | (2,505) | 0 | 0 | |||||||||
Diluted | $ (26,750) | $ (33,769) | $ (11,887) | |||||||||
Denominator: | ||||||||||||
Weighted-average number of shares for basic net loss per share | 102,241 | 78,264 | 20,977 | |||||||||
Effect of dilutive shares | 24 | 0 | 0 | |||||||||
Weighted-average number of shares for dilutive net loss per share | 78,264 | 102,265 | 78,264 | 20,977 | ||||||||
Net loss per share, Basic | $ (0.23) | $ 0.15 | $ 0.72 | $ (1.22) | $ (0.24) | $ (0.43) | $ (0.57) | |||||
Net loss per share, Diluted | $ (0.23) | $ (0.04) | $ (0.05) | $ (1.22) | $ (0.26) | $ (0.43) | $ (0.57) |
Summary of Significant Accoun43
Summary of Significant Accounting Policies and Estimates (Details 1) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 40,619 | 24,587 | 8,944 |
Options to purchase common stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 13,743 | 10,791 | 7,555 |
Warrants for common stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 13,745 | 13,796 | 1,389 |
Common stock issuable upon conversion of preferred shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 13,131 | 0 | 0 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies and Estimates (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 33.00% | ||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ 19,590 | $ 33,769 | $ 11,887 |
Annual interest rate of note receivable | 5.00% | ||
Advertising costs | $ 25 | $ 1 | $ 6 |
Note receivable from a customer | $ 101 | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 3 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Leasehold Improvements [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Leasehold Improvements [Member] | Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Leasehold Improvements [Member] | Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property, Plant and Equipment, Useful Life | 10 years | ||
Customer One [Member] | Accounts Receivable [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 10.00% | 22.00% | |
Customer One [Member] | Sales Revenue, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 12.00% | ||
Customer Two [Member] | Accounts Receivable [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 11.00% | ||
Customer Two [Member] | Sales Revenue, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 19.00% | ||
Customer Three [Member] | Sales Revenue, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 10.00% |
Merger, Offering and Other Re45
Merger, Offering and Other Related Transactions (Details Textual) $ / shares in Units, shares in Thousands, $ in Thousands | Jun. 10, 2015shares | Feb. 06, 2014shares | Nov. 30, 2013USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Dec. 23, 2015$ / sharesshares | Nov. 30, 2014$ / sharesshares | Oct. 31, 2014$ / sharesshares | Mar. 31, 2014shares |
Debt Instrument [Line Items] | ||||||||||
Equity Issued During Period Units New Issues | 9,720 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 14,851 | |||||||||
Proceeds from Convertible Debt | $ | $ 0 | $ 0 | $ 2,000 | |||||||
Repayments of Notes Payable | $ | 60 | $ 2,596 | $ 1,829 | |||||||
Payments of Stock Issuance Costs | $ | 782 | |||||||||
Payment of Financing and Stock Issuance Costs, Total | $ | $ 3,030 | |||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 1 | |||||||||
Stock Issued During Period Shares Acquisitions Previously Held | 4,501 | |||||||||
Stock Issued During Period Shares Acquisitions New Issues | 779 | |||||||||
Equity Interest | 6.80% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 14,410 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 11,590 | |||||||||
Equity Incentive Plan 2014 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Equity Issued During Period Units New Issues Price Per Unit | $ / shares | $ 1 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 26,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 11,590 | |||||||||
Equity Incentive Plan 2014 [Member] | Conversion Date [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,602 | |||||||||
Equity Incentive Plan 2014 [Member] | Merger Date [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,300 | |||||||||
Series A Preferred Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 14,851 | |||||||||
Conversion Of Stock Conversion Ratio | 1.6290 | |||||||||
Series A-2 Preferred Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Conversion Of Stock Conversion Ratio | 1.9548 | |||||||||
Series B Preferred Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Conversion Of Stock Conversion Ratio | 1.9548 | |||||||||
Equity Option [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 7,602 | |||||||||
Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Converted | 4,989 | |||||||||
Common Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.38 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 618 | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 42,616 | |||||||||
Stock Issued During Period, Shares, Acquisitions | 5,280 | |||||||||
Conversion Of Stock Conversion Ratio | 1.5238 | |||||||||
Common Stock [Member] | Pre Merger [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stock Issued During Period, Shares, Acquisitions | 5,280 | |||||||||
Common Stock [Member] | Equity Incentive Plan 2014 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 14,410 | |||||||||
Warrant [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2 | $ 1.25 | $ 2 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 36,055 | 14,851 | 30,300 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 621 | |||||||||
2013 Bridge Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Equity Issued During Period Units New Issues | 20,580 | |||||||||
Equity Issued During Period Units New Issues Price Per Unit | $ / shares | $ 1 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,000 | |||||||||
Proceeds from Convertible Debt | $ | $ 25,300 | |||||||||
Repayments of Notes Payable | $ | 2,553 | |||||||||
Payments of Stock Issuance Costs | $ | 3,338 | |||||||||
Debt Instrument, Periodic Payment, Principal | $ | $ 5,000 | |||||||||
Debt Instrument, Periodic Payment, Interest | $ | $ 83 | |||||||||
Debt Instrument, Periodic Payment, Total | $ | $ 5,083 | |||||||||
Bridge Notes Placement Agent Warrants [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,500 | |||||||||
Class of Warrant or Right Expiration Period | 5 years | |||||||||
Bridge warrants [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,000 | |||||||||
Class of Warrant or Right Expiration Period | 3 years | |||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued | 2,500 | |||||||||
Bridge Agent Warrants [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1 | |||||||||
Class of Warrant or Right Expiration Period | 5 years | |||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued | 500 | |||||||||
PPO warrants [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Equity Issued During Period Units New Issues | 30,300 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 22,756 | |||||||||
PPO warrants [Member] | 2013 Bridge Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2 | |||||||||
Class of Warrant or Right Expiration Period | 5 years |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Consideration (781 shares) | $ 1,071 | |
Estimated contingent consideration | 768 | $ 0 |
Total purchase price | $ 1,839 |
Acquisition (Details 1)
Acquisition (Details 1) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | ||
Fixed assets | $ 40 | |
Intangible assets | 1,610 | |
Total identifiable assets acquired | 1,650 | |
Goodwill | 189 | $ 0 |
Net assets acquired | $ 1,839 |
Acquisition (Details 2)
Acquisition (Details 2) - Equipois [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Gross Amount | $ 1,610 |
Accumulated Amortization | 26 |
Net Carry Amount | 1,584 |
Developed Technology Rights [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Gross Amount | 1,160 |
Accumulated Amortization | 19 |
Net Carry Amount | $ 1,141 |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Customer Relationships [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Gross Amount | $ 70 |
Accumulated Amortization | 1 |
Net Carry Amount | $ 69 |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Customer Lists [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Gross Amount | $ 380 |
Accumulated Amortization | 6 |
Net Carry Amount | $ 374 |
Finite-Lived Intangible Asset, Useful Life | 3 years |
Acquisition (Details 3)
Acquisition (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Revenue | $ 9,434 | $ 5,449 |
Net loss | $ (19,590) | $ (33,978) |
Acquisition (Details Textual)
Acquisition (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | ||
Business Combination, Contingent Consideration, Liability | $ 768 | $ 0 |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 157 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 521 | |
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | 1,750 | |
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, Low | $ 3,000 | |
Expiration Date of The Buyout Payment Provision | Nov. 30, 2017 | |
Fair Value Inputs, Discount Rate | 15.00% | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,610 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |
Amortization of Intangible Assets | $ 26 | |
Goodwill | 189 | $ 0 |
Business Combination, Consideration Transferred, Total | $ 1,839 | |
Equipois, LLC [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Name of Acquired Entity | Equipois, LLC | |
Payments to Acquire Businesses, Gross | $ 1,100 | |
Stock Issued During Period, Shares, Acquisitions | 781 | |
Business Combination, Contingent Consideration, Liability | $ 500 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, Low | 125 | |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 375 | |
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Significant Inputs | (a) 7.5 multiplied by 10% of specified product revenues of Equipois during the preceding four complete quarters, plus (b) 7.5 multiplied by5% of specified product revenues of the Company during the preceding four complete quarters. | |
Goodwill | $ 189 | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 537 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 537 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | $ 511 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | |
Liabilities: | |||
Warrant liability | $ (9,195) | $ 0 | |
Fair Value, Measurements, Recurring [Member] | |||
Liabilities: | |||
Warrant liability | [1] | (9,195) | |
Contingent consideration liability | [1] | (768) | |
Quoted Prices in Active Markets for Identical Items Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities: | |||
Warrant liability | [1] | 0 | |
Contingent consideration liability | [1] | 0 | |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities: | |||
Warrant liability | [1] | 0 | |
Contingent consideration liability | [1] | 0 | |
Significant Unobservable Inputs Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | |||
Liabilities: | |||
Warrant liability | [1] | (9,195) | |
Contingent consideration liability | [1] | $ (768) | |
[1] | The Company has no financial assets measured at fair value on a recurring basis. |
Fair Value Measurements (Deta52
Fair Value Measurements (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Derivative Financial Instruments, Liabilities [Member] | |
Balance at December 31, 2014 | $ 0 |
Fair value of warrants issued with 2015 financing | (11,700) |
Gain on decrease in fair value of warrants issued with 2015 financing | 2,505 |
Fair valued contingent consideration related to Equipois Acquisition | 0 |
Balance at December 31, 2015 | (9,195) |
Contingent Consideration [Member] | |
Balance at December 31, 2014 | 0 |
Fair value of warrants issued with 2015 financing | 0 |
Gain on decrease in fair value of warrants issued with 2015 financing | 0 |
Fair valued contingent consideration related to Equipois Acquisition | (768) |
Balance at December 31, 2015 | $ (768) |
Fair Value Measurements (Deta53
Fair Value Measurements (Details Textual) - shares shares in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Preferred Stock, Shares Issued | 13 | 0 |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 14,851 | |
Convertible Preferred Stock [Member] | ||
Preferred Stock, Shares Issued | 15 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Raw materials | $ 783 | $ 554 |
Work in progress | 336 | 53 |
Finished goods | 19 | 63 |
Inventory, Gross | 1,138 | 670 |
Less: inventory reserve | (82) | (48) |
Inventories, net | $ 1,056 | $ 622 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 4,878 | $ 3,604 |
Accumulated depreciation and amortization | (2,253) | (1,502) |
Property and equipment, net | $ 2,625 | 2,102 |
Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 3 years | |
Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 5 years | |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 3,097 | 2,210 |
Machinery and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 3 years | |
Machinery and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 5 years | |
Computers and peripherals [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 460 | 380 |
Computers and peripherals [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 3 years | |
Computers and peripherals [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 5 years | |
Computer software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 148 | 78 |
Computer software [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 3 years | |
Computer software [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 5 years | |
Leasehold improvement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 625 | 625 |
Estimated life | 10 years | |
Leasehold improvement [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 5 years | |
Leasehold improvement [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 10 years | |
Tools, molds, dies and jigs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 37 | 37 |
Estimated life | 5 years | |
Furniture, office and leased equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 511 | $ 274 |
Furniture, office and leased equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 3 years | |
Furniture, office and leased equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 7 years |
Property and Equipment, net (56
Property and Equipment, net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Depreciation, Depletion and Amortization | $ 933 | $ 745 | $ 469 |
Deferred Revenues (Details)
Deferred Revenues (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue | $ 8,573 | $ 7,307 |
Less current portion | (3,960) | (3,412) |
Deferred revenues, non-current | 4,613 | 3,895 |
Deferred Ekso medical device costs | 4,590 | 3,568 |
Less current portion | 2,088 | 1,551 |
Deferred cost of revenue, non-current | 2,502 | 2,017 |
Customer deposits and advances [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue | 48 | 105 |
Deferred Ekso medical device revenues [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue | 6,167 | 5,327 |
Deferred service and leasing revenues [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue | $ 2,358 | $ 1,875 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities [Line Items] | ||
Salaries, benefits and related expenses | $ 1,464 | $ 1,847 |
Professional fees | 257 | 184 |
Warranty expense | 0 | 126 |
Other | 164 | 221 |
Total | $ 1,885 | $ 2,378 |
Lease and Note Obligations (Det
Lease and Note Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||
2,016 | $ 90 | |
2,017 | 60 | |
2,018 | 37 | |
2,019 | 37 | |
2,020 | 22 | |
Total minimum payments | 246 | |
Less interest | (20) | |
Present value minimum payments | 226 | |
less current portion | (80) | $ (41) |
Long-term portion | 146 | |
Lease hold Improvement Note [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 48 | |
2,017 | 20 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
Total minimum payments | 68 | |
Less interest | (3) | |
Present value minimum payments | 65 | |
less current portion | (44) | |
Long-term portion | 21 | |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 42 | |
2,017 | 40 | |
2,018 | 37 | |
2,019 | 37 | |
2,020 | 22 | |
Total minimum payments | 178 | |
Less interest | (17) | |
Present value minimum payments | 161 | |
less current portion | (36) | |
Long-term portion | 125 | |
Operating Lease [Member] | ||
Debt Instrument [Line Items] | ||
2,016 | 457 | |
2,017 | 238 | |
2,018 | 82 | |
2,019 | 82 | |
2,020 | 82 | |
Total minimum payments | $ 941 |
Lease and Note Obligations (D60
Lease and Note Obligations (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015USD ($)a | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||
Operating Leases, Rent Expense, Net, Total | $ 342 | $ 343 | $ 339 |
Area of Land | a | 4,585 | ||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 5 years | ||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | ||
Capital Lease Obligations [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 166 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | ||
Debt Instrument, Maturity Date | Jul. 1, 2020 | ||
Debt Instrument Minimum Monthly Payments | $ 3 | ||
Notes Payable, Other Payables [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 200 | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | ||
Debt Instrument, Maturity Date | May 31, 2017 | ||
Debt Instrument Minimum Monthly Payments | $ 4 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Investor [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 50 | $ 391 | $ 24 |
Due to Related Parties, Current | 10 | 55 | |
Astrolink [Member] | |||
Revenue from Related Parties | $ 0 | $ 0 | $ 338 |
Capitalization and Equity Str62
Capitalization and Equity Structure (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule of Capitalization, Equity [Line Items] | ||
Merger/PPO Warrant Shares Outstanding | 28,595 | 13,796 |
Merger/PPO Warrant Shares Issued | 14,851 | |
Merger/PPO Warrant Shares Exercised | (52) | |
2015 Series A Preferred Warrants [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Exercise price | $ 1.25 | |
Warrant term | 5 years | |
Merger/PPO Warrant Shares Outstanding | 14,851 | 0 |
Merger/PPO Warrant Shares Issued | 14,851 | |
Merger/PPO Warrant Shares Exercised | 0 | |
Pre 2014 Warrants [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Exercise price | $ 1.38 | |
Merger/PPO Warrant Shares Outstanding | 618 | 621 |
Merger/PPO Warrant Shares Exercised | (3) | |
2014 PPO and Merger [Member] | Placement agent warrants [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Exercise price | $ 1 | |
Warrant term | 5 years | |
Merger/PPO Warrant Shares Outstanding | 2,981 | 3,030 |
Merger/PPO Warrant Shares Exercised | (49) | |
2014 PPO and Merger [Member] | Bridge warrants [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Exercise price | $ 1 | |
Warrant term | 3 years | |
Merger/PPO Warrant Shares Outstanding | 2,600 | 2,600 |
2014 PPO and Merger [Member] | PPO warrants [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Exercise price | $ 2 | |
Warrant term | 5 years | |
Merger/PPO Warrant Shares Outstanding | 7,545 | 7,545 |
Capitalization and Equity Str63
Capitalization and Equity Structure (Details 1) - Warrant [Member] - $ / shares | 1 Months Ended | 12 Months Ended |
Dec. 23, 2015 | Dec. 31, 2015 | |
Schedule of Capitalization, Equity [Line Items] | ||
Current Share Price | $ 1.51 | |
Binomial Lattice Option Pricing Model [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current Share Price | $ 1.26 | 1.02 |
Conversion Price | $ 1.25 | $ 1.25 |
Risk-free interest rate | 1.74% | 1.76% |
Periodic rate | 0.87% | 0.88% |
Term (years) | 5 years | 4 years 10 months 24 days |
Volatility of stock | 75.00% | 75.00% |
Capitalization and Equity Str64
Capitalization and Equity Structure (Details 2) - Warrant [Member] | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Schedule of Capitalization, Equity [Line Items] | |
Dividend yield | 0.00% |
Share price at final valuation | $ 1.51 |
Minimum [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Risk-free interest rate | 0.60% |
Expected term (in years) | 2 years 1 month 24 days |
Volatility | 65.00% |
Maximum [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Risk-free interest rate | 1.73% |
Expected term (in years) | 4 years 9 months 18 days |
Volatility | 79.00% |
Capitalization and Equity Str65
Capitalization and Equity Structure (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jan. 14, 2014 | Dec. 23, 2015 | Nov. 30, 2014 | Oct. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | |||||||
Common Stock, Shares Authorized | 500,000 | 500,000 | |||||
Preferred Stock, Shares Authorized | 10,000 | 10,000 | |||||
Common Stock, Shares, Issued | 105,191 | 101,622 | |||||
Common Stock, Shares, Outstanding | 105,191 | 101,622 | |||||
Preferred Stock, Shares Issued | 13 | 0 | |||||
Preferred Stock, Shares Outstanding | 13 | 0 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 14,851 | ||||||
Preferred Shares and Warrants Purchase Price | $ 1,000 | ||||||
Gross Proceeds from Preferred Stock and Warrants | 15,000 | ||||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants, Total | 13,906 | $ 13,906 | $ 0 | $ 4,152 | |||
Stock Related Expenses Payable | $ 173 | ||||||
Description of Warrants And Preferred Shares | The Preferred Shares and Warrants were sold in units, with each unit consisting of one Preferred Share and a Warrant to purchase up to 0.9901 shares of Common Stock. | ||||||
Stock Conversion Price Per Share | $ 1.01 | ||||||
Minimum Percentage of Vote Holders of Preferred Stock | 75.00% | ||||||
Preferred Stock Converted Into Common stock | 3,300 | ||||||
Sale of Stock, Price Per Share | $ 1.01 | ||||||
Payments of Stock Issuance Costs | $ 782 | ||||||
Maximum Financing in Anti Dilution Provision | 10,000 | ||||||
Fair Value Adjustment of Warrants | 2,505 | ||||||
Proceeds from Warrant Exercises | $ 52 | 21,412 | $ 0 | ||||
Stock Issued During Period, Shares, Conversion Of Convertible Preferred Stock | 2 | ||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 11,700 | ||||||
Offer to Amend and Exercise [Member] | |||||||
Class of Stock [Line Items] | |||||||
Fair Value Adjustment of Warrants | $ 16,485 | ||||||
Proceeds from Warrant Exercises | $ 22,756 | ||||||
Warrant Solicitation Costs | $ 1,467 | ||||||
Transfer of warrant liability to equity | $ 27,099 | ||||||
Warrant [Member] | |||||||
Class of Stock [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 14,851 | 30,300 | 36,055 | ||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.25 | $ 2 | $ 2 | ||||
Warrants Term | 5 years | ||||||
Warrant [Member] | Offer to Amend and Exercise [Member] | |||||||
Class of Stock [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1 | $ 1 | |||||
Warrant [Member] | Merger and PPO [Member] | |||||||
Class of Stock [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 30,300 | ||||||
Common Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 0 | 0 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 618 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.38 | ||||||
Sale of Stock, Price Per Share | $ 0.25 | ||||||
Stock Issued During Period, Shares, Conversion Of Convertible Preferred Stock | 26,691 | ||||||
Series A Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Stock Issued During Period, Shares, New Issues | 15 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 14,851 | ||||||
Convertible Preferred Stock [Member] | |||||||
Class of Stock [Line Items] | |||||||
Preferred Stock, Shares Issued | 15 | ||||||
Amortization of Financing Costs and Discounts, Total | $ 1,355 |
Employee Stock Options (Details
Employee Stock Options (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Options Outstanding | |
Aggregate Intrinsic Value, Exercisable | $ | $ 1,089 |
2014 Plan [Member] | |
Options Outstanding | |
Options Outstanding, Beginning Balance | shares | 10,791 |
Options Outstanding, Options granted | shares | 4,705 |
Options Outstanding, Options exercised | shares | (1,407) |
Options Outstanding, Options forfeited | shares | (232) |
Options Outstanding, Options cancelled | shares | (114) |
Options Outstanding, Ending Balance | shares | 13,743 |
Options Outstanding, Vested and expected to vest | shares | 12,679 |
Options Outstanding, Exercisable | shares | 6,308 |
Weighted-Average Exercise Price, Beginning Balance | $ / shares | $ 0.79 |
Weighted-Average Exercise Price, Options granted | $ / shares | 1.36 |
Weighted-Average Exercise Price, Options exercised | $ / shares | 0.51 |
Weighted-Average Exercise Price, Options forfeited | $ / shares | 1.02 |
Weighted-Average Exercise Price, Options cancelled | $ / shares | 0.6 |
Weighted-Average Exercise Price, Ending Balance | $ / shares | 1.01 |
Weighted-Average Exercise Price, Vested and expected to vest | $ / shares | 0.99 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 0.7 |
Weighted-Average Remaining Contractual Life (Years), Ending Balance | 7 years 9 months 11 days |
Weighted-Average Remaining Contractual Life (Years), Vested and expected to vest | 7 years 7 months 28 days |
Weighted-Average Remaining Contractual Life (Years), Exercisable | 6 years 3 months 7 days |
Aggregate Intrinsic Value, Ending Balance | $ | $ 2,788 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 2,774 |
Aggregate Intrinsic Value, Exercisable | $ | $ 2,569 |
Employee Stock Options (Detai67
Employee Stock Options (Details 1) shares in Thousands | 12 Months Ended |
Dec. 31, 2015shares | |
Shares Available For Grant | 3,311 |
Shares Available For Grant, Authorized shares increases | 11,590 |
Shares Available For Grant, Granted | (4,705) |
Shares Available For Grant, Forfeited | 232 |
Shares Available For Grant, Expired | 114 |
Shares Available For Grant | 10,542 |
Employee Stock Options (Detai68
Employee Stock Options (Details 2) shares in Thousands | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 13,743 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 years 9 months 11 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning of Period | $ 1.01 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 6,308 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 0.70 |
Exercise Price Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 0.04 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 0.07 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 806 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 2 years 11 months 16 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning of Period | $ 0.05 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 806 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 0.05 |
Exercise Price Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 0.39 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 1 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 6,037 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 9 months 4 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning of Period | $ 0.69 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 4,591 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 0.63 |
Exercise Price Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 1.06 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 1.87 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 6,234 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 9 years 4 months 10 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning of Period | $ 1.33 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 584 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 1.28 |
Exercise Price Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 2.19 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 2.19 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 666 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 8 years 14 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price, Beginning of Period | $ 2.19 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 327 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 2.19 |
Employee Stock Options (Detai69
Employee Stock Options (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | $ 1,731 | $ 1,143 | $ 391 |
Sales and marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | 579 | 345 | 111 |
Research and development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | 414 | 180 | 74 |
General and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | $ 738 | $ 618 | $ 206 |
Employee Stock Options (Detai70
Employee Stock Options (Details 4) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate, minimum | 1.41% | 0.97% | 0.83% |
Risk-free interest rate, maximum | 2.50% | 2.61% | 1.93% |
Volatility, minimum | 73.21% | 66.00% | 65.00% |
Volatility, maximum | 75.67% | 75.00% | 71.00% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 6 months 7 days | 3 years | 5 years |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 10 years | 10 years | 6 years |
Employee Stock Options (Detai71
Employee Stock Options (Details Textual) $ / shares in Units, shares in Thousands, $ in Thousands | Jun. 10, 2015shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($) | Mar. 31, 2014shares |
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 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 11,590 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 10,542 | 3,311 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ | $ 1,089 | ||||
Proceeds from Stock Options Exercised | $ | $ 225 | $ 102 | $ 205 | ||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock Issued During Period Shares Stock Options Exercised On Cashless Basis | 904 | ||||
Share based Compensation Arrangement By Share Based Payment Award Shares Withheld To Cover Exercise Amount | 390 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ | $ 5,386 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 11 months 26 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ | $ 1,138 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 1,407 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 857 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Number of Employees Affected | 14 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ / shares | $ 3.57 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ / shares | 6.50 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 2.19 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 0.82 | ||||
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 | 26,000 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Conversion Of Prior Plan | 7,602 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 11,590 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 10,542 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Equity Incentive Plan 2014 [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 100.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 4 years | ||||
Equity Incentive Plan 2014 [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 110.00% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Domestic | $ (19,918) | $ (33,750) | $ (11,928) |
Foreign | 328 | 113 | 65 |
Loss before income taxes | $ (19,590) | $ (33,637) | $ (11,863) |
Income Taxes (Details 1)
Income Taxes (Details 1) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Federal tax at statutory rate | 34.00% | 34.00% | 34.00% |
State tax, net of federal tax effect | 0.00% | 1.50% | 5.80% |
R&D credit | 0.50% | 0.30% | 0.00% |
Change in valuation allowance | (38.40%) | (18.90%) | (40.10%) |
Non- deductible expenses | (1.00%) | (0.20%) | (3.60%) |
Unrealized (gain) loss on warrant | 4.30% | ||
Foreign | 0.50% | (0.10%) | (0.10%) |
Other | 0.10% | 0.10% | 1.60% |
Total tax expense | 0.00% | 0.00% | 0.00% |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Depreciation and other | $ 0 | $ 1,409 |
Net operating loss carryforwards | 26,826 | 19,525 |
Unused R& D tax credits | 530 | 381 |
Accruals & reserves | 317 | 0 |
Deferred Revenue | 693 | 0 |
Stock Compensation | 1,222 | 0 |
Other | 43 | 0 |
Deferred tax liabilities: | ||
Depreciation and other | (220) | 0 |
Prepaid expenses | (113) | 0 |
Less: Valuation allowance | (29,298) | (21,315) |
Net deferred tax asset (liability) | $ 0 | $ 0 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ 143 | $ 93 |
Increase (decrease) of unrecognized tax benefits taken in prior years | (19) | 4 |
Increase (decrease) of unrecognized tax benefits related to current year | 75 | 46 |
Balance | $ 199 | $ 143 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Open Tax Year | 2,007 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 7,983 | $ 6,371 |
Federal | ||
Operating Loss Carryforwards | $ 71,901 | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2027 | |
Federal | Employee Stock Option [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 1,662 | |
Federal | Research Tax Credit Carryforward [Member] | ||
Operating Loss Carryforwards | 534 | |
State | ||
Operating Loss Carryforwards | $ 56,894 | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2017 | |
State | Employee Stock Option [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 767 | |
State | Research Tax Credit Carryforward [Member] | ||
Operating Loss Carryforwards | $ 260 |
Commitments and Contingencies77
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Payments Due By Period, 1-2 Years | $ 704 |
Payments Due By Period, 2-3 Years | 298 |
Payments Due By Period, 3-4 Years | 119 |
Payments Due By Period, 4-5 Years | 119 |
Payments Due By Period, After 5 Years | 104 |
Payments Due By Period, Total | 1,344 |
Equipois supply agreement [Member] | |
Payments Due By Period, 1-2 Years | 157 |
Payments Due By Period, 2-3 Years | 0 |
Payments Due By Period, 3-4 Years | 0 |
Payments Due By Period, 4-5 Years | 0 |
Payments Due By Period, After 5 Years | 0 |
Payments Due By Period, Total | 157 |
Capital lease [Member] | |
Payments Due By Period, 1-2 Years | 42 |
Payments Due By Period, 2-3 Years | 40 |
Payments Due By Period, 3-4 Years | 37 |
Payments Due By Period, 4-5 Years | 37 |
Payments Due By Period, After 5 Years | 22 |
Payments Due By Period, Total | 178 |
Facility operating lease [Member] | |
Payments Due By Period, 1-2 Years | 457 |
Payments Due By Period, 2-3 Years | 238 |
Payments Due By Period, 3-4 Years | 82 |
Payments Due By Period, 4-5 Years | 82 |
Payments Due By Period, After 5 Years | 82 |
Payments Due By Period, Total | 941 |
Leasehold improvement loan [Member] | |
Payments Due By Period, 1-2 Years | 48 |
Payments Due By Period, 2-3 Years | 20 |
Payments Due By Period, 3-4 Years | 0 |
Payments Due By Period, 4-5 Years | 0 |
Payments Due By Period, After 5 Years | 0 |
Payments Due By Period, Total | $ 68 |
Commitments and Contingencies78
Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Future minimum annual royalties: | |
Supply Agreement ,Minimum Annual Price | $ 157 |
Contractual Obligation, Due in Next Fiscal Year | 50 |
Royalty Agreement Terms [Member] | |
Future minimum annual royalties: | |
Contractual Obligation, Due in Next Fiscal Year | $ 50 |
Royalty Agreement Terms [Member] | Net sales [Member] | |
Future minimum annual royalties: | |
Royalty Percentage | 1.00% |
Royalty Agreement Terms [Member] | License fees [Member] | |
Future minimum annual royalties: | |
Royalty Percentage | 21.00% |
Royalty Agreement Terms [Member] | Sub-licensee net sales [Member] | |
Future minimum annual royalties: | |
Royalty Percentage | 1.00% |
Segment Disclosures (Details)
Segment Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 1,943 | $ 2,915 | $ 2,114 | $ 1,689 | $ 1,480 | $ 1,588 | $ 1,197 | $ 1,062 | $ 8,661 | $ 5,327 | $ 3,302 |
Cost of revenue | 7,482 | 3,768 | 2,715 | ||||||||
Gross profit | $ (194) | $ 468 | $ 502 | $ 403 | $ 554 | $ 480 | $ 45 | $ 480 | 1,179 | 1,559 | 587 |
Engineering Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 4,409 | 2,403 | 1,690 | ||||||||
Cost of revenue | 3,556 | 1,720 | 1,254 | ||||||||
Gross profit | 853 | 683 | 436 | ||||||||
Medical Devices [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 4,252 | 2,924 | 1,612 | ||||||||
Cost of revenue | 3,926 | 2,048 | 1,461 | ||||||||
Gross profit | $ 326 | $ 876 | $ 151 |
Segment Disclosures (Details 1)
Segment Disclosures (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 1,943 | $ 2,915 | $ 2,114 | $ 1,689 | $ 1,480 | $ 1,588 | $ 1,197 | $ 1,062 | $ 8,661 | $ 5,327 | $ 3,302 |
North America [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 6,687 | 4,214 | 2,847 | ||||||||
Europe, Middle East, Asia | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 1,974 | $ 1,113 | $ 455 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue | $ 1,943 | $ 2,915 | $ 2,114 | $ 1,689 | $ 1,480 | $ 1,588 | $ 1,197 | $ 1,062 | $ 8,661 | $ 5,327 | $ 3,302 | |
Gross profit | (194) | 468 | 502 | 403 | 554 | 480 | 45 | 480 | 1,179 | 1,559 | 587 | |
Net income (loss) | (4,645) | (5,185) | (5,645) | (4,115) | $ (20,155) | $ 12,024 | $ 56,128 | $ (81,766) | $ (33,769) | (19,590) | (33,769) | (11,887) |
Net loss attributable to common shareholders | $ (9,300) | $ (5,185) | $ (5,645) | $ (4,115) | $ (24,245) | $ (33,769) | $ (11,887) | |||||
Basic and diluted net loss per share (In dollars per share) | $ (0.09) | $ (0.05) | $ (0.06) | $ (0.04) | ||||||||
Basic net income (loss) per share (In dollars per share) | $ (0.23) | $ 0.15 | $ 0.72 | $ (1.22) | $ (0.24) | $ (0.43) | $ (0.57) | |||||
Diluted net income (loss) per share (In dollars per share) | $ (0.23) | $ (0.04) | $ (0.05) | $ (1.22) | $ (0.26) | $ (0.43) | $ (0.57) |