Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 01, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | EKSO BIONICS HOLDINGS, INC. | ||
Entity Central Index Key | 1,549,084 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 58,706,755 | ||
Trading Symbol | EKSO | ||
Entity Common Stock, Shares Outstanding | 21,902,212 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash | $ 16,846 | $ 19,552 |
Accounts receivable, net of allowances of $107 and $93, respectively | 1,780 | 2,069 |
Inventories, net | 1,556 | 1,056 |
Prepaid expenses and other current assets | 502 | 436 |
Deferred cost of revenue, current | 0 | 2,088 |
Total current assets | 20,684 | 25,201 |
Property and equipment, net | 2,435 | 2,625 |
Deferred cost of revenue | 0 | 2,502 |
Intangible assets, net | 1,026 | 1,584 |
Goodwill | 189 | 189 |
Other assets | 91 | 97 |
Total assets | 24,425 | 32,198 |
Current liabilities: | ||
Accounts payable | 1,879 | 2,694 |
Accrued liabilities | 3,556 | 1,885 |
Deferred revenues, current | 825 | 3,960 |
Capital lease obligation, current | 54 | 80 |
Total current liabilities | 6,314 | 8,619 |
Deferred revenues | 805 | 4,613 |
Note payable, net | 6,789 | 0 |
Warrant liability | 3,546 | 9,195 |
Contingent consideration liability | 217 | 768 |
Contingent success fee liability | 116 | 0 |
Other non-current liabilities | 107 | 195 |
Total liabilities | 17,894 | 23,390 |
Commitments and contingencies (Note 16) | ||
Stockholders' equity: | ||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none and 13 issued and outstanding at December 31, 2016 and 2015, respectively | 0 | 0 |
Common stock, $0.001 par value; 71,429 shares authorized; 21,894 and 15,027, shares issued and outstanding at December 31, 2016 and 2015, respectively | 22 | 15 |
Additional paid-in capital | 121,291 | 100,185 |
Accumulated other comprehensive income (loss) | 79 | (1) |
Accumulated deficit | (114,861) | (91,391) |
Total stockholders' equity | 6,531 | 8,808 |
Total liabilities and stockholders' equity | $ 24,425 | $ 32,198 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, allowance | $ 107 | $ 93 |
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 | 0 | 13 |
Convertible Preferred stock, shares outstanding | 0 | 13 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 71,429 | 71,429 |
Common Stock, Shares, Issued | 21,894 | 15,027 |
Common Stock, Shares, Outstanding | 21,894 | 15,027 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenue: | ||||
Device and related | $ 13,334 | $ 4,252 | $ 2,924 | |
Engineering services | 887 | 4,409 | 2,403 | |
Total revenue | 14,221 | 8,661 | 5,327 | |
Cost of revenue: | ||||
Device and related | 10,715 | 3,926 | 2,048 | |
Engineering services | 559 | 3,556 | 1,720 | |
Total cost of revenue | 11,274 | 7,482 | 3,768 | |
Gross profit | 2,947 | 1,179 | 1,559 | |
Operating expenses: | ||||
Sales and marketing | 10,997 | 9,258 | 7,085 | |
Research and development | 8,879 | 6,480 | 3,868 | |
General and administrative | 10,853 | 7,002 | 7,400 | |
Change in fair value, contingent consideration | (196) | 0 | 0 | |
Total operating expenses | 30,533 | 22,740 | 18,353 | |
Loss from operations | (27,586) | (21,561) | (16,794) | |
Other income (expense), net: | ||||
Interest expense | (16) | (13) | (435) | |
Warrant issuance expense | 0 | (487) | 0 | |
Gain (loss) on warrant liability | 4,286 | 2,505 | (16,485) | |
Interest income | 12 | 11 | 6 | |
Other expense, net | (166) | (45) | (61) | |
Total other income (expense), net | 4,116 | 1,971 | (16,975) | |
Net loss | (23,470) | (19,590) | (33,769) | |
Less: Preferred deemed dividend | 10,345 | 4,655 | 0 | |
Net loss applicable to common shareholders | (33,815) | [1] | (24,245) | (33,769) |
Foreign currency translation adjustments | 80 | (1) | 0 | |
Comprehensive loss applicable to common shareholders | $ (33,735) | $ (24,246) | $ (33,769) | |
Basic net loss per share applicable to common shareholders (in dollars per share) | $ (1.87) | [1] | $ (1.66) | $ (3.02) |
Diluted net loss per share applicable to common shareholders (in dollars per share) | $ (2.05) | [1] | $ (1.83) | $ (3.02) |
Weighted average number of shares outstanding, basic (in shares) | 18,126 | [1] | 14,606 | 11,181 |
Weighted average number of shares outstanding, diluted (in shares) | 18,622 | [1] | 14,609 | 11,181 |
[1] | Recognition of previously deferred revenue and cost of goods in the year ended December 31, 2016 reduced net loss applicable to common stockholders by $2,358, or $0.13 per share (see Note 2. Basis of Presentation and Summary of Significant Accounting Policies and Estimates Medical Device Revenue and Cost of Revenue Recognition). |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Convertible Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] |
Balance at Dec. 31, 2013 | $ (36,373) | $ 27,324 | $ 3 | $ 1,656 | $ 0 | $ (38,032) |
Balance (in shares) at Dec. 31, 2013 | 25,924 | 3,016 | ||||
Issuance of common stock upon exercise of stock options | 2 | $ 0 | 2 | 0 | 0 | |
Issuance of common stock upon exercise of stock options (in shares) | 13 | |||||
Fair value of warrant liability transferred to equity upon net exercise | 282 | $ 0 | 282 | 0 | 0 | |
Fair value of warrant liability transferred to equity upon net exercise (in shares) | 767 | |||||
Conversion of preferred stock | 27,324 | $ (27,324) | $ 4 | 27,320 | 0 | 0 |
Conversion of preferred stock (in shares) | (26,691) | 3,813 | ||||
Balance at Jan. 14, 2014 | (8,765) | $ 0 | $ 7 | 29,260 | 0 | (38,032) |
Balance (in shares) at Jan. 14, 2014 | 0 | 6,842 | ||||
Balance at Dec. 31, 2013 | (36,373) | $ 27,324 | $ 3 | 1,656 | 0 | (38,032) |
Balance (in shares) at Dec. 31, 2013 | 25,924 | 3,016 | ||||
Net loss | (33,769) | |||||
Foreign currency translation adjustments | 0 | |||||
Balance at Dec. 31, 2014 | 22,800 | $ 0 | $ 15 | 94,586 | 0 | (71,801) |
Balance (in shares) at Dec. 31, 2014 | 0 | 14,517 | ||||
Balance at Jan. 14, 2014 | (8,765) | $ 0 | $ 7 | 29,260 | 0 | (38,032) |
Balance (in shares) at Jan. 14, 2014 | 0 | 6,842 | ||||
PPO shares issued for cash | 25,300 | $ 0 | $ 4 | 25,296 | 0 | 0 |
PPO shares issued for cash (in shares) | 3,614 | |||||
PPO shares issued upon conversion of 2013 Bridge Notes | 5,082 | 0 | $ 1 | 5,081 | 0 | 0 |
PPO shares issued upon conversion of 2013 Bridge Notes (in shares) | 714 | |||||
Shares issued to consultant in PPO | 0 | $ 0 | 0 | 0 | 0 | |
Shares issued to consultant in PPO (in shares) | 36 | |||||
Fair value of warrant obligation transferred to equity | 96 | 0 | $ 0 | 96 | 0 | 0 |
Unamortized debt discounts transferred to equity | (947) | 0 | 0 | (947) | 0 | 0 |
Offering costs of PPO shares | (3,339) | 0 | 0 | (3,339) | 0 | 0 |
Issuance of common stock warrants at fair value | (10,614) | 0 | 0 | (10,614) | 0 | 0 |
Balance at Jan. 16, 2014 | 6,813 | $ 0 | $ 12 | 44,833 | 0 | (38,032) |
Balance (in shares) at Jan. 16, 2014 | 0 | 11,206 | ||||
Issuance of common stock upon exercise of warrants | 21,412 | $ 0 | $ 3 | 21,409 | 0 | 0 |
Issuance of common stock upon exercise of warrants (in shares) | 3,269 | |||||
Fair value of warrant anti-dilution feature transferred to equity | 27,099 | 0 | $ 0 | 27,099 | 0 | 0 |
Issuance of common stock upon exercise of stock options | 102 | 0 | $ 0 | 102 | 0 | 0 |
Issuance of common stock upon exercise of stock options (in shares) | 42 | |||||
Stock-based compensation expense | 1,143 | 0 | $ 0 | 1,143 | 0 | 0 |
Net loss | (33,769) | 0 | 0 | 0 | 0 | (33,769) |
Balance at Dec. 31, 2014 | 22,800 | $ 0 | $ 15 | 94,586 | 0 | (71,801) |
Balance (in shares) at Dec. 31, 2014 | 0 | 14,517 | ||||
Issuance of common stock/preferred stock | 14,218 | $ 0 | $ 0 | 14,218 | 0 | 0 |
Issuance of common stock/preferred stock (in shares) | 15 | 0 | ||||
Allocation of proceeds from Series A preferred stock to warrant liability | (11,700) | $ 0 | $ 0 | (11,700) | 0 | 0 |
Beneficial conversion feature on Series A preferred stock | 3,300 | 0 | 0 | 3,300 | 0 | 0 |
Conversion of Series A convertible preferred stock to common stock and accretion of Series A convertible preferred stock discount | 1,356 | $ 0 | $ 0 | 1,356 | 0 | 0 |
Conversion of Series A convertible preferred stock to common stock and accretion of Series A convertible preferred stock discount (in shares) | (2) | 246 | ||||
Deemed dividend on Series A convertible preferred stock | (4,655) | $ 0 | $ 0 | (4,655) | 0 | 0 |
Issuance of common stock for assets acquired from Equipois | 1,071 | 0 | $ 0 | 1,071 | 0 | 0 |
Issuance of common stock for assets acquired from Equipois (in shares) | 112 | |||||
Issuance of common stock upon exercise of warrants | 53 | 0 | $ 0 | 53 | 0 | 0 |
Issuance of common stock upon exercise of warrants (in shares) | 7 | |||||
Issuance of common stock upon exercise of stock options | 225 | 0 | $ 0 | 225 | 0 | 0 |
Issuance of common stock upon exercise of stock options (in shares) | 145 | |||||
Stock-based compensation expense | 1,731 | 0 | $ 0 | 1,731 | 0 | 0 |
Net loss | (19,590) | 0 | 0 | 0 | 0 | (19,590) |
Foreign currency translation adjustments | (1) | 0 | 0 | 0 | (1) | 0 |
Balance at Dec. 31, 2015 | 8,808 | $ 0 | $ 15 | 100,185 | (1) | (91,391) |
Balance (in shares) at Dec. 31, 2015 | 13 | 15,027 | ||||
Shares issued as a result of rounding due to reverse-stock split | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Shares issued as a result of rounding due to reverse-stock split (in share) | 8 | |||||
Issuance of common stock/preferred stock | 14,694 | $ 0 | $ 4 | 14,690 | 0 | 0 |
Issuance of common stock/preferred stock (in shares) | 0 | 4,017 | ||||
Conversion of Series A convertible preferred stock to common stock and accretion of Series A convertible preferred stock discount | 10,345 | $ 0 | $ 3 | 10,342 | 0 | 0 |
Conversion of Series A convertible preferred stock to common stock and accretion of Series A convertible preferred stock discount (in shares) | (13) | 2,310 | ||||
Deemed dividend on Series A convertible preferred stock | (10,345) | $ 0 | $ 0 | (10,345) | 0 | 0 |
Issuance of common stock upon exercise of warrants | 3,188 | 0 | $ 0 | 3,188 | 0 | 0 |
Issuance of common stock upon exercise of warrants (in shares) | 488 | |||||
Issuance of common stock upon exercise of stock options | 110 | 0 | $ 0 | 110 | 0 | 0 |
Issuance of common stock upon exercise of stock options (in shares) | 44 | |||||
Stock-based compensation expense | 3,121 | 0 | $ 0 | 3,121 | 0 | 0 |
Net loss | (23,470) | 0 | 0 | 0 | 0 | (23,470) |
Foreign currency translation adjustments | 80 | 0 | 0 | 0 | 80 | 0 |
Balance at Dec. 31, 2016 | $ 6,531 | $ 0 | $ 22 | $ 121,291 | $ 79 | $ (114,861) |
Balance (in shares) at Dec. 31, 2016 | 0 | 21,894 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Deficit) [Parenthetical] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Payment of Financing and Stock Issuance Costs | $ 1,373 | $ 779 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | |||
Net loss | $ (23,470) | $ (19,590) | $ (33,769) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation and amortization | 1,855 | 933 | 745 |
Inventory allowance expense | 30 | 34 | (36) |
Amortization of deferred rent | (36) | (37) | (36) |
Amortization of debt discounts | 0 | 0 | 208 |
Finance cost attributable to issuance of warrants | 0 | 487 | 0 |
Interest expense accrued to convertible notes | 0 | 0 | 20 |
Interest income added to note receivable from stockholder | 0 | 0 | 3 |
Change in fair value of contingent consideration liability | (196) | 0 | 0 |
Stock-based compensation expense | 3,121 | 1,731 | 1,143 |
Change in fair value of warrant liability | (4,286) | (2,505) | 16,485 |
Unrealized loss on foreign currency transactions | 135 | 0 | 0 |
Changes in operating assets and liabilities | |||
Accounts receivable | 154 | (520) | (1,000) |
Inventories | (541) | (200) | 354 |
Prepaid expense and other assets current and noncurrent | (60) | (91) | (36) |
Deferred cost of revenue | 4,590 | (1,022) | (1,995) |
Accounts payable | (818) | 1,738 | (716) |
Accrued liabilities | 1,468 | (493) | 944 |
Deferred revenues | (6,943) | 1,266 | 2,679 |
Net cash used in operating activities | (24,997) | (18,269) | (15,007) |
Investing activities | |||
Acquisition of property and equipment, net | (1,096) | (1,492) | (1,487) |
Net cash used in investing activities | (1,096) | (1,492) | (1,487) |
Financing activities | |||
Principal payments on notes payable | (79) | (60) | (2,596) |
Fees paid related to 2015 issuance of convertible preferred stock | (173) | 0 | 0 |
Proceeds from issuance of common stock, net | 14,694 | 0 | 21,961 |
Proceeds from issuance of convertible preferred stock and warrants, net | 0 | 13,906 | 0 |
Proceeds from exercise of stock options | 110 | 225 | 102 |
Proceeds from exercise of common stock warrants | 1,825 | 53 | 21,412 |
Proceeds from issuance of long-term debt, net of financing costs | 6,930 | 0 | 0 |
Net cash provided by financing activities | 23,307 | 14,124 | 40,879 |
Effect of exchange rate changes on cash | 80 | (1) | 0 |
Net (decrease) increase in cash | (2,706) | (5,638) | 24,385 |
Cash at beginning of the period | 19,552 | 25,190 | 805 |
Cash at end of the period | 16,846 | 19,552 | 25,190 |
Supplemental disclosure of cash flow activities | |||
Cash paid for interest | 16 | 12 | 138 |
Cash paid for income taxes | 33 | 5 | 38 |
Supplemental disclosure of non-cash activities | |||
Acquisition of property and equipment with capital lease | 0 | 166 | 0 |
Transfer of property and equipment to inventory | 11 | 0 | 0 |
Contingent success fee liability for term loan | 116 | 0 | 0 |
Preferred deemed dividend to common shareholders in connection with anti-dilution feature associated with issuance of Series A preferred warrants | 10,345 | 4,655 | 0 |
Issuance of Series A preferred stock warrants | 0 | 11,700 | 0 |
Acquisition of Equipois assets with common stock and contingent consideration liability | 0 | 1,839 | 0 |
Conversion of bridge loan to common stock | 0 | 0 | 5,082 |
Conversion of convertible preferred stock to common stock | 3 | 0 | 27,324 |
Conversion of preferred stock warrants to common stock warrants | 0 | 0 | 282 |
Reclassification of warrant liability to equity upon exercise of warrants | $ 1,363 | $ 0 | $ 27,099 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
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, 2014 Merger, Offering and Other Related Transactions. 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 consolidated 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 and Going Concern 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, 2016, the Company had an accumulated deficit of $ 114,861 Cash on hand at December 31, 2016 was $ 16,846 19,552 24,972 18,269 As noted in Note 9, Long-Term Debt on hand roughly equivalent to three months of cash burn. As of January 31, 2017, the most recent determination of this restriction, $6,026 of cash must remain as unrestricted, with such amounts to be re-computed at each month end period. After considering cash such restriction, effective unrestricted cash as of December 31, 2016 is estimated to be $10,820. Based on current forecasted amounts, our on hand these consolidated financial statements, Based upon the Company’s current cash resources, the recent rate of using cash for operations and investment, and assuming modest increases in current revenue offset by incremental increases in expenses related to increased sales and marketing and research and development, and a potential increase in rental activity from its medical device business, the Company believes it has sufficient resources to meet its financial obligations into the third quarter of 2017. The Company will require significant additional financing. The Company is actively pursuing opportunities to obtain additional financing in the future through public or private equity and/or debt financings, corporate collaborations, or warrant solicitations. 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. 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, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Estimates | 2. 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 (“U.S. GAAP”). All significant intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to conform to the current period’s presentation. All common share and per share amounts have been adjusted to reflect the one-for-seven reverse stock split completed on May 4, 2016. See Note 13, Capitalization and Equity Structure Reverse Stock Split The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to: revenue recognition, deferred revenue and the deferral of 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 accumulated other comprehensive income (loss) as a component of stockholders’ equity. Where the U.S. dollar is the functional currency, re-measurement adjustments are recorded in other comprehensive income (loss), net in the accompanying consolidated statements of operations and comprehensive loss. 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 expense Accumulated other comprehensive income (loss) reported on our consolidated balance sheets consists of foreign currency translation adjustments. Foreign Currency Translation Balance at December 31, 2015 $ (1) Other comprehensive loss before reclassification 80 Amounts reclassified from accumulated other comprehensive income (loss) - Net current period other comprehensive income 80 Balance at December 31, 2016 $ 79 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. The Company did not have any cash equivalents or investments in money market funds as of December 31, 2016 and 2015. 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 provides an allowance for credit losses, as needed. The Company has not experienced material losses related to accounts receivable during the years ended December 31, 2016 and December 31, 2015. 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 is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon settling foreign contracts. At December 31, 2016, the Company had three customers with accounts receivable balances totaling 10 18 16 11 10 22 11 For the year ended December 31, 2016, the Company had no customers with billed revenue of 10 33 12 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, if any, are recorded as an inventory impairment charge to the consolidated statements of operations and comprehensive loss 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 to thirteen years. Leasehold improvements are amortized over the shorter of the estimated useful life of ten years or the related term of the lease. 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 and comprehensive loss. 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 were impaired as of December 31, 2016 and 2015. Accordingly, no impairment loss has been recognized in the years ended December 31, 2016, 2015, and 2014. 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. None of the Company’s goodwill was impaired as of December 31, 2016 and 2015. Accordingly, no impairment loss has been recognized in the years ended December 31, 2016, 2015, and 2014. For further discussion of goodwill, see Note 4 Equipois Acquisition We account for hybrid contracts that feature conversion options in accordance with generally accepted accounting principles in the United States. Accounting Standards Codification (“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 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 where there is a possibility that we may have to settle the warrants in cash, we estimate the fair value of the issued warrants as a liability at each reporting date and record changes in the estimated fair value as a non-cash gain or loss in the consolidated statements of operations and comprehensive loss. model Option Pricing model The Company’s common stock price represents a significant input that affects the valuation of the warrants 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 loss 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. We assess our ability to continue as a going concern at every interim and annual period in accordance with ASC 205-40. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The ability to meet our obligations as they come due and the attainment of sustainable profitability and positive cash flow from operations is dependent on certain future events. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. We evaluate whether it is probable that our plans to mitigate those conditions will alleviate that substantial doubt at every interim and annual period and disclose the conditions giving rise to substantial doubt and the results of our evaluation. 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. 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. Evidence of shipment or 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. When collaboration, other research arrangements, and product sales include multiple-element revenue arrangements, we account for these transactions by determining the elements, or deliverables, included in the arrangement and determining which deliverables are separable for accounting purposes. We consider delivered items to be separable 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 control of the vendor. 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. When the Company brought its first version medical device to market in 2012, the Company could not be certain as to the costs it would incur to support, maintain, service, and upgrade these early stage devices. Primarily for this reason, prior to January 1, 2016, the sale of a device, associated software, initial training, and extended support and maintenance were deemed as a single unit of accounting due to the uncertainty of the Company’s follow-up maintenance and upgrade expenses, which were forecast to extend over three years. Accordingly, the revenue from the sales of the device and associated cost of revenue were deferred at the time of shipment. Upon completion of training, the amount of the arrangements were recognized as revenue and cost of revenue over a three year period on a straight line basis, while all service expenses, whether or not covered by the Company’s original warranty, extended warranty contracts, or neither, were recognized as incurred. Effective January 1, 2016, the Company determined it had established (i) separate individual pricing for training, extended warranty coverage, and out-of-contract service or repairs, (ii) sufficient historical evidence of customer buying patterns for extended warranty and maintenance coverage, and (iii) a basis for estimating and recording warranty and service costs to allow the Company to separate its multiple element arrangements into two distinct units of accounting: (1) the device, associated software, original manufacturer warranty and training if required, and (2) extended support and maintenance. As a result, in the first quarter of 2016, the Company began to recognize revenue related to its sales transactions on a multiple element approach in which revenue is recognized upon the delivery of the separate elements to the customer. Revenue relating to the undelivered elements is deferred using the relative selling price method, which allocates revenue to each element using the estimated selling prices for the deliverables when vendor-specific objective evidence or third-party evidence is not available. For sales on or after January 1, 2016, revenue and associated cost of revenue of medical devices is recognized when delivered, or training has been completed, if required. Revenue for extended maintenance and support agreements is recognized on a straight line basis over the contractual term of the agreement, which typically ranges from one to four years. As a result of this change, the Company recognized medical device revenue previously deferred at December 31, 2015 of $ 6,517 4,159 2,358 , or $0.13 per share, 212 911 The Company builds industrial exoskeletons for sale and capitalizes into inventory materials, direct and indirect labor, and overhead in connection with the manufacture and assembly of these units. No right of return exists on sales of industrial exoskeletons. We assess collectability at the time of the sale and if collectability is not reasonably assured, the sale is deferred and not recognized until collectability is probable or payment is received. Typically, where product is produced and sold in the same country, title and risk of ownership transfer when the product is shipped. Products that are exported from a country for sale typically pass title and risk of ownership at the border of the destination country. Because our industrial products are produced in the U.S., title and risk of ownership generally transfer when the product is shipped, if shipped to a customer in the U.S. If we sell products to customers outside the U.S., title and risk of ownership is generally transferred at the border of the destination country. 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. 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. December 31, 2016 2015 Customer deposits and advances $ 47 $ 48 Deferred medical device revenues - 7,388 Deferred rental income 60 71 Deferred extended maintenance and support 1,523 1,066 Total deferred revenues 1,630 8,573 Less current portion (825) (3,960) Deferred revenues, non-current $ 805 $ 4,613 Deferred medical device unit costs $ - $ 4,590 Less current portion - (2,088) Deferred cost of revenue, non-current $ - $ 2,502 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 $ 104 25 1 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 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 Topic 14. 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. Years ended December 31, 2016 (1) 2015 2014 Numerator: Net loss applicable to common stockholders $ (33,815) $ (24,245) $ (33,769) Adjustment for gain on fair value of warrant liability (4,286) (2,505) - Adjusted net loss used for dilution calculation $ (38,101) $ (26,750) $ (33,769) Denominator Weighted-average number of shares outstanding 18,126 14,606 11,181 Effect of potential dilutive shares 496 3 - Dilutive weighted-average number of shares outstanding 18,622 14,609 11,181 Net loss per share applicable to common stockholders Basic $ (1.87) $ (1.66) $ (3.02) Diluted $ (2.05) $ (1.83) $ (3.02) (1) Recognition of previously deferred revenue and cost of goods in the year ended December 31, 2016 reduced net loss applicable to common stockholders by $2,358, or $ 0.13 Note 2. Basis of Presentation and Summary of Significant Accounting Policies and Estimates Medical Device Revenue and Cost of Revenue Recognition Years ended December 31, 2016 2015 2014 Options to purchase common stock 2,477 1,963 1,542 Warrants for common stock 1,963 1,963 1,971 Common stock issuable upon conversion of preferred shares - 1,876 - Total common stock equivalents 4,440 5,802 3,513 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 No. 2014-09, Revenue from Contracts with Customers In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs 95 In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09 Compensation Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting so as to more closely align compensation expense to services provided In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments |
2014 Merger, Offering, and Othe
2014 Merger, Offering, and Other Related Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Merger, Offering and Other Related Transactions | 3. 2014 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 6,088 89 713 1,086 754 643 111 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 was 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 83 714 357 7.00 three years 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 2,940 7.00 14.00 714 1,389 4,329 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 $ 7.00 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 71 7.00 five years 357 five years 7.00 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 3,251 14.00 7.00 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 2014 PPO and Merger 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 2,058 1,086 329 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 1,656 3,714 |
Equipois Acquisition
Equipois Acquisition | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Equipois Acquisition | On December 1, 2015, the Company acquired substantially all of the assets of Equipois, LLC 1.1 The Company accounted for the acquisition as a business combination by applying the acquisition method, and accordingly, the purchase price of $ 1,839 189 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. Amount Stock consideration (112 shares) $ 1,071 Estimated contingent consideration 768 Total purchase price $ 1,839 The fair value of the 112 In connection with the acquisition, the parties entered into a supply agreement pursuant to which Equipois supplied products to the Company during a post-closing transition period expiring December 31, 2016 (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 was obligated to make a minimum purchase of $ 157 521 The fair value of the contingent consideration resulting from the Supply Agreement and Reseller Agreement was recorded at the time of acquisition. The Supply Agreement required the Company to pay $ 500 125 375 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 $ 1,750 3,000 November 30, 2017 The contingent consideration is 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 For the year ended December 31, 2016, the consideration payout calculated includes the $ 500 125 7.00 355 196 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 3 558 26 189 Accumulated Estimated Cost Amortization Net Useful Life Developed technology $ 1,160 $ (421) $ 739 3 yrs Customer relationships 70 (25) 45 3 yrs Customer trade name 380 (138) 242 3 yrs $ 1,610 $ (584) $ 1,026 The estimated future aggregate amortization expense is $ 537 489 Pro Forma 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, 2016 | |
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 Observable Unobservable Identical Items Inputs Inputs Total (Level 1) (Level 2) (Level 3) December 31, 2016 Liabilities Warrant liability $ 3,546 $ - $ - $ 3,546 Contingent consideration liability $ 217 $ - $ - $ 217 Contingent success fee liability $ 116 $ - $ - $ 116 December 31, 2015 Liabilities Warrant liability $ 9,195 $ - $ - $ 9,195 Contingent consideration liability $ 768 $ - $ - $ 768 During the years ended December 31, 2016 and 2015, there were no transfers between Level 1, Level 2, or Level 3 assets or liabilities reported at fair value on a recurring basis and the valuation techniques used did not change compared to the Company’s established practice. We measure our contingent consideration liability at fair value at each reporting period using significant unobservable inputs classified within Level 3 of the fair value hierarchy. We use a probability weighted value analysis as a valuation technique to convert future estimated cash flows to a single present value amount. The significant unobservable inputs used in the fair value measurements are sales projections over the earn-out period, and the probability outcome percentages assigned to each scenario. Significant increases or decreases to either of these inputs in isolation would result in a significantly higher or lower liability with a higher liability capped by the contractual maximum of the contingent earn-out obligation. Ultimately, the liability will be equivalent to the amount settled, and the difference between the fair value estimate and amount settled will be recorded in earnings. The amount settled that is less than or equal to the liability on the acquisition date is reflected as non-cash financing activities in our consolidated statements of cash flows. Any amount settled in excess of the liability on the acquisition date is reflected as non-cash operating activities. Any changes in the estimated fair value of our contingent consideration liabilities related to the time component of the present value calculation are reported in interest expense. Adjustments to the estimated fair value related to changes in all other unobservable inputs are reported in our statements of operations and comprehensive loss. Contingent Contingent Warrant Consideration Success Fee Liability Liability Liability Balance at December 31, 2015 $ 9,195 $ 768 $ - Reclassification of warrant liability to equity upon exercise of warrants (1,363) - - Gain on decrease in fair value of warrants issued with 2015 financing (4,286) - - Reclassification of contingent consideration liability to accrued liabilities - (355) - Gain on re-measurement of fair value of contingent consideration liability transferred to accrued liabilities - (196) - Fair value of contingent success fee related to long-term debt 116 Balance at December 31, 2016 $ 3,546 $ 217 $ 116 The warrants were valued at $ 9,195 4,286 Capitalization and Equity Structure 2015 Warrants |
Inventories, net
Inventories, net | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Inventories, net | 6. Inventories, net December 31, 2016 2015 Raw materials $ 1,193 $ 783 Work in progress 198 336 Finished goods 267 19 1,658 1,138 Less: inventory reserve (102) (82) Inventories, net $ 1,556 $ 1,056 |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 7. Property and Equipment, net Estimated December 31, Life (Years) 2016 2015 Machinery and equipment 3-5 $ 3,432 $ 3,097 Computers and peripherals 3-7 564 460 Computer software 3-5 547 148 Leasehold improvement 5-10 625 625 Tools, molds, dies and jigs 5 50 37 Furniture, office and leased equipment 3-13 593 511 5,811 4,878 Accumulated depreciation and amortization (3,376) (2,253) Property and equipment, net $ 2,435 $ 2,625 Depreciation and amortization expense, including amortization of intangible assets, totaled $ 1,855 933 745 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities | 8. Accrued Liabilities December 31, 2016 2015 Salaries, benefits and related expenses $ 2,349 $ 1,464 Maintenance 483 - Warranty expense 203 - Professional fees 56 257 Equipois earn-out 355 - Other 110 164 Total $ 3,556 $ 1,885 Maintenance and Warranty Sales of devices generally include an initial warranty for parts and services for one year in the U.S. and two years in Europe, the Middle East, and Africa. During the year ended December 31, 2016, the Company determined it had sufficient historical experience of warranty costs to estimate future warranty costs for devices sold. As a result, and beginning during the year ended December 31, 2016, a liability for the estimated cost of product warranty is established at the time revenue is recognized based on the historical experience of known product failure rates and expected material and labor costs to provide warranty services. From time to time, specific additional warranty accruals may be made if unforeseen technical problems arise. Alternatively, if estimates are determined to be greater than the actual amounts necessary, a portion of the liability may be reversed in future periods. Warranty costs are reflected in the consolidated statements of operations and comprehensive loss as a component of costs of revenue. 911 2016 Maintenance Warranty Total Balance at December 31, 2015 $ - $ - $ - Additions for estimated future expense 911 430 1,341 Incurred costs (428) (226) (654) Balance at December 31, 2016 $ 483 $ 204 $ 687 Current portion 483 203 686 Long-term portion - 1 1 Total $ 483 $ 204 $ 687 2015 Maintenance Warranty Total Balance at December 31, 2014 $ - $ 126 $ 126 Incurred costs - (126) 126 Balance at December 31, 2015 $ - $ - $ - |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. Long-Term Debt On December 30, 2016, the Company entered into a Loan and Security Agreement (the “Loan Agreement”) that provided up to $ 10,000 7,000 3,000 15,000 , including proceeds of intellectual property, but expressly excluding intellectual property itself. Pursuant to the Loan Agreement, the proceeds from the Term Loans may only be used for working capital purposes and to fund general business requirements. The Term Loans will bear interest on the outstanding daily balance at a floating per annum rate equal to the 30 day U.S. LIBOR rate plus 5.41 The Company is required to pay accrued interest on the Term A Loan on the first day of each month through and including January 1, 2018 (or July 1, 2018, if the Term B Loan is drawn upon). Commencing on February 1, 2018 (or August 1, 2018, if the Term B Loan is drawn upon), the Company is required make equal monthly payments of principal, together with accrued and unpaid interest. The principal balance of the Term Loans amortizes ratably over 36 months (or 30 months, if the Term B Loan is drawn upon). The maturity of the Term Loans is January 1, 2021 3.5 The Company may elect to prepay a Term Loan at any time, in whole but not in part. If the Company prepays a Term Loan prior to December 30, 2017, it will owe a prepayment fee equal to 1.0 3.5 The Loan Agreement includes funding conditions, representations and warranties and covenants customary to similar credit facilities. In addition, the Company agreed to a liquidity covenant requiring that it maintain unrestricted cash and cash equivalents in accounts at Lender or subject to control agreements in favor of Lender in an amount equal to at least three months of “Monthly Cash Burn,” which is the Company’s average monthly net income (loss) for the trailing six-month period plus certain expenses and plus the average monthly principal due and payable on interest-bearing liabilities in the immediately succeeding three-month period. Such amount was determined to be $ 6,206 16,846 Company for the payment of money in an amount, individually or in the aggregate, of at least $250, or (9) any material misrepresentation or material misstatement with respect to any warranty or representation set forth in the Loan Agreement. On December 30, 2016, pursuant to the Loan Agreement, the Company entered into a Success Fee Agreement with the Lender under which the Company agreed to pay the Lender a $ 250 fee upon the first to occur of any of the following events: (a) a sale or other disposition by the Company of all or substantially all of its assets; (b) a merger or consolidation of the Company into or with another person or entity, where the holders of the Company’s outstanding voting equity securities immediately prior to such merger or consolidation hold less than a majority of the issued and outstanding voting equity securities of the successor or surviving person or entity immediately following the consummation of such merger or consolidation; or (c) the closing price per share for the Company’s common stock being $ 8.00 or more for five successive business days. The estimated fair value of the success fee was determined using the Binomial Lattice Model and was recorded as a discount to the debt obligation. The fair value of the contingent success fee is re-measured each reporting period with any adjustments in fair value being recognized in loss from operations. The success fee is classified as a liability on the consolidated balance sheets. At December 31, 2016, the carrying value of the contingent success fee liability was $ 116 The final payment fee, debt issuance costs, and fair value of the success fee combined with the stated interest result in an effective interest rate of 6.27 %. The final payment fee and debt issuance costs will be accreted and amortized, respectively, to interest expense using the effective interest method over the life of the loan. Period Amount 2017 $ - 2018 2,139 2019 2,333 2020 2,333 2021 195 Total principal payments 7,000 Less issuance costs & debt discount 211 Long-term debt, net $ 6,789 |
Lease and Note Obligations
Lease and Note Obligations | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Lease and Note Obligations | 10. Lease and Note Obligations In November 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, with one option to renew for an additional five years. In November 2016, the Company signed the five-year lease extension option for its Richmond headquarters. The option lease term will commence in June 2017 and expire in May 2022, which is included in the table below. The Company also leases nominal office space in Germany. 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 Period Operating Leases Note Payable Capital Lease Total Minimum Payments 2017 $ 461 $ 20 $ 40 $ 60 2018 483 - 37 37 2019 494 - 37 37 2020 504 - 22 22 2021 429 - - - Thereafter 181 - - - Total minimum payments $ 2,552 20 136 156 Less interest (1) (11) (12) Present value minimum payments 19 125 144 Less current portion (19) (35) (54) Long-term portion $ - $ 90 $ 90 Rent expense under the Company’s operating leases was $ 400 342 343 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
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, 2016 and 2015, the Company has made no matching contributions. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
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 146 50 391 23 10 |
Capitalization and Equity Struc
Capitalization and Equity Structure | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Capitalization and Equity Structure | 13. Capitalization and Equity Structure Reverse Stock Split After the close of the stock market on May 4, 2016, the Company effected a 1-for-7 reverse Summary The Company’s authorized capital stock at December 31, 2016 consisted of 71,429 10,000 21,894 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. 2016 Common Stock Offering On August 12, 2016, the Company issued 3,750 4.00 13,696 267 998 As discussed below, the Series A Convertible Preferred Stock issued in December 2015 (the “Preferred Shares”) and the common stock warrants issued in December 2015 (the “2015 Warrants”) included price-based anti-dilution provisions providing for the adjustment of the conversion price and the exercise price, as applicable, in the event the Company sells common stock or common stock equivalents (subject to exceptions for certain exempt issuances) at a price lower than the then-conversion price of the Preferred Shares or the then-exercise price of the 2015 Warrants. Because the sale price to the underwriters of the common stock in the August 2016 common stock offering was less than the then-conversion price of the Preferred Shares and the then-exercise price of the 2015 Warrants, there was an anti-dilution adjustment to the number of shares of common stock issuable upon conversion of the Preferred Shares and the exercise price of the 2015 Warrants was reduced, as discussed in more detail below. 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 issue 15 2,122 15,000 13,906 173 0.141 3,300 Conversion of the Preferred Shares triggers the amortization of the discount related to a beneficial conversion feature and to the 2015 Warrants. The terms of the Preferred Shares and 2015 Warrants included price-based anti-dilution provisions providing for the adjustment of the conversion price and the exercise price, as applicable, in the event the Company sold common stock or common stock equivalents (subject to exceptions for certain exempt issuances) at a price lower than the then-conversion price of the Preferred Shares or the then-exercise price of the 2015 Warrants. Because the sale price to the underwriters of the common stock in the August 2016 common stock offering was less than the conversion price of the Preferred Shares at the time, the conversion price of the Preferred Shares was adjusted downwards from $ 7.07 3.74 0.267 3 921 At December 31, 2015, 13 10 1,389 7.07 3 921 3.74 10,345 2 7.07 1,355 Warrants Exercise Term December 31, December 31, Source Price (Years) 2015 Exercised 2016 2015 Warrants $ 3.74 5 2,122 488 1,634 2014 PPO and Merger Placement agent warrants $ 7.00 5 426 - 426 Bridge warrants $ 7.00 3 371 - 371 PPO warrants $ 14.00 5 1,078 - 1,078 Pre 2014 warrants $ 9.66 various 88 - 88 4,085 488 3,597 2015 Warrants In connection with the December 2015 issuance of Preferred Shares discussed above, the Company issued 2015 Warrants to purchase up to an aggregate of 2,122 5 8.75 3.74 The terms of the 2015 Warrants are as follows: ⋅ Anti-Dilution Provision : The Warrants contain a “down round” anti-dilution adjustment provision, which provides that, solely during the period commencing on the date of the securities purchase agreement was executed in connection with the Financing and ending upon the closing of a financing resulting in aggregate proceeds to the Company of at least $ 10 ⋅ Put Option : While the Warrants are outstanding, if the Company enters into a Fundamental Transaction, defined as a merger, consolidation or similar transaction, the Company or any successor entity will, at the option of each Holder, exercisable at any time within 30 days after the consummation of the Fundamental Transaction, purchase the Warrant from the Holder exercising such option by paying to the Holder an amount of cash equal to the Black-Scholes Value of the remaining unexercised portion of such Holder’s Warrant on the date of the consummation of the Fundamental Transaction. ⋅ Call Option : Subject to certain conditions, the Company may call for cancellation of all or any portion of the unexercised Warrants. The consideration paid by the Company will be equal to the Black-Scholes Value of that portion of the Warrant called on the date the Company provides notice of its call. If the Company consummates a Fundamental Transaction (as described above) within six months after exercising its call option, and the consideration received by a holder of one share of common stock in such Fundamental Transaction is greater than the price per Warrant received by the Holder pursuant to the call, then the Company shall pay the Holder an amount equal to the difference between (x) the consideration received by a holder of common stock upon the Fundamental Transaction and (y) the price per Warrant paid in connection with the call, less the exercise price of the Warrant, payable in the same form as received by a holder of the common stock. If the Fundamental Transaction is a stock for stock merger, the Holder would receive shares of the successor entity valued at $ 1.75 ⋅ Cashless Exercise : If at the time of exercise there is no effective registration statement registering the shares underlying the Warrants, then the Warrants may be exercised on a cashless basis. The Warrants were valued at $ 11,700 487 The warrant liability is measured at fair value using certain estimated inputs, which are classified within Level 3 of the valuation hierarchy. These values are subject to a significant degree of judgment on our part. The Company’s common stock price represents a significant input that affects the valuation of the warrants. December 31, 2016 Current share price $ 3.98 Conversion price $ 3.74 Risk-free interest rate 1.70 % Expected term (years) 3.98 Volatility of stock 70 % The Company estimated the fair value of the warrant liability on December 31, 2015 by using a Binomial Lattice Model. The following assumptions were used in the Binomial Lattice Model to measure the fair value of the 2015 Warrants, including the embedded anti-dilution feature, as of December 31, 2015: December 31, 2015 Current share price $ 7.14 Conversion price $ 8.25 Risk-free interest rate 1.76 % Periodic rate 0.88 % Time to Maturity (years) 4.98 Volatility of stock 75 % 2014 PPO and Merger Warrants As discussed in Note 3, 2014 Merger, Offering and Other Related Transactions, 5,151 4,329 14.00 7.00 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 4,329 7.00 14.00 22,756 1,467 27,099 As discussed in Note 3 , 2014 Merger, Offering and Other Related Transactions 89 88 9.66 |
Employee Stock Options
Employee Stock Options | 12 Months Ended |
Dec. 31, 2016 | |
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 2,058 1,656 3,714 1,086 948 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 Weighted Weighted Average Average Remaining Aggregate Options Exercise Contractual Intrinsic Outstanding Price Life (Years) Value Outstanding as of December 31, 2015 1,963 $ 7.09 Granted 813 $ 5.40 Exercised (44) $ 2.51 Forfeited (224) $ 8.06 Expired (31) $ 9.39 Outstanding as of December 31, 2016 2,477 $ 6.50 7.46 $ 674 Vested and expected to vest at December 31, 2016 2,321 $ 6.49 7.34 $ 672 Exercisable as of December 31, 2016 1,262 $ 5.97 6.01 $ 659 In 2016, we received $ 110 103 3.52 2,456 As of December 31, 2016, total unrecognized compensation cost related to unvested stock options was $ 4,822 2.6 Shares Available For Grant Available as of December 31, 2015 1,506 Granted (813) Forfeited 224 Expired 31 Available as of December 31, 2016 948 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 $0.28 - $0.49 106 1.89 $ 0.36 106 $ 0.36 $2.73 - $4.00 762 6.90 $ 3.61 465 $ 3.39 $4.67 - $7.42 876 8.03 $ 6.55 387 $ 6.81 $8.96 - $15.33 733 8.14 $ 10.33 304 $ 10.80 2,477 7.45 $ 6.50 1,262 $ 5.97 Years Ended December 31, 2016 2015 2014 Sales and marketing $ 677 $ 579 $ 345 Research and development 632 414 180 General and administrative 1,812 738 618 $ 3,121 $ 1,731 $ 1,143 In connection with the resignation of the Company’s then Chief Executive Officer in February 2016, the Company accelerated the vesting of options that would have vested in the subsequent twelve months and extended the exercise period of the resulting options from three months to six years. In addition, the Company extended the exercise period for an employee that was terminated in March 2016 from three months to one year. These modifications resulted in incremental stock-based compensation expense of $ 59 774 During the year ended December 31, 2014, due to a decline in the Company’s stock price following the Merger, options representing 122 14 24.99 45.50 15.33 411 The Company recognizes compensation expense using the straight-line method over the requisite service period. Years Ended December 31, 2016 2015 2014 Dividend yield Risk-free interest rate 1.24% - 2.37 % 1.41% - 2.50 % 0.97% - 2.61 % Expected term (in years) 5.27-10 5.52-10 3-10 Volatility 77%-83 % 73%-76 % 66%-75 % |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes Years Ended December 31, 2016 2015 2014 Domestic $ (21,458) $ (19,918) $ (33,750) Foreign (2,012) 328 113 Loss before income taxes $ (23,470) $ (19,590) $ (33,637) The Company had no current or deferred federal and state income tax expense or benefit for the years ended December 31, 2016, 2015, and 2014 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, 2016, 2015, and 2014 were immaterial and accordingly, such amounts were excluded from the following tables. Years Ended December 31, 2016 2015 2014 Federal tax at statutory rate 34.0 % 34.0 % 34.0 % State tax, net of federal tax effect - - 1.5 R&D credit 0.9 0.5 0.3 Change in valuation allowance (40.8) (38.4) (18.9) Non- deductible expenses (0.2) (1.0) (.2) Unrealized (gain) loss on warrant 6.2 4.3 Foreign (0.4) 0.5 (0.1) Other 0.3 0.1 0.1 Total tax expense - % - % - % December 31, 2016 2015 Deferred tax assets: Depreciation and other $ 61 $ - Net operating loss carryforwards 35,647 26,826 Unused R& D tax credits 872 530 Accruals & reserves 951 317 Deferred Revenue 246 693 Stock Compensation 2,430 1,222 Other 86 43 Deferred tax liabilities: Depreciation and other - (220) Prepaid expenses (168) (113) Less: Valuation allowance (40,125) (29,298) 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 $ 10,827 7,983 As of December 31, 2016 the Company had federal net operating loss carryforwards of $ 93,749 818 As of December 31, 2016, the Company had state net operating loss carryforwards of $ 76,263 524 As of December 31, 2016, the Company had foreign net operating loss carryforwards of $ 2,012 As of December 31, 2016, $ 1,684 657 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 Increase of unrecognized tax benefits taken in prior years 4 Increase of unrecognized tax benefits related to current year 132 Balance at December 31, 2016 $ 335 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, 2016. 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 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
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 Payments Due By Period Less than Total one year 1-3 Years 4-5 Years After 5 Years Term loan $ 8,345 $ 397 $ 7,508 $ 440 $ - Facility operating lease 2,552 461 1,481 610 - Capital lease 136 40 96 - - Leasehold improvement loan 20 20 - - - Total $ 11,053 $ 918 $ 9,085 $ 1,050 $ - U.S. Food and Drug Administration Clearance On April 4, 2016, the Company received clearance from the U.S. Food and Drug Administration (“FDA”) to market its Ekso GT robotic exoskeleton for use in the treatment of individuals with hemiplegia due to stroke, individuals with spinal cord injuries at levels T4 to L5, and individuals with spinal cord injuries at levels of T3 to C7 (ASIA D), in accordance with the device’s labeling. On July 19, 2016, the Company received clearance from the FDA to expand/clarify the indications and labeling to expressly include individuals with hemiplegia due to stroke who have upper extremity function of at least 4/5 in only one arm. The Company’s prior cleared indications for use statement required that individuals with hemiplegia due to stroke have upper extremity function of at least 4/5 in both arms. The Company believes that prior to April 4, 2016, the Company’s Ekso GT robotic exoskeleton had been appropriately marketed in the United States as a Class I 510(k) exempt Powered Exercise Equipment device since February 2012. On June 26, 2014, the FDA announced the creation of a new product classification for Powered Exoskeleton devices. On October 21, 2014, the FDA published the summary for the 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 the Ekso GT device. On December 24, 2014, the Company filed a 510(k) notice for the Ekso robotic exoskeleton which was accepted by the FDA for substantive review on July 29, 2015. As discussed above, the Company received FDA clearance to market the Ekso GT in accordance with the device’s labeling on April 4, 2016. 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 were inspectional and did not represent a final FDA determination of non-compliance. The observations pertained to informed consent requirements, reporting of adverse results and records maintenance. On October 2, 2015, the Company responded to the FDA describing the corrective and preventive actions that the Company had implemented and continued to implement to address the FDA’s concerns. On March 30, 2016, the FDA accepted the Company’s corrective actions for the Form 483 observations that were generated during the FDA’s inspection. |
Segment Disclosures
Segment Disclosures | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment Disclosures | 17. Segment Disclosures During the third quarter of 2016, the Company determined industrial sales to be a reportable segment as a result of progress in commercialization and sales of its industrial devices. We have recast certain prior period amounts to conform to the way we internally manage and monitor segment performance. The Company has three reportable segments, Medical Devices, Industrial Sales, and Engineering Services. The Medical Devices segment designs and engineers technology, and commercializes, manufactures, and sells exoskeletons for applications in the medical markets. The Industrial Sales segment designs, engineers, commercializes, and sells exoskeleton devices to allow able-bodied users to perform heavy duty work for extended periods. Engineering Services generates revenue principally from collaborative research and development service arrangements, technology license agreements, and government grants where the Company uses its robotics domain knowledge in bionic exoskeletons to bid on and procure contracts and grants from entities such as the National Science Foundation and the Defense Advanced Research Projects Agency. 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 others manufacture and distribute unique products. The Company does not consider net assets as a segment measure and, accordingly, assets are not allocated. Medical Industrial Engineering Devices Sales Services Total Year ended December 31, 2016 Revenue $ 12,081 $ 1,253 $ 887 $ 14,221 Cost of revenue 9,767 948 559 11,274 Gross profit $ 2,314 $ 305 $ 328 $ 2,947 Year ended December 31, 2015 Revenue $ 4,252 $ - $ 4,409 $ 8,661 Cost of revenue 3,926 - 3,556 7,482 Gross profit $ 326 $ - $ 853 $ 1,179 Year ended December 31, 2014 Revenue $ 2,924 $ - $ 2,403 $ 5,327 Cost of revenue 2,048 - 1,720 3,768 Gross profit $ 876 $ - $ 683 $ 1,559 Years Ended December 31 2016 2015 2014 United States $ 9,042 $ 6,382 $ 3,873 All Other 5,179 2,279 1,454 $ 14,221 $ 8,661 $ 5,327 |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 18. Quarterly Data (Unaudited) Quarter Ended March 31 June 30 September 30 December 31 2016 Revenue $ 8,486 $ 1,552 $ 1,596 $ 2,587 Gross profit 1,498 203 403 843 Net loss (3,651) (5,765) (8,478) (5,576) Net loss applicable to common shareholders (6,775) (9,970) (11,494) (5,576) Basic net loss per share (1) (0.44) (0.61) (0.60) (0.29) Diluted net loss per share (1) $ (0.44) $ (0.61) $ (0.60) $ (0.35) 2015 Revenue $ 1,689 $ 2,114 $ 2,915 $ 1,943 Gross profit 403 502 468 (194) Net income (loss) (4,115) (5,645) (5,185) (4,645) Net loss applicable to common shareholders (4,115) (5,645) (5,185) (9,300) Basic and diluted net loss per share (1) $ (0.28) $ (0.39) $ (0.35) $ (0.63) (1) Quarterly net loss per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding and included in the calculation of basic and diluted common shares. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies and Estimates (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). All significant intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to conform to the current period’s presentation. All common share and per share amounts have been adjusted to reflect the one-for-seven reverse stock split completed on May 4, 2016. See Note 13, Capitalization and Equity Structure Reverse Stock Split |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to: revenue recognition, deferred revenue and the deferral of 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 accumulated other comprehensive income (loss) as a component of stockholders’ equity. Where the U.S. dollar is the functional currency, re-measurement adjustments are recorded in other comprehensive income (loss), net in the accompanying consolidated statements of operations and comprehensive loss. 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 expense |
Comprehensive Income / (Loss) | Accumulated Other Comprehensive Income (Loss) Accumulated other comprehensive income (loss) reported on our consolidated balance sheets consists of foreign currency translation adjustments. Foreign Currency Translation Balance at December 31, 2015 $ (1) Other comprehensive loss before reclassification 80 Amounts reclassified from accumulated other comprehensive income (loss) - Net current period other comprehensive income 80 Balance at December 31, 2016 $ 79 |
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. The Company did not have any cash equivalents or investments in money market funds as of December 31, 2016 and 2015. |
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 provides an allowance for credit losses, as needed. The Company has not experienced material losses related to accounts receivable during the years ended December 31, 2016 and December 31, 2015. 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 is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon settling foreign contracts. At December 31, 2016, the Company had three customers with accounts receivable balances totaling 10 18 16 11 10 22 11 For the year ended December 31, 2016, the Company had no customers with billed revenue of 10 33 12 |
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, if any, are recorded as an inventory impairment charge to the consolidated statements of operations and comprehensive loss |
Property and Equipment | Property and Equipment, net 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 to thirteen years. Leasehold improvements are amortized over the shorter of the estimated useful life of ten years or the related term of the lease. 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 and comprehensive loss. 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 were impaired as of December 31, 2016 and 2015. Accordingly, no impairment loss has been recognized in the years ended December 31, 2016, 2015, and 2014. |
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. None of the Company’s goodwill was impaired as of December 31, 2016 and 2015. Accordingly, no impairment loss has been recognized in the years ended December 31, 2016, 2015, and 2014. For further discussion of goodwill, see Note 4 Equipois 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. Accounting Standards Codification (“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 |
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 where there is a possibility that we may have to settle the warrants in cash, we estimate the fair value of the issued warrants as a liability at each reporting date and record changes in the estimated fair value as a non-cash gain or loss in the consolidated statements of operations and comprehensive loss. model Option Pricing model The Company’s common stock price represents a significant input that affects the valuation of the warrants |
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 loss 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. |
Going Concern | Going Concern We assess our ability to continue as a going concern at every interim and annual period in accordance with ASC 205-40. The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. The ability to meet our obligations as they come due and the attainment of sustainable profitability and positive cash flow from operations is dependent on certain future events. These conditions raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. We evaluate whether it is probable that our plans to mitigate those conditions will alleviate that substantial doubt at every interim and annual period and disclose the conditions giving rise to substantial doubt and the results of our evaluation. |
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 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. Evidence of shipment or 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. When collaboration, other research arrangements, and product sales include multiple-element revenue arrangements, we account for these transactions by determining the elements, or deliverables, included in the arrangement and determining which deliverables are separable for accounting purposes. We consider delivered items to be separable 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 control of the vendor. 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. When the Company brought its first version medical device to market in 2012, the Company could not be certain as to the costs it would incur to support, maintain, service, and upgrade these early stage devices. Primarily for this reason, prior to January 1, 2016, the sale of a device, associated software, initial training, and extended support and maintenance were deemed as a single unit of accounting due to the uncertainty of the Company’s follow-up maintenance and upgrade expenses, which were forecast to extend over three years. Accordingly, the revenue from the sales of the device and associated cost of revenue were deferred at the time of shipment. Upon completion of training, the amount of the arrangements were recognized as revenue and cost of revenue over a three year period on a straight line basis, while all service expenses, whether or not covered by the Company’s original warranty, extended warranty contracts, or neither, were recognized as incurred. Effective January 1, 2016, the Company determined it had established (i) separate individual pricing for training, extended warranty coverage, and out-of-contract service or repairs, (ii) sufficient historical evidence of customer buying patterns for extended warranty and maintenance coverage, and (iii) a basis for estimating and recording warranty and service costs to allow the Company to separate its multiple element arrangements into two distinct units of accounting: (1) the device, associated software, original manufacturer warranty and training if required, and (2) extended support and maintenance. As a result, in the first quarter of 2016, the Company began to recognize revenue related to its sales transactions on a multiple element approach in which revenue is recognized upon the delivery of the separate elements to the customer. Revenue relating to the undelivered elements is deferred using the relative selling price method, which allocates revenue to each element using the estimated selling prices for the deliverables when vendor-specific objective evidence or third-party evidence is not available. For sales on or after January 1, 2016, revenue and associated cost of revenue of medical devices is recognized when delivered, or training has been completed, if required. Revenue for extended maintenance and support agreements is recognized on a straight line basis over the contractual term of the agreement, which typically ranges from one to four years. As a result of this change, the Company recognized medical device revenue previously deferred at December 31, 2015 of $ 6,517 4,159 2,358 , or $0.13 per share, 212 911 Industrial Sales Revenue and Cost of Revenue The Company builds industrial exoskeletons for sale and capitalizes into inventory materials, direct and indirect labor, and overhead in connection with the manufacture and assembly of these units. No right of return exists on sales of industrial exoskeletons. We assess collectability at the time of the sale and if collectability is not reasonably assured, the sale is deferred and not recognized until collectability is probable or payment is received. Typically, where product is produced and sold in the same country, title and risk of ownership transfer when the product is shipped. Products that are exported from a country for sale typically pass title and risk of ownership at the border of the destination country. Because our industrial products are produced in the U.S., title and risk of ownership generally transfer when the product is shipped, if shipped to a customer in the U.S. If we sell products to customers outside the U.S., title and risk of ownership is generally transferred at the border of the destination country. 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. |
Deferred Revenues | 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. December 31, 2016 2015 Customer deposits and advances $ 47 $ 48 Deferred medical device revenues - 7,388 Deferred rental income 60 71 Deferred extended maintenance and support 1,523 1,066 Total deferred revenues 1,630 8,573 Less current portion (825) (3,960) Deferred revenues, non-current $ 805 $ 4,613 Deferred medical device unit costs $ - $ 4,590 Less current portion - (2,088) Deferred cost of revenue, non-current $ - $ 2,502 |
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 Advertising costs are recorded in sales and marketing expense as incurred. Advertising expense was $ 104 25 1 |
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 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 Topic 14. 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 | Net Loss Per Share of Common Stock Years ended December 31, 2016 (1) 2015 2014 Numerator: Net loss applicable to common stockholders $ (33,815) $ (24,245) $ (33,769) Adjustment for gain on fair value of warrant liability (4,286) (2,505) - Adjusted net loss used for dilution calculation $ (38,101) $ (26,750) $ (33,769) Denominator Weighted-average number of shares outstanding 18,126 14,606 11,181 Effect of potential dilutive shares 496 3 - Dilutive weighted-average number of shares outstanding 18,622 14,609 11,181 Net loss per share applicable to common stockholders Basic $ (1.87) $ (1.66) $ (3.02) Diluted $ (2.05) $ (1.83) $ (3.02) (1) Recognition of previously deferred revenue and cost of goods in the year ended December 31, 2016 reduced net loss applicable to common stockholders by $2,358, or $ 0.13 Note 2. Basis of Presentation and Summary of Significant Accounting Policies and Estimates Medical Device Revenue and Cost of Revenue Recognition Years ended December 31, 2016 2015 2014 Options to purchase common stock 2,477 1,963 1,542 Warrants for common stock 1,963 1,963 1,971 Common stock issuable upon conversion of preferred shares - 1,876 - Total common stock equivalents 4,440 5,802 3,513 |
Recent Accounting Pronouncements | 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 No. 2014-09, Revenue from Contracts with Customers In April 2015, the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs 95 In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09 Compensation Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting so as to more closely align compensation expense to services provided In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments |
Summary of Significant Accoun27
Summary of Significant Accounting Policies and Estimates (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The change in accumulated other comprehensive income (loss) presented on the consolidated balance sheets for the year ended December 31, 2016, is reflected in the table below net of tax: Foreign Currency Translation Balance at December 31, 2015 $ (1) Other comprehensive loss before reclassification 80 Amounts reclassified from accumulated other comprehensive income (loss) - Net current period other comprehensive income 80 Balance at December 31, 2016 $ 79 |
Schedule of Customer Deposits, Advances, Deferred Revenues, and Deferred Unit Costs | Deferred revenues and deferred cost of revenues consisted of the following: December 31, 2016 2015 Customer deposits and advances $ 47 $ 48 Deferred medical device revenues - 7,388 Deferred rental income 60 71 Deferred extended maintenance and support 1,523 1,066 Total deferred revenues 1,630 8,573 Less current portion (825) (3,960) Deferred revenues, non-current $ 805 $ 4,613 Deferred medical device unit costs $ - $ 4,590 Less current portion - (2,088) Deferred cost of revenue, non-current $ - $ 2,502 |
Schedule of basic and diluted net income (loss) per share | Years ended December 31, 2016 (1) 2015 2014 Numerator: Net loss applicable to common stockholders $ (33,815) $ (24,245) $ (33,769) Adjustment for gain on fair value of warrant liability (4,286) (2,505) - Adjusted net loss used for dilution calculation $ (38,101) $ (26,750) $ (33,769) Denominator Weighted-average number of shares outstanding 18,126 14,606 11,181 Effect of potential dilutive shares 496 3 - Dilutive weighted-average number of shares outstanding 18,622 14,609 11,181 Net loss per share applicable to common stockholders Basic $ (1.87) $ (1.66) $ (3.02) Diluted $ (2.05) $ (1.83) $ (3.02) (1) Recognition of previously deferred revenue and cost of goods in the year ended December 31, 2016 reduced net loss applicable to common stockholders by $2,358, or $ 0.13 Note 2. Basis of Presentation and Summary of Significant Accounting Policies and Estimates Medical Device Revenue and Cost of Revenue Recognition |
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, 2016 2015 2014 Options to purchase common stock 2,477 1,963 1,542 Warrants for common stock 1,963 1,963 1,971 Common stock issuable upon conversion of preferred shares - 1,876 - Total common stock equivalents 4,440 5,802 3,513 |
Equipois Acquisition (Tables)
Equipois Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of Total Purchase Price | The total purchase price is summarized as follows: Amount Stock consideration (112 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 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, 2016 were as follows: Accumulated Estimated Cost Amortization Net Useful Life Developed technology $ 1,160 $ (421) $ 739 3 yrs Customer relationships 70 (25) 45 3 yrs Customer trade name 380 (138) 242 3 yrs $ 1,610 $ (584) $ 1,026 |
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, 2016 | |
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 Observable Unobservable Identical Items Inputs Inputs Total (Level 1) (Level 2) (Level 3) December 31, 2016 Liabilities Warrant liability $ 3,546 $ - $ - $ 3,546 Contingent consideration liability $ 217 $ - $ - $ 217 Contingent success fee liability $ 116 $ - $ - $ 116 December 31, 2015 Liabilities Warrant liability $ 9,195 $ - $ - $ 9,195 Contingent consideration liability $ 768 $ - $ - $ 768 |
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, 2016, which were measured at fair value on a recurring basis: Contingent Contingent Warrant Consideration Success Fee Liability Liability Liability Balance at December 31, 2015 $ 9,195 $ 768 $ - Reclassification of warrant liability to equity upon exercise of warrants (1,363) - - Gain on decrease in fair value of warrants issued with 2015 financing (4,286) - - Reclassification of contingent consideration liability to accrued liabilities - (355) - Gain on re-measurement of fair value of contingent consideration liability transferred to accrued liabilities - (196) - Fair value of contingent success fee related to long-term debt 116 Balance at December 31, 2016 $ 3,546 $ 217 $ 116 |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following: December 31, 2016 2015 Raw materials $ 1,193 $ 783 Work in progress 198 336 Finished goods 267 19 1,658 1,138 Less: inventory reserve (102) (82) Inventories, net $ 1,556 $ 1,056 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, net | Property and equipment, net consisted of the following: Estimated December 31, Life (Years) 2016 2015 Machinery and equipment 3-5 $ 3,432 $ 3,097 Computers and peripherals 3-7 564 460 Computer software 3-5 547 148 Leasehold improvement 5-10 625 625 Tools, molds, dies and jigs 5 50 37 Furniture, office and leased equipment 3-13 593 511 5,811 4,878 Accumulated depreciation and amortization (3,376) (2,253) Property and equipment, net $ 2,435 $ 2,625 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: December 31, 2016 2015 Salaries, benefits and related expenses $ 2,349 $ 1,464 Maintenance 483 - Warranty expense 203 - Professional fees 56 257 Equipois earn-out 355 - Other 110 164 Total $ 3,556 $ 1,885 |
Reconciliation of Changes in Maintenance and Warranty Liabilities | 911 2016 Maintenance Warranty Total Balance at December 31, 2015 $ - $ - $ - Additions for estimated future expense 911 430 1,341 Incurred costs (428) (226) (654) Balance at December 31, 2016 $ 483 $ 204 $ 687 Current portion 483 203 686 Long-term portion - 1 1 Total $ 483 $ 204 $ 687 2015 Maintenance Warranty Total Balance at December 31, 2014 $ - $ 126 $ 126 Incurred costs - (126) 126 Balance at December 31, 2015 $ - $ - $ - |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | The following table presents scheduled principal payments of our long-term debt as of December 31, 2016: Period Amount 2017 $ - 2018 2,139 2019 2,333 2020 2,333 2021 195 Total principal payments 7,000 Less issuance costs & debt discount 211 Long-term debt, net $ 6,789 |
Lease and Note Obligations (Tab
Lease and Note Obligations (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Future Obligations | Period Operating Leases Note Payable Capital Lease Total Minimum Payments 2017 $ 461 $ 20 $ 40 $ 60 2018 483 - 37 37 2019 494 - 37 37 2020 504 - 22 22 2021 429 - - - Thereafter 181 - - - Total minimum payments $ 2,552 20 136 156 Less interest (1) (11) (12) Present value minimum payments 19 125 144 Less current portion (19) (35) (54) Long-term portion $ - $ 90 $ 90 |
Capitalization and Equity Str35
Capitalization and Equity Structure (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Schedule of Warrant share activity | Exercise Term December 31, December 31, Source Price (Years) 2015 Exercised 2016 2015 Warrants $ 3.74 5 2,122 488 1,634 2014 PPO and Merger Placement agent warrants $ 7.00 5 426 - 426 Bridge warrants $ 7.00 3 371 - 371 PPO warrants $ 14.00 5 1,078 - 1,078 Pre 2014 warrants $ 9.66 various 88 - 88 4,085 488 3,597 |
Schedule of assumption used in valuation | 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 % |
Warrant [Member] | |
Schedule of assumption used in valuation | The Company estimated the fair value of the warrant liability on December 31, 2016 by using a Black-Scholes Option Pricing Model, as the anti-dilution provision was no longer in effect. The following assumptions were used in the Black-Scholes Option Pricing Model to measure the fair value of the 2015 Warrants as of December 31, 2016: December 31, 2016 Current share price $ 3.98 Conversion price $ 3.74 Risk-free interest rate 1.70 % Expected term (years) 3.98 Volatility of stock 70 % The Company estimated the fair value of the warrant liability on December 31, 2015 by using a Binomial Lattice Model. The following assumptions were used in the Binomial Lattice Model to measure the fair value of the 2015 Warrants, including the embedded anti-dilution feature, as of December 31, 2015: December 31, 2015 Current share price $ 7.14 Conversion price $ 8.25 Risk-free interest rate 1.76 % Periodic rate 0.88 % Time to Maturity (years) 4.98 Volatility of stock 75 % |
Employee Stock Options (Tables)
Employee Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity | A summary of the option activity as of December 31, 2016 and changes during the fiscal year then ended is presented below: Weighted Weighted Average Average Remaining Aggregate Options Exercise Contractual Intrinsic Outstanding Price Life (Years) Value Outstanding as of December 31, 2015 1,963 $ 7.09 Granted 813 $ 5.40 Exercised (44) $ 2.51 Forfeited (224) $ 8.06 Expired (31) $ 9.39 Outstanding as of December 31, 2016 2,477 $ 6.50 7.46 $ 674 Vested and expected to vest at December 31, 2016 2,321 $ 6.49 7.34 $ 672 Exercisable as of December 31, 2016 1,262 $ 5.97 6.01 $ 659 |
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, 2016: Shares Available For Grant Available as of December 31, 2015 1,506 Granted (813) Forfeited 224 Expired 31 Available as of December 31, 2016 948 |
Summary of information about stock options outstanding | 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 $0.28 - $0.49 106 1.89 $ 0.36 106 $ 0.36 $2.73 - $4.00 762 6.90 $ 3.61 465 $ 3.39 $4.67 - $7.42 876 8.03 $ 6.55 387 $ 6.81 $8.96 - $15.33 733 8.14 $ 10.33 304 $ 10.80 2,477 7.45 $ 6.50 1,262 $ 5.97 |
Allocation of Stock Option Compensation Expense | Stock-based compensation is included in the consolidated statements of operations and comprehensive loss 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, 2016 2015 2014 Sales and marketing $ 677 $ 579 $ 345 Research and development 632 414 180 General and administrative 1,812 738 618 $ 3,121 $ 1,731 $ 1,143 |
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, 2016 2015 2014 Dividend yield Risk-free interest rate 1.24% - 2.37 % 1.41% - 2.50 % 0.97% - 2.61 % Expected term (in years) 5.27-10 5.52-10 3-10 Volatility 77%-83 % 73%-76 % 66%-75 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 2015, and 2014 were as follows: Years Ended December 31, 2016 2015 2014 Domestic $ (21,458) $ (19,918) $ (33,750) Foreign (2,012) 328 113 Loss before income taxes $ (23,470) $ (19,590) $ (33,637) |
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, 2016, 2015, and 2014 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, 2016 2015 2014 Federal tax at statutory rate 34.0 % 34.0 % 34.0 % State tax, net of federal tax effect - - 1.5 R&D credit 0.9 0.5 0.3 Change in valuation allowance (40.8) (38.4) (18.9) Non- deductible expenses (0.2) (1.0) (.2) Unrealized (gain) loss on warrant 6.2 4.3 Foreign (0.4) 0.5 (0.1) Other 0.3 0.1 0.1 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, 2016 and 2015 were as follows: December 31, 2016 2015 Deferred tax assets: Depreciation and other $ 61 $ - Net operating loss carryforwards 35,647 26,826 Unused R& D tax credits 872 530 Accruals & reserves 951 317 Deferred Revenue 246 693 Stock Compensation 2,430 1,222 Other 86 43 Deferred tax liabilities: Depreciation and other - (220) Prepaid expenses (168) (113) Less: Valuation allowance (40,125) (29,298) 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 Increase of unrecognized tax benefits taken in prior years 4 Increase of unrecognized tax benefits related to current year 132 Balance at December 31, 2016 $ 335 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual obligation, fiscal year maturity | The following table summarizes our outstanding contractual obligations, including interest payments, as of December 31, 2016 and the effect those obligations are expected to have on our liquidity and cash flows in future periods: Payments Due By Period Less than Total one year 1-3 Years 4-5 Years After 5 Years Term loan $ 8,345 $ 397 $ 7,508 $ 440 $ - Facility operating lease 2,552 461 1,481 610 - Capital lease 136 40 96 - - Leasehold improvement loan 20 20 - - - Total $ 11,053 $ 918 $ 9,085 $ 1,050 $ - |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment reporting information is as follows: Medical Industrial Engineering Devices Sales Services Total Year ended December 31, 2016 Revenue $ 12,081 $ 1,253 $ 887 $ 14,221 Cost of revenue 9,767 948 559 11,274 Gross profit $ 2,314 $ 305 $ 328 $ 2,947 Year ended December 31, 2015 Revenue $ 4,252 $ - $ 4,409 $ 8,661 Cost of revenue 3,926 - 3,556 7,482 Gross profit $ 326 $ - $ 853 $ 1,179 Year ended December 31, 2014 Revenue $ 2,924 $ - $ 2,403 $ 5,327 Cost of revenue 2,048 - 1,720 3,768 Gross profit $ 876 $ - $ 683 $ 1,559 |
Schedule of Geographic Information | Geographic revenue information based on location of customer is as follows: Years Ended December 31 2016 2015 2014 United States $ 9,042 $ 6,382 $ 3,873 All Other 5,179 2,279 1,454 $ 14,221 $ 8,661 $ 5,327 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015: Quarter Ended March 31 June 30 September 30 December 31 2016 Revenue $ 8,486 $ 1,552 $ 1,596 $ 2,587 Gross profit 1,498 203 403 843 Net loss (3,651) (5,765) (8,478) (5,576) Net loss applicable to common shareholders (6,775) (9,970) (11,494) (5,576) Basic net loss per share (1) (0.44) (0.61) (0.60) (0.29) Diluted net loss per share (1) $ (0.44) $ (0.61) $ (0.60) $ (0.35) 2015 Revenue $ 1,689 $ 2,114 $ 2,915 $ 1,943 Gross profit 403 502 468 (194) Net income (loss) (4,115) (5,645) (5,185) (4,645) Net loss applicable to common shareholders (4,115) (5,645) (5,185) (9,300) Basic and diluted net loss per share (1) $ (0.28) $ (0.39) $ (0.35) $ (0.63) (1) Quarterly net loss per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding and included in the calculation of basic and diluted common shares. |
Organization (Details Textual)
Organization (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2017 | Dec. 31, 2013 | |
Organization [Line Items] | |||||
Retained Earnings (Accumulated Deficit), Total | $ (114,861) | $ (91,391) | |||
Cash and Cash Equivalents, at Carrying Value, Total | 16,846 | 19,552 | $ 25,190 | $ 805 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations, Total | (24,997) | $ (18,269) | $ (15,007) | ||
Unrestricted Cash And Cash Equivalents | $ 10,820 | ||||
Subsequent Event [Member] | |||||
Organization [Line Items] | |||||
Restricted Cash and Cash Equivalents | $ 6,026 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies and Estimates (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Balance at December 31, 2015 | $ (1) |
Other comprehensive loss before reclassification | 80 |
Amounts reclassified from accumulated other comprehensive income (loss) | 0 |
Net current period other comprehensive income | 80 |
Balance at December 31, 2016 | $ 79 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies and Estimates (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred Rent Credit | $ 60 | $ 71 |
Deferred Revenue | 1,630 | 8,573 |
Less current portion | (825) | (3,960) |
Deferred revenues, non-current | 805 | 4,613 |
Deferred medical device unit costs | 0 | 4,590 |
Less current portion | 0 | 2,088 |
Deferred cost of revenue, non-current | 0 | 2,502 |
Customer deposits and advances [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue | 47 | 48 |
Deferred medical device revenues [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue | 0 | 7,388 |
Deferred extended maintenance and support [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred Revenue | $ 1,523 | $ 1,066 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies and Estimates (Details 2) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | Dec. 31, 2014 | |||||
Numerator: | ||||||||||||||||
Net loss applicable to common stockholders | $ (5,576) | $ (11,494) | $ (9,970) | $ (6,775) | $ (9,300) | $ (5,185) | $ (5,645) | $ (4,115) | $ (33,815) | $ (24,245) | $ (33,769) | |||||
Adjustment for gain on fair value of warrant liability | (4,286) | (2,505) | 0 | |||||||||||||
Adjusted net loss used for dilution calculation | $ (38,101) | $ (26,750) | $ (33,769) | |||||||||||||
Denominator | ||||||||||||||||
Weighted-average number of shares outstanding | 18,126 | 14,606 | 11,181 | |||||||||||||
Effect of potential dilutive shares | 496 | 3 | 0 | |||||||||||||
Dilutive weighted-average number of shares outstanding | 18,622 | 14,609 | 11,181 | |||||||||||||
Net loss per share applicable to common stockholders | ||||||||||||||||
Basic (in dollars per share) | $ (0.29) | [2] | $ (0.60) | [2] | $ (0.61) | [2] | $ (0.44) | [2] | $ (1.87) | $ (1.66) | $ (3.02) | |||||
Diluted (in dollars per share) | $ (0.35) | [2] | $ (0.60) | [2] | $ (0.61) | [2] | $ (0.44) | [2] | $ (2.05) | $ (1.83) | $ (3.02) | |||||
[1] | Recognition of previously deferred revenue and cost of goods in the year ended December 31, 2016 reduced net loss applicable to common stockholders by $2,358, or $0.13 per share (see Note 2. Basis of Presentation and Summary of Significant Accounting Policies and Estimates Medical Device Revenue and Cost of Revenue Recognition). | |||||||||||||||
[2] | Quarterly net loss per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding and included in the calculation of basic and diluted common shares. |
Summary of Significant Accoun45
Summary of Significant Accounting Policies and Estimates (Details 3) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 4,440 | 5,802 | 3,513 |
Options to purchase common stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 2,477 | 1,963 | 1,542 |
Warrants for common stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 1,963 | 1,963 | 1,971 |
Common stock issuable upon conversion of preferred shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 0 | 1,876 | 0 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies and Estimates (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Significant Accounting Policies [Line Items] | |||
Advertising costs | $ 104 | $ 25 | $ 1 |
Debt Issuance Cost [Member] | Accounting Standards Update 2015-03 [Member] | |||
Significant Accounting Policies [Line Items] | |||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 95 | ||
Medical Device [Member] | |||
Significant Accounting Policies [Line Items] | |||
Deferred Revenue, Revenue Recognized | 6,517 | ||
Cost of Revenue | $ 4,159 | ||
Product Liability Accrual, Component Amount | 212 | ||
Customer Advances and Deposits, Current | 911 | ||
Reduction In Net Loss Attributable To Common Stock Holders | $ 2,358 | ||
Reduction Percentage In Net Loss Attributable To Common Stock Holders | $ 0.13 | ||
Sales Revenue, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 10.00% | ||
Customer One [Member] | Accounts Receivable [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 18.00% | 10.00% | 22.00% |
Customer One [Member] | Sales Revenue, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 33.00% | 12.00% | |
Customer Two [Member] | Accounts Receivable [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 16.00% | 11.00% | |
Customer Three [Member] | Accounts Receivable [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 11.00% | ||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 10.00% |
2014 Merger, Offering and Other
2014 Merger, Offering and Other Related Transactions (Details Textual) $ / shares in Units, $ in Thousands | Jun. 10, 2015shares | Feb. 06, 2014shares | Nov. 30, 2013USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 23, 2015shares | Nov. 30, 2014$ / sharesshares | Oct. 31, 2014$ / sharesshares | Mar. 31, 2014shares |
Debt Instrument [Line Items] | ||||||||||
Equity Issued During Period Units New Issues | 1,389,000 | |||||||||
Repayments of Notes Payable | $ | $ 79 | $ 60 | $ 2,596 | |||||||
Payments of Stock Issuance Costs | $ | 173 | 0 | $ 0 | |||||||
Payment of Financing and Stock Issuance Costs, Total | $ | $ 1,373 | $ 779 | ||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 7 | |||||||||
Stock Issued During Period Shares Acquisitions Previously Held | 643,000 | |||||||||
Stock Issued During Period Shares Acquisitions New Issues | 111,000 | |||||||||
Equity Interest | 6.80% | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,058,000 | |||||||||
Equity Incentive Plan 2014 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Equity Issued During Period Units New Issues Price Per Unit | $ / shares | $ 7 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 3,714,000 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 1,656,000 | |||||||||
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 | 1,086,000 | |||||||||
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 | 329,000 | |||||||||
Series A Preferred Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,122,000 | |||||||||
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 | 1,086,000 | |||||||||
Business Acquisition Equity Interests Issued Or Issuable Number Of Shares Converted | 713,000 | |||||||||
Common Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 1.75 | $ 9.66 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 88,000 | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 6,088,000 | |||||||||
Conversion Of Stock Conversion Ratio | 1.5238 | |||||||||
Common Stock [Member] | Pre Merger [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Stock Issued During Period, Shares, Acquisitions | 754 | |||||||||
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 | 2,058,000 | |||||||||
Warrant [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 14 | $ 14 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,151,000 | 2,122,000 | 4,329,000 | |||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 89,000 | |||||||||
2013 Bridge Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Equity Issued During Period Units New Issues | 2,940,000 | |||||||||
Equity Issued During Period Units New Issues Price Per Unit | $ / shares | $ 7 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 714,000 | |||||||||
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 | $ 7 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 357,000 | |||||||||
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 | $ 7 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 714,000 | |||||||||
Class of Warrant or Right Expiration Period | 3 years | |||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued | 357,000 | |||||||||
Bridge Agent Warrants [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 7 | |||||||||
Class of Warrant or Right Expiration Period | 5 years | |||||||||
Debt Conversion, Converted Instrument, Warrants or Options Issued | 71,000 | |||||||||
PPO warrants [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Equity Issued During Period Units New Issues | 4,329,000 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 14 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 3,251,000 | |||||||||
PPO warrants [Member] | 2013 Bridge Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 14 |
Equipois Acquisition (Details)
Equipois Acquisition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Stock consideration (112 shares) | $ 1,071 | |
Estimated contingent consideration | 768 | |
Total purchase price | $ 1,839 | $ 1,839 |
Equipois Acquisition (Details 1
Equipois Acquisition (Details 1) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||
Fixed assets | $ 40 | |
Intangible assets | 1,610 | $ 1,610 |
Total identifiable assets acquired | 1,650 | |
Goodwill | 189 | $ 189 |
Net assets acquired | $ 1,839 |
Equipois Acquisition (Details 2
Equipois Acquisition (Details 2) - Equipois [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Cost | $ 1,610 |
Accumulated Amortization | (584) |
Net | 1,026 |
Developed Technology Rights [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Cost | 1,160 |
Accumulated Amortization | (421) |
Net | $ 739 |
Estimated Useful Life | 3 years |
Customer Relationships [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Cost | $ 70 |
Accumulated Amortization | (25) |
Net | $ 45 |
Estimated Useful Life | 3 years |
Customer Lists [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Cost | $ 380 |
Accumulated Amortization | (138) |
Net | $ 242 |
Estimated Useful Life | 3 years |
Equipois Acquisition (Details 3
Equipois 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) |
Equipois Acquisition (Details T
Equipois Acquisition (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition [Line Items] | |||
Business Combination, Contingent Consideration, Liability | $ 768 | ||
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 | $ 1,610 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | 3 years | |
Amortization of Intangible Assets | $ 558 | $ 26 | |
Goodwill | 189 | 189 | |
Business Combination, Consideration Transferred, Total | 1,839 | 1,839 | |
Change In Fair Value Contingent Consideration | 196 | 0 | $ 0 |
Stock Issued During Period, Value, Acquisitions | $ 500 | ||
Business Acquisition, Share Price | $ 7 | ||
Business Combination, Contingent Consideration, Liability, Current | $ 355 | $ 0 | |
Reseller Agreement [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 125 | ||
Other Current Liabilities [Member] | |||
Business Acquisition [Line Items] | |||
Business Combination, Contingent Consideration, Liability, Current | $ 355 | ||
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 | 112 | ||
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 by 5% 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 | $ 489 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities: | ||
Warrant liability | $ (3,546) | $ (9,195) |
Contingent Success Fee Liability | 116 | |
Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Warrant liability | 3,546 | 9,195 |
Contingent consideration liability | 217 | 768 |
Contingent Success Fee Liability | 116 | |
Quoted Prices in Active Markets for Identical Items Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Warrant liability | 0 | 0 |
Contingent consideration liability | 0 | 0 |
Contingent Success Fee Liability | 0 | |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Warrant liability | 0 | 0 |
Contingent consideration liability | 0 | 0 |
Contingent Success Fee Liability | 0 | |
Significant Unobservable Inputs Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Warrant liability | 3,546 | 9,195 |
Contingent consideration liability | 217 | $ 768 |
Contingent Success Fee Liability | $ 116 |
Fair Value Measurements (Deta54
Fair Value Measurements (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Derivative Financial Instruments, Liabilities [Member] | |
Balance at December 31, 2015 | $ 9,195 |
Reclassification of warrant liability to equity upon exercise of warrants | (1,363) |
Gain on decrease in fair value of warrants issued with 2015 financing | (4,286) |
Reclassification of contingent consideration liability to accrued liabilities | 0 |
Gain on re-measurement of fair value of contingent consideration liability transferred to accrued liabilities | 0 |
Balance at December 31, 2016 | 3,546 |
Contingent Consideration [Member] | |
Balance at December 31, 2015 | 768 |
Reclassification of warrant liability to equity upon exercise of warrants | 0 |
Gain on decrease in fair value of warrants issued with 2015 financing | 0 |
Reclassification of contingent consideration liability to accrued liabilities | (355) |
Gain on re-measurement of fair value of contingent consideration liability transferred to accrued liabilities | (196) |
Balance at December 31, 2016 | 217 |
Contingent Success Fee [Member] | |
Balance at December 31, 2015 | 0 |
Reclassification of warrant liability to equity upon exercise of warrants | 0 |
Gain on decrease in fair value of warrants issued with 2015 financing | 0 |
Reclassification of contingent consideration liability to accrued liabilities | 0 |
Gain on re-measurement of fair value of contingent consideration liability transferred to accrued liabilities | 0 |
Fair value of contingent success fee related to long-term debt | 116 |
Balance at December 31, 2016 | $ 116 |
Fair Value Measurements (Deta55
Fair Value Measurements (Details Textual) - Derivative Financial Instruments, Liabilities [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value, Beginning Balance | $ 3,546 | $ 9,195 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances | $ 4,286 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Raw materials | $ 1,193 | $ 783 |
Work in progress | 198 | 336 |
Finished goods | 267 | 19 |
Inventory, Gross | 1,658 | 1,138 |
Less: inventory reserve | (102) | (82) |
Inventories, net | $ 1,556 | $ 1,056 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 5,811 | $ 4,878 |
Accumulated depreciation and amortization | (3,376) | (2,253) |
Property and equipment, net | 2,435 | 2,625 |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 3,432 | 3,097 |
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 | $ 564 | 460 |
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 | 7 years | |
Computer software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 547 | 148 |
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 | 7 years | |
Leasehold improvement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 625 | 625 |
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 | $ 50 | 37 |
Estimated life | 5 years | |
Furniture, office and leased equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 593 | $ 511 |
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 | 13 years |
Property and Equipment, net (58
Property and Equipment, net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Depreciation, Depletion and Amortization | $ 1,855 | $ 933 | $ 745 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued Liabilities [Line Items] | ||
Salaries, benefits and related expenses | $ 2,349 | $ 1,464 |
Maintenance | 483 | 0 |
Warranty expense | 203 | 0 |
Professional fees | 56 | 257 |
Equipois earn-out | 355 | 0 |
Other | 110 | 164 |
Total | $ 3,556 | $ 1,885 |
Accrued Liabilities (Details 1)
Accrued Liabilities (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | |
Accrued Liabilities [Line Items] | |||
Beginning Balance | $ 0 | $ 126 | |
Additions for estimated future expense | 1,341 | ||
Incurred costs | (654) | 126 | |
Closing Balance | 687 | 0 | |
Current portion | $ 686 | ||
Long-term portion | 1 | ||
Total | 0 | 0 | 687 |
Maintenance [Member] | |||
Accrued Liabilities [Line Items] | |||
Beginning Balance | 0 | 0 | |
Additions for estimated future expense | 911 | ||
Incurred costs | (428) | 0 | |
Closing Balance | 483 | 0 | |
Current portion | 483 | ||
Long-term portion | 0 | ||
Total | 0 | 0 | 483 |
Warranty [Member] | |||
Accrued Liabilities [Line Items] | |||
Beginning Balance | 0 | 126 | |
Additions for estimated future expense | 430 | ||
Incurred costs | (226) | (126) | |
Closing Balance | 204 | 0 | |
Current portion | 203 | ||
Long-term portion | 1 | ||
Total | $ 0 | $ 0 | $ 204 |
Accrued Liabilities (Details Te
Accrued Liabilities (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Accrued Liabilities [Line Items] | |
Cost of Property Repairs and Maintenance | $ 911 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 0 |
2,018 | 2,139 |
2,019 | 2,333 |
2,020 | 2,333 |
2,021 | 195 |
Total principal payments | 7,000 |
Less issuance costs & debt discount | 211 |
Long-term debt, net | $ 6,789 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2016 | Jan. 31, 2017 | Dec. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Success Fee Expenses | $ 250 | |||||
Share Price | $ 8 | |||||
Contingent Success Fee Liability | $ 116 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 6.27% | |||||
Cash and Cash Equivalents, at Carrying Value, Total | $ 16,846 | $ 19,552 | $ 25,190 | $ 805 | ||
Subsequent Event [Member] | ||||||
Restricted Cash and Cash Equivalents | $ 6,026 | |||||
Loan Agreement [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | |||||
Maximum Cash Proceeds On stock Issuance Required For Loan Disbursement | $ 15,000 | |||||
Debt Instrument, Description of Variable Rate Basis | 30 day U.S. LIBOR rate plus 5.41%. | |||||
Debt Instrument, Basis Spread on Variable Rate | 5.41% | |||||
Principal Percentage Due On Maturity | 3.50% | |||||
Debt Instrument, Maturity Date | Jan. 1, 2021 | |||||
Debt Instrument Prepayment Fee Percentage | 1.00% | |||||
Debt Instrument, Debt Default, Description of Violation or Event of Default | Events of default which may cause repayment of the Term Loans to be accelerated include, among other customary events of default, (1) non-payment of any obligation when due, (2) the Company’s failure to comply with its affirmative and negative covenants, (3) the Company’s failure to perform any other obligation required under the Loan Agreement and to cure such default within a 30 days after becoming aware of such failure, (4) the occurrence of a Material Adverse Effect, (5) the attachment or seizure of a material portion of the Company’s assets if such attachment or seizure is not released, discharged or rescinded within 10 days, (6) bankruptcy or insolvency of the Company, (7) default by the Company under any agreement (i) resulting in a right by a third party to accelerate indebtedness in an amount in excess of $250 or (ii) that would reasonably be expected to have a Material Adverse Effect, (8) entry of a final, uninsured judgment or judgments against the Borrower for the payment of money in an amount, individually or in the aggregate, of at least $250, or (9) any material misrepresentation or material misstatement with respect to any warranty or representation set forth in the Loan Agreement. | |||||
Loan Agreement [Member] | Term Loan [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 7,000 | |||||
Loan Agreement [Member] | Term Loan B [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 3,000 |
Lease and Note Obligations (Det
Lease and Note Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
2,017 | $ 60 | |
2,018 | 37 | |
2,019 | 37 | |
2,020 | 22 | |
2,021 | 0 | |
Thereafter | 0 | |
Total minimum payments | 156 | |
Less interest | (12) | |
Present value minimum payments | 144 | |
Less current portion | (54) | $ (80) |
Long-term portion | 90 | |
Lease hold Improvement Note [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 20 | |
2,018 | 0 | |
2,019 | 0 | |
2,020 | 0 | |
2,021 | 0 | |
Thereafter | 0 | |
Total minimum payments | 20 | |
Less interest | (1) | |
Present value minimum payments | 19 | |
Less current portion | (19) | |
Long-term portion | 0 | |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 40 | |
2,018 | 37 | |
2,019 | 37 | |
2,020 | 22 | |
2,021 | 0 | |
Thereafter | 0 | |
Total minimum payments | 136 | |
Less interest | (11) | |
Present value minimum payments | 125 | |
Less current portion | (35) | |
Long-term portion | 90 | |
Operating Lease [Member] | ||
Debt Instrument [Line Items] | ||
2,017 | 461 | |
2,018 | 483 | |
2,019 | 494 | |
2,020 | 504 | |
2,021 | 429 | |
Thereafter | 181 | |
Total minimum payments | $ 2,552 |
Lease and Note Obligations (D65
Lease and Note Obligations (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 7,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.27% | ||
Operating Leases, Rent Expense, Net, Total | $ 400 | $ 342 | $ 343 |
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) - Investor [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction, Amounts of Transaction | $ 146 | $ 50 | $ 391 |
Due to Related Parties, Current | $ 23 | $ 10 |
Capitalization and Equity Str67
Capitalization and Equity Structure (Details) - $ / shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Capitalization, Equity [Line Items] | ||
Merger/PPO Warrant Shares Outstanding | 3,597 | 4,085 |
Merger/PPO Warrant Shares Exercised | 488 | |
Placement agent warrants [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Exercise price | $ 7 | |
Warrant term | 5 years | |
Merger/PPO Warrant Shares Outstanding | 426 | 426 |
Merger/PPO Warrant Shares Exercised | 0 | |
Bridge warrants [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Exercise price | $ 7 | |
Warrant term | 3 years | |
Merger/PPO Warrant Shares Outstanding | 371 | 371 |
Merger/PPO Warrant Shares Exercised | 0 | |
PPO warrants [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Exercise price | $ 14 | |
Warrant term | 5 years | |
Merger/PPO Warrant Shares Outstanding | 1,078 | 1,078 |
Merger/PPO Warrant Shares Exercised | 0 | |
Pre 2014 Warrants [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Exercise price | $ 9.66 | |
Merger/PPO Warrant Shares Outstanding | 88 | 88 |
Merger/PPO Warrant Shares Exercised | 0 | |
2015 Warrants [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Exercise price | $ 3.74 | |
Warrant term | 5 years | |
Merger/PPO Warrant Shares Outstanding | 1,634 | 2,122 |
Merger/PPO Warrant Shares Exercised | 488 |
Capitalization and Equity Str68
Capitalization and Equity Structure (Details 1) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Capitalization, Equity [Line Items] | ||
Current Share Price | $ 8 | |
Warrant [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current Share Price | 1.51 | |
Black-Scholes Option Pricing Model [Member] | Warrant [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current Share Price | 3.98 | $ 7.14 |
Conversion Price | $ 3.74 | $ 8.25 |
Risk-free interest rate | 1.70% | 1.76% |
Periodic rate | 0.88% | |
Time to Maturity (years) | 3 years 11 months 23 days | 4 years 11 months 23 days |
Volatility of stock | 70.00% | 75.00% |
Capitalization and Equity Str69
Capitalization and Equity Structure (Details 2) | 12 Months Ended |
Dec. 31, 2016$ / shares | |
Schedule of Capitalization, Equity [Line Items] | |
Share price at final valuation | $ 8 |
Warrant [Member] | |
Schedule of Capitalization, Equity [Line Items] | |
Dividend yield | 0.00% |
Share price at final valuation | $ 1.51 |
Warrant [Member] | 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% |
Warrant [Member] | 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 Str70
Capitalization and Equity Structure (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 12, 2016 | Aug. 31, 2016 | Dec. 23, 2015 | Nov. 30, 2014 | Oct. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||||||||
Common Stock, Shares Authorized | 71,429,000 | 71,429,000 | ||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||||||
Common Stock, Shares, Issued | 21,894,000 | 15,027,000 | ||||||
Preferred Stock, Shares Issued | 0 | 13,000 | ||||||
Preferred Stock, Shares Outstanding | 3,000 | 0 | 13,000 | |||||
Stock Issued During Period, Shares, New Issues | 89,000 | |||||||
Gross Proceeds from Preferred Stock and Warrants | $ 15,000 | |||||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants, Total | 13,906 | $ 0 | $ 13,906 | $ 0 | ||||
Stock Related Expenses Payable | $ 173 | |||||||
Preferred Stock Converted Into Common stock | 3,300,000 | |||||||
Fair Value Adjustment of Warrants | 135 | 0 | 0 | |||||
Proceeds from Warrant Exercises | 1,825 | 53 | 21,412 | |||||
Amortization of Financing Costs and Discounts, Total | 1,355 | |||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 11,700 | |||||||
Conversion of Stock, Shares Issued | 267 | 1,389,000 | ||||||
Proceeds from Issuance of Common Stock | $ 14,694 | $ 0 | 21,961 | |||||
Preferred Stock Convertible Conversion Price | $ 7.07 | $ 7.07 | ||||||
Conversion of Stock, Shares Converted | 921,000 | |||||||
Stockholders' Equity, Reverse Stock Split | 1-for-7 reverse | |||||||
Minimum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock Convertible Conversion Price | $ 3.74 | |||||||
Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock Convertible Conversion Price | $ 7.07 | |||||||
2016 Equity Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Conversion of Stock, Shares Issued | 267,000 | 141 | ||||||
Over-Allotment Option [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Proceeds from Issuance of Common Stock | $ 998 | |||||||
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] | ||||||||
Preferred Stock, Shares Issued | 15,000 | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,329,000 | 5,151,000 | 2,122,000 | |||||
Preferred Shares and Warrants Purchase Price | $ 487 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 14 | $ 14 | ||||||
Maximum Financing in Anti Dilution Provision | $ 10,000 | |||||||
Warrants Term | 5 years | |||||||
Warrant [Member] | Minimum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.74 | |||||||
Warrant [Member] | Maximum [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 8.75 | |||||||
Warrant [Member] | Offer to Amend and Exercise [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 7 | $ 7 | ||||||
Warrant [Member] | Merger and PPO [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 4,329,000 | |||||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 4,017,000 | 0 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 88,000 | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.75 | $ 9.66 | ||||||
Common Stock [Member] | 2016 Equity Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 3,750,000 | |||||||
Sale of Stock, Price Per Share | $ 4 | |||||||
Proceeds from Issuance of Common Stock | $ 13,696 | |||||||
Series A Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,122,000 | |||||||
Conversion of Stock, Shares Issued | 921,000 | |||||||
Preferred Stock Convertible Conversion Price | $ 3.74 | |||||||
Conversion of Stock, Shares Converted | 3,000 | |||||||
Convertible Preferred Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Preferred Stock, Shares Outstanding | 13,000 | |||||||
Amortization of Financing Costs and Discounts, Total | $ 10,345 | |||||||
Conversion of Stock, Shares Converted | 10,000 | 2,000 |
Employee Stock Options (Details
Employee Stock Options (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Options Outstanding | |
Aggregate Intrinsic Value, Exercisable | $ | $ 103 |
2014 Plan [Member] | |
Options Outstanding | |
Options Outstanding, Beginning Balance | shares | 1,963 |
Options Outstanding, Options granted | shares | 813 |
Options Outstanding, Options exercised | shares | (44) |
Options Outstanding, Options forfeited | shares | (224) |
Options Outstanding, Options cancelled | shares | (31) |
Options Outstanding, Ending Balance | shares | 2,477 |
Options Outstanding, Vested and expected to vest | shares | 2,321 |
Options Outstanding, Exercisable | shares | 1,262 |
Weighted-Average Exercise Price, Beginning Balance | $ / shares | $ 7.09 |
Weighted-Average Exercise Price, Options granted | $ / shares | 5.40 |
Weighted-Average Exercise Price, Options exercised | $ / shares | 2.51 |
Weighted-Average Exercise Price, Options forfeited | $ / shares | 8.06 |
Weighted-Average Exercise Price, Options cancelled | $ / shares | 9.39 |
Weighted-Average Exercise Price, Ending Balance | $ / shares | 6.50 |
Weighted-Average Exercise Price, Vested and expected to vest | $ / shares | 6.49 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 5.97 |
Weighted-Average Remaining Contractual Life (Years), Ending Balance | 7 years 5 months 16 days |
Weighted-Average Remaining Contractual Life (Years), Vested and expected to vest | 7 years 4 months 2 days |
Weighted-Average Remaining Contractual Life (Years), Exercisable | 6 years 4 days |
Aggregate Intrinsic Value, Ending Balance | $ | $ 674 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 672 |
Aggregate Intrinsic Value, Exercisable | $ | $ 659 |
Employee Stock Options (Detai72
Employee Stock Options (Details 1) shares in Thousands | 12 Months Ended |
Dec. 31, 2016shares | |
Shares Available For Grant | 1,506 |
Shares Available For Grant, Granted | (813) |
Shares Available For Grant, Forfeited | 224 |
Shares Available For Grant, Expired | 31 |
Shares Available For Grant | 948 |
Employee Stock Options (Detai73
Employee Stock Options (Details 2) shares in Thousands | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 2,477 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 years 5 months 12 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 6.50 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 1,262 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 5.97 |
Exercise Price Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 0.28 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 0.49 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 106 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 1 year 10 months 20 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 0.36 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 106 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 0.36 |
Exercise Price Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 2.73 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 4 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 762 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 10 months 24 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 3.61 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 465 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 3.39 |
Exercise Price Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 4.67 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 7.42 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 876 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 8 years 11 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 6.55 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 387 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 6.81 |
Exercise Price Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 8.96 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 15.33 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 733 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 8 years 1 month 20 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 10.33 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 304 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 10.80 |
Employee Stock Options (Detai74
Employee Stock Options (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | $ 3,121 | $ 1,731 | $ 1,143 |
Sales and marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | 677 | 579 | 345 |
Research and development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | 632 | 414 | 180 |
General and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | $ 1,812 | $ 738 | $ 618 |
Employee Stock Options (Detai75
Employee Stock Options (Details 4) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate, minimum | 1.24% | 1.41% | 0.97% |
Risk-free interest rate, maximum | 2.37% | 2.50% | 2.61% |
Volatility, minimum | 77.00% | 73.00% | 66.00% |
Volatility, maximum | 83.00% | 76.00% | 75.00% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 3 months 7 days | 5 years 6 months 7 days | 3 years |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 10 years | 10 years | 10 years |
Employee Stock Options (Detai76
Employee Stock Options (Details Textual) $ / shares in Units, shares in Thousands, $ in Thousands | Jun. 10, 2015shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)$ / sharesshares | 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 | shares | 2,058 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 948 | 1,506 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 103 | ||||
Proceeds from Stock Options Exercised | 110 | $ 225 | $ 102 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | 411 | ||||
Share-based Compensation, Total | 3,121 | $ 1,731 | $ 1,143 | ||
Research and Development Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation, Total | 59 | ||||
General and Administrative Expense [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation, Total | 774 | ||||
Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 4,822 | ||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 7 months 6 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 2,456 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 122 | ||||
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 | $ 24.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ / shares | 45.50 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 15.33 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares | $ 3.52 | ||||
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 | shares | 3,714 | ||||
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Conversion Of Prior Plan | shares | 1,086 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | shares | 1,656 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | shares | 948 | ||||
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, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Domestic | $ (21,458) | $ (19,918) | $ (33,750) |
Foreign | (2,012) | 328 | 113 |
Loss before income taxes | $ (23,470) | $ (19,590) | $ (33,637) |
Income Taxes (Details 1)
Income Taxes (Details 1) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Federal tax at statutory rate | 34.00% | 34.00% | 34.00% |
State tax, net of federal tax effect | 0.00% | 0.00% | 1.50% |
R&D credit | 0.90% | 0.50% | 0.30% |
Change in valuation allowance | (40.80%) | (38.40%) | (18.90%) |
Non- deductible expenses | (0.20%) | (1.00%) | (0.20%) |
Unrealized (gain) loss on warrant | 6.20% | 4.30% | |
Foreign | (0.40%) | 0.50% | (0.10%) |
Other | 0.30% | 0.10% | 0.10% |
Total tax expense | 0.00% | 0.00% | 0.00% |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Depreciation and other | $ 61 | $ 0 |
Net operating loss carryforwards | 35,647 | 26,826 |
Unused R& D tax credits | 872 | 530 |
Accruals & reserves | 951 | 317 |
Deferred Revenue | 246 | 693 |
Stock Compensation | 2,430 | 1,222 |
Other | 86 | 43 |
Deferred tax liabilities: | ||
Depreciation and other | 0 | (220) |
Prepaid expenses | (168) | (113) |
Less: Valuation allowance | (40,125) | (29,298) |
Net deferred tax asset (liability) | $ 0 | $ 0 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ 199 | $ 143 | $ 93 |
Increase (decrease) of unrecognized tax benefits taken in prior years | 4 | (19) | 4 |
Increase (decrease) of unrecognized tax benefits related to current year | 132 | 75 | 46 |
Balance | $ 335 | $ 199 | $ 143 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 10,827 | $ 7,983 |
Federal | ||
Operating Loss Carryforwards | $ 93,749 | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2027 | |
Federal | Employee Stock Option [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 1,684 | |
Federal | Research Tax Credit Carryforward [Member] | ||
Operating Loss Carryforwards | 818 | |
State | ||
Operating Loss Carryforwards | $ 76,263 | |
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2017 | |
State | Employee Stock Option [Member] | ||
Deferred Tax Assets, Net of Valuation Allowance, Total | $ 657 | |
Open Tax Year | 2,007 | |
State | Research Tax Credit Carryforward [Member] | ||
Operating Loss Carryforwards | $ 524 | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards | $ 2,012 |
Commitments and Contingencies82
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Payments Due By Period, Less than one year | $ 918 |
Payments Due By Period, 1 -3 Years | 9,085 |
Payments Due By Period, 4-5 Years | 1,050 |
Payments Due By Period, After 5 Years | 0 |
Payments Due By Period, Total | 11,053 |
Facility operating lease [Member] | |
Payments Due By Period, Less than one year | 461 |
Payments Due By Period, 1 -3 Years | 1,481 |
Payments Due By Period, 4-5 Years | 610 |
Payments Due By Period, After 5 Years | 0 |
Payments Due By Period, Total | 2,552 |
Leasehold improvement loan [Member] | |
Payments Due By Period, Less than one year | 20 |
Payments Due By Period, 1 -3 Years | 0 |
Payments Due By Period, 4-5 Years | 0 |
Payments Due By Period, After 5 Years | 0 |
Payments Due By Period, Total | 20 |
Capital lease [Member] | |
Payments Due By Period, Less than one year | 40 |
Payments Due By Period, 1 -3 Years | 96 |
Payments Due By Period, 4-5 Years | 0 |
Payments Due By Period, After 5 Years | 0 |
Payments Due By Period, Total | 136 |
Term Loan [Member] | |
Payments Due By Period, Less than one year | 397 |
Payments Due By Period, 1 -3 Years | 7,508 |
Payments Due By Period, 4-5 Years | 440 |
Payments Due By Period, After 5 Years | 0 |
Payments Due By Period, Total | $ 8,345 |
Commitments and Contingencies83
Commitments and Contingencies (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Future minimum annual royalties: | |
Payments Due By Period, Less than one year | $ 918 |
Royalty Agreement Terms [Member] | |
Future minimum annual royalties: | |
Payments Due By Period, Less than one 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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 2,587 | $ 1,596 | $ 1,552 | $ 8,486 | $ 1,943 | $ 2,915 | $ 2,114 | $ 1,689 | $ 14,221 | $ 8,661 | $ 5,327 |
Cost of revenue | 11,274 | 7,482 | 3,768 | ||||||||
Gross profit | $ 843 | $ 403 | $ 203 | $ 1,498 | $ (194) | $ 468 | $ 502 | $ 403 | 2,947 | 1,179 | 1,559 |
Engineering Services [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 887 | 4,409 | 2,403 | ||||||||
Cost of revenue | 559 | 3,556 | 1,720 | ||||||||
Gross profit | 328 | 853 | 683 | ||||||||
Medical Devices [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 12,081 | 4,252 | 2,924 | ||||||||
Cost of revenue | 9,767 | 3,926 | 2,048 | ||||||||
Gross profit | 2,314 | 326 | 876 | ||||||||
Industrial Sales [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,253 | 0 | 0 | ||||||||
Cost of revenue | 948 | 0 | 0 | ||||||||
Gross profit | $ 305 | $ 0 | $ 0 |
Segment Disclosures (Details 1)
Segment Disclosures (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 2,587 | $ 1,596 | $ 1,552 | $ 8,486 | $ 1,943 | $ 2,915 | $ 2,114 | $ 1,689 | $ 14,221 | $ 8,661 | $ 5,327 |
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 9,042 | 6,382 | 3,873 | ||||||||
All Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 5,179 | $ 2,279 | $ 1,454 |
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, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |||||||
Revenue | $ 2,587 | $ 1,596 | $ 1,552 | $ 8,486 | $ 1,943 | $ 2,915 | $ 2,114 | $ 1,689 | $ 14,221 | $ 8,661 | $ 5,327 | |||||||
Gross profit | 843 | 403 | 203 | 1,498 | (194) | 468 | 502 | 403 | 2,947 | 1,179 | 1,559 | |||||||
Net income (loss) | (5,576) | (8,478) | (5,765) | (3,651) | (4,645) | (5,185) | (5,645) | (4,115) | $ (33,769) | (23,470) | (19,590) | (33,769) | ||||||
Net loss attributable to common shareholders | $ (5,576) | $ (11,494) | $ (9,970) | $ (6,775) | $ (9,300) | $ (5,185) | $ (5,645) | $ (4,115) | $ (33,815) | [1] | $ (24,245) | $ (33,769) | ||||||
Basic net loss per share (In dollars per share) | $ (0.29) | [2] | $ (0.60) | [2] | $ (0.61) | [2] | $ (0.44) | [2] | $ (1.87) | [1] | $ (1.66) | $ (3.02) | ||||||
Diluted net loss per share (In dollars per share) | $ (0.35) | [2] | $ (0.60) | [2] | $ (0.61) | [2] | $ (0.44) | [2] | $ (2.05) | [1] | $ (1.83) | $ (3.02) | ||||||
Basic and diluted net loss per share (In dollars per share) | [2] | $ (0.63) | $ (0.35) | $ (0.39) | $ (0.28) | |||||||||||||
[1] | Recognition of previously deferred revenue and cost of goods in the year ended December 31, 2016 reduced net loss applicable to common stockholders by $2,358, or $0.13 per share (see Note 2. Basis of Presentation and Summary of Significant Accounting Policies and Estimates Medical Device Revenue and Cost of Revenue Recognition). | |||||||||||||||||
[2] | Quarterly net loss per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding and included in the calculation of basic and diluted common shares. |