Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 02, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | $ 53,439,506 | ||
Trading Symbol | EKSO | ||
Entity Common Stock, Shares Outstanding | 60,216,155 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 27,813 | $ 16,846 |
Accounts receivable, net of allowances of $212 and $107, respectively | 2,760 | 1,780 |
Inventories, net | 3,025 | 1,556 |
Prepaid expenses and other current assets | 1,339 | 502 |
Total current assets | 34,937 | 20,684 |
Property and equipment, net | 2,249 | 2,435 |
Intangible assets, net | 491 | 1,026 |
Goodwill | 189 | 189 |
Other assets | 122 | 91 |
Total assets | 37,988 | 24,425 |
Current liabilities: | ||
Accounts payable | 2,420 | 2,374 |
Accrued liabilities | 3,503 | 3,130 |
Deferred revenues, current | 1,103 | 825 |
Note payable, current | 2,139 | 0 |
Total current liabilities | 9,165 | 6,329 |
Deferred revenues | 816 | 805 |
Note payable, net | 4,830 | 6,789 |
Warrant liability | 1,648 | 3,546 |
Contingent consideration liability | 42 | 217 |
Contingent success fee liability | 39 | 116 |
Other non-current liabilities | 57 | 92 |
Total liabilities | 16,597 | 17,894 |
Commitments and contingencies (Note 16) | ||
Stockholders' equity: | ||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding at December 31, 2017 and 2016 | 0 | 0 |
Common stock, $0.001 par value; 141,429 shares authorized; 59,943 and 21,894, shares issued and outstanding at December 31, 2017 and 2016, respectively | 60 | 22 |
Additional paid-in capital | 165,825 | 121,291 |
Accumulated other comprehensive (loss) income | (340) | 79 |
Accumulated deficit | (144,154) | (114,861) |
Total stockholders' equity | 21,391 | 6,531 |
Total liabilities and stockholders' equity | $ 37,988 | $ 24,425 |
Consolidated Balance Sheets _Pa
Consolidated Balance Sheets [Parenthetical] - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Accounts receivable, allowance | $ 212 | $ 107 | |
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 | 0 | |
Convertible Preferred stock, shares outstanding | 0 | 0 | |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | |
Common Stock, Shares Authorized | [1] | 141,429 | 141,429 |
Common Stock, Shares, Issued | 59,943 | 21,894 | |
Common Stock, Shares, Outstanding | 59,943 | 21,894 | |
[1] | Refer to Note 13, Capitalization and Equity Structure Summary, for additional information regarding the calculation of the number of common stock shares authorized. |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Revenue: | ||||
Device and related | $ 7,315 | $ 13,434 | $ 4,352 | |
Engineering services | 38 | 787 | 4,309 | |
Total revenue | 7,353 | 14,221 | 8,661 | |
Cost of revenue: | ||||
Device and related | 5,270 | 10,715 | 3,926 | |
Engineering services | 14 | 559 | 3,556 | |
Total cost of revenue | 5,284 | 11,274 | 7,482 | |
Gross profit | 2,069 | 2,947 | 1,179 | |
Operating expenses: | ||||
Sales and marketing | 13,156 | 10,997 | 9,258 | |
Research and development | 9,483 | 8,879 | 6,480 | |
General and administrative | 10,715 | 10,853 | 7,002 | |
Restructuring | 659 | 0 | 0 | |
Change in fair value, contingent consideration | (332) | (196) | 0 | |
Total operating expenses | 33,681 | 30,533 | 22,740 | |
Loss from operations | (31,612) | (27,586) | (21,561) | |
Other income, net: | ||||
Interest expense | (648) | (16) | (13) | |
Warrant issuance expense | 0 | 0 | (487) | |
Gain on warrant liability | 3,909 | 4,286 | 2,505 | |
Loss on repurchase of warrants | (1,067) | 0 | 0 | |
Interest income | 0 | 12 | 11 | |
Other expense, net | 296 | (166) | (45) | |
Total other income, net | 2,490 | 4,116 | 1,971 | |
Net loss | (29,122) | (23,470) | (19,590) | |
Less: Preferred deemed dividend | 0 | 10,345 | 4,655 | |
Net loss applicable to common shareholders | (29,122) | (33,815) | [1] | (24,245) |
Foreign currency translation adjustments | (419) | 80 | (1) | |
Comprehensive loss applicable to common shareholders | $ (29,541) | $ (33,735) | $ (24,246) | |
Basic net loss per share applicable to common shareholders | $ (0.82) | $ (1.87) | [1] | $ (1.66) |
Diluted net loss per share applicable to common shareholders | $ (0.82) | $ (2.05) | [1] | $ (1.83) |
Weighted average number of shares outstanding, basic (in shares) | 35,609 | 18,126 | [1] | 14,606 |
Weighted average number of shares outstanding, diluted (in shares) | 35,609 | 18,622 | [1] | 14,609 |
[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 $0.13 per share (see Note 2. Basis of Presentation and Summary of Significant Accounting Policies and Estimates Medical Device Revenue and Cost of Revenue Recognition). |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) 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, 2014 | $ 22,800 | $ 0 | $ 15 | $ 94,586 | $ 0 | $ (71,801) |
Balance (in shares) at Dec. 31, 2014 | 0 | 14,517 | ||||
Issuance of common stock, net of underwriting discount & issuance costs | 14,218 | $ 0 | $ 0 | 14,218 | 0 | 0 |
Issuance of common stock, net of underwriting discount & issuance costs (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) | 0 | 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) | 0 | 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) | 0 | 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 shares) | 0 | 8 | ||||
Issuance of common stock, net of underwriting discount & issuance costs | 14,694 | $ 0 | $ 4 | 14,690 | 0 | 0 |
Issuance of common stock, net of underwriting discount & issuance costs (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) | 0 | 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) | 0 | 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 | ||||
Issuance of common stock, net of underwriting discount & issuance costs | 11,058 | $ 0 | $ 4 | 11,054 | 0 | 0 |
Issuance of common stock, net of underwriting discount & issuance costs (in shares) | 0 | 3,732 | ||||
Equipois supply and sales earn-outs | 237 | $ 0 | $ 0 | 237 | 0 | 0 |
Equipois supply and sales earn-outs (in shares) | 0 | 90 | ||||
Issuance of common stock, net of issuance costs of $227 | 33,773 | $ 34 | 33,739 | 0 | 0 | |
Issuance of common stock, net of issuance costs of $227 (in shares) | 34,000 | |||||
Allocation of proceeds from Series A preferred stock to warrant liability | (3,301) | $ 0 | $ 0 | (3,301) | 0 | 0 |
Issuance of common stock upon exercise of warrants | 174 | $ 0 | $ 0 | 174 | 0 | 0 |
Issuance of common stock upon exercise of warrants (in shares) | 0 | 30 | ||||
Issuance of common stock upon exercise of stock options | 46 | $ 0 | $ 0 | 46 | 0 | 0 |
Issuance of common stock upon exercise of stock options (in shares) | 0 | 82 | ||||
Issuance of restricted stock | 0 | $ 0 | $ 0 | 0 | 0 | 0 |
Issuance of restricted stock (in shares) | 0 | 115 | ||||
Stock-based compensation expense | 2,414 | $ 0 | $ 0 | 2,414 | 0 | 0 |
Net loss | (29,122) | 0 | 0 | 0 | 0 | (29,122) |
Cumulative retrospective adjustment to retained earnings for ASU 2016-09 adoption | 0 | 0 | 0 | 171 | 0 | (171) |
Foreign currency translation adjustments | (419) | 0 | 0 | 0 | (419) | 0 |
Balance at Dec. 31, 2017 | $ 21,391 | $ 0 | $ 60 | $ 165,825 | $ (340) | $ (144,154) |
Balance (in shares) at Dec. 31, 2017 | 0 | 59,943 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity [Parenthetical] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 227 | ||
Payment of Financing and Stock Issuance Costs | $ 662 | $ 1,373 | $ 779 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net loss | $ (29,122) | $ (23,470) | $ (19,590) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Depreciation and amortization | 1,732 | 1,855 | 933 |
Inventory allowance expense | 73 | 30 | 34 |
Provision for doubtful accounts | 105 | 14 | 57 |
Amortization of deferred rent | 16 | (36) | (37) |
Accretion of final payment fee of debt | 96 | 0 | 0 |
Amortization of debt discounts | 83 | 0 | 0 |
Finance cost attributable to issuance of warrants | 0 | 0 | 487 |
Gain on change in fair value of contingent liabilities | (213) | (196) | 0 |
Common stock contribution to 401(k) plan | 509 | 0 | 0 |
Stock-based compensation expense | 2,414 | 3,121 | 1,731 |
Change in fair value of warrant liability | (3,909) | (4,286) | (2,505) |
Loss on repurchase of warrants | 1,067 | 0 | 0 |
Unrealized (gain) loss on foreign currency transactions | (500) | 135 | 0 |
Changes in operating assets and liabilities | |||
Accounts receivable | (1,085) | 140 | (577) |
Inventories | (2,096) | (541) | (200) |
Prepaid expense and other assets current and noncurrent | (862) | (60) | (91) |
Deferred cost of revenue | 0 | 4,590 | (1,022) |
Accounts payable | 77 | (818) | 1,738 |
Accrued liabilities | 105 | 1,468 | (493) |
Deferred revenues | 284 | (6,943) | 1,266 |
Net cash used in operating activities | (31,226) | (24,997) | (18,269) |
Investing activities | |||
Acquisition of property and equipment, net | (456) | (1,096) | (1,492) |
Net cash used in investing activities | (456) | (1,096) | (1,492) |
Financing activities | |||
Principal payments on notes payable | (54) | (79) | (60) |
Fees paid related to 2015 issuance of convertible preferred stock | 0 | (173) | 0 |
Proceeds from issuance of common stock, net | 42,463 | 14,694 | 0 |
Proceeds from issuance of convertible preferred stock and warrants, net | 0 | 0 | 13,906 |
Proceeds from exercise of stock options | 46 | 110 | 225 |
Proceeds from exercise of common stock warrants | 113 | 1,825 | 53 |
Proceeds from issuance of long-term debt, net of financing costs | 0 | 6,930 | 0 |
Net cash provided by financing activities | 42,568 | 23,307 | 14,124 |
Effect of exchange rate changes on cash | 81 | 80 | (1) |
Net (decrease) increase in cash | 10,967 | (2,706) | (5,638) |
Cash at beginning of the period | 16,846 | 19,552 | 25,190 |
Cash at end of the period | 27,813 | 16,846 | 19,552 |
Supplemental disclosure of cash flow activities | |||
Cash paid for interest | 429 | 16 | 12 |
Cash paid for income taxes | 20 | 33 | 5 |
Supplemental disclosure of non-cash activities | |||
April 2017 warrant issuance | 3,301 | 0 | 0 |
Repurchase of April 2017 warrants and share issuance | 2,245 | 0 | 0 |
Transfer of equipment to inventory | 554 | 11 | 0 |
Cumulative retrospective adjustment to retained earnings for ASU 2016-09 adoption | 171 | 0 | 0 |
Equipois supply earn-out | 189 | 0 | 0 |
Equipois sales earn-out | 47 | 0 | 0 |
Reclassification of warrant liability to equity upon exercise of warrants | 62 | 1,363 | 0 |
Issuance of Series A preferred stock warrants | 0 | 0 | 11,700 |
Preferred deemed dividend to common shareholders in connection with anti-dilution feature associated with issuance of Series A preferred warrants | 0 | 10,345 | 4,655 |
Conversion of convertible preferred stock to common stock | 0 | 3 | 0 |
Contingent success fee liability for term loan | 0 | 116 | 0 |
Acquisition of Equipois assets with common stock and contingent consideration liability | 0 | 0 | 1,839 |
Acquisition of property and equipment with capital lease | $ 0 | $ 0 | $ 166 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Description of Business Ekso Bionics Holdings, Inc. (the “Company”) designs, develops and sells exoskeleton technology that has applications in healthcare and industrial markets. Our wearable exoskeletons are worn over clothing and are mechanically controlled by a trained operator to augment human strength, endurance and mobility. Our exoskeleton technology serves multiple markets and can be used both by able-bodied users as well as by persons with physical disabilities. We have sold, rented or leased devices that (a) enable individuals with neurological conditions affecting gait (e.g., spinal cord injury or stroke) to rehabilitate and to walk again; and (b) allow industrial workers to perform heavy duty work for extended periods. Unless otherwise indicated, all dollar and share amounts included in these notes to the consolidated financial statements are in thousands. Liquidity and Going Concern As of December 31, 2017, the Company had an accumulated deficit of $ 144,154 27,813 31,226 In 2017, management took several actions to alleviate the substantial doubt about the Company’s ability to continue as a going concern that existed as of the date of issuance of the December 31, 2016 consolidated financial statements, including, but not limited to, the following: · streamlining its operations and reducing its workforce by approximately 27 employees to lower operating expenses and reduce cash burn; · conducting a registered direct offering of 3,732 10,919 · conducting a rights offering, which resulted in the issuance of an aggregate of 13,465 13,179 20,535 20,535 With cash on hand of $ 27,813 as of he Company believes that it currently has sufficient cash to fund its operations beyond the look forward period of one year from the issuance of these consolidated financial statements . The Company’s actual capital requirements may vary significantly and will depend on many factors. The Company plans to continue 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 may 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 further reduce its discretionary overhead costs substantially, including research and development, general and administrative, and sales and marketing expenses or otherwise curtail operations. Restructuring In May of 2017, the Company streamlined its operations and reduced its workforce by approximately 27 The Company recorded restructuring expense of $ 659 473 186 refer to Note 13, Stock-Based Compensation for issuance of restricted stock units Employee Severance and Other Benefits Balance at December 31, 2016 $ - Restructuring charges 659 Cash payments (473) Stock based compensation expense (186) Balance at December 31, 2017 $ - |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Estimates | 12 Months Ended |
Dec. 31, 2017 | |
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”). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature All significant intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to the current year’s presentation. Such reclassifications had no net effect on previously reported financial results. 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, foreign currency re-measurement adjustments are recorded in other expense, 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, net in the accompanying consolidated statements of operations and comprehensive 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, 2016 $ 79 Current period other comprehensive loss (419) Balance at December 31, 2017 $ (340) 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, 2017 and 2016. 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 potential credit losses. The Company has not experienced material losses related to accounts receivable during the years ended December 31, 2017 and December 31, 2016. 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, 2017, the Company had one customer with an accounts receivable balance totaling 10 10 18 16 11 10 The Company had no customers with sales of 10 33 Inventories are recorded at the lower of cost or net realizable value. Cost is 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. Our estimate of write downs for excess and obsolete inventory is based on a detailed analysis of on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of an inventory reserve 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 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 the Company’s 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, 2017 and 2016. No impairment loss has been recognized in the years ended December 31, 2017, 2016, and 2015. 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, 2017 and 2016. No impairment loss has been recognized in the years ended December 31, 2017, 2016, and 2015. For further discussion of goodwill, see Note 4 Equipois Acquisition 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. The fair values of these warrants have been determined using the Binomial Lattice model (“Lattice”) and the Black-Scholes Option Pricing model. The Lattice model provides for assumptions regarding volatility, call and put features and risk-free interest rates within the total period to maturity. The Black-Scholes Model requires inputs, such as the expected term of the warrants, expected volatility and risk-free interest rate. 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. We account for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification (“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, Presentation of Financial Statements Going Concern 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. In the first quarter of 2018, we will adopt Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09, as amended, will replace most existing revenue recognition guidance in U.S. GAAP. (Refer to Note 2, Summary of Significant Accounting Policies and Estimates Recent Accounting Pronouncements 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 0.13 212 911 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. In connection with the Company’s medical device sales and engineering 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, 2017 2016 Deferred extended maintenance and support $ 1,763 $ 1,523 Deferred rental income 73 60 Customer deposits and advances 52 47 Deferred medical device revenues 31 - Total deferred revenues 1,919 1,630 Less current portion (1,103) (825) Deferred revenues, non-current $ 816 $ 805 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 $ 160 108 25 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 certain 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 options 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. In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements which are more extensive than those required under existing U.S. GAAP. The FASB has issued numerous amendments to ASU 2014-09 from August 2015 through January 2018, which provide supplemental and clarifying guidance, as well as amend the effective date of the new standard. ASU 2014-09, as amended, is effective for the Company in the first quarter of 2018. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. The Company adopted the new standard However, the Company will provide enhanced revenue recognition disclosures as required by the new standard In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) which will require lessees to recognize assets and liabilities for leases with lease terms of more than 12 months. For finance leases, a lessee is required to: (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize interest on the lease liability separately from amortization of the right-of-use asset in the statement of comprehensive income, and (3) classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. For operating leases, a lessee is required to: (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2018. The Company is evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting . In March 2016, the FASB issued ASU No. 2016-09 Compensation Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting 171 |
Net Loss Per Share of Common St
Net Loss Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share of Common Stock | 3. Net Loss Per Share of Common Stock Years ended December 31, 2017 2016 (1) 2015 Numerator: Net loss applicable to common stockholders $ (29,122) $ (33,815) $ (24,245) Adjustment for gain on fair value of warrant liability - (4,286) (2,505) Adjusted net loss used for dilution calculation $ (29,122) $ (38,101) $ (26,750) Denominator Weighted-average number of shares outstanding 35,609 18,126 14,606 Effect of potential dilutive shares - 496 3 Dilutive weighted-average number of shares outstanding 35,609 18,622 14,609 Net loss per share applicable to common stockholders Basic $ (0.82) $ (1.87) $ (1.66) Diluted $ (0.82) $ (2.05) $ (1.83) (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 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, 2017 2016 2015 Options to purchase common stock 3,156 2,477 1,963 Restricted stock units 616 - - Warrants for common stock 3,396 1,963 1,963 Common stock issuable upon conversion of preferred shares - - 1,876 Total common stock equivalents 7,168 4,440 5,802 |
Equipois Acquisition
Equipois Acquisition | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Equipois Acquisition | 4. Equipois Acquisition On December 1, 2015, the Company acquired substantially all of the assets of Equipois, LLC, 1.1 based in part 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 (a) 7.5 multiplied by 10% of specified product revenues of Equipois during the preceding four complete quarters, plus (b) 7.5 multiplied by 5% of specified product revenues of the Company during the preceding four complete quarters. The Asset Purchase Agreement also provided for the election of a buyout payment by either the Company or Equipois which is payable in shares of the Company’s common stock. The buyout payment provision expired on 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. Any changes in the fair value of this contingent consideration liability are recognized in loss from operations in the period of the change. 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, we reclassified $ 355 90 118 237 355 For the year ended December 31, 2017, the consideration payout calculated includes the $ 500 125 7.00 38 137 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 3 535 558 26 189 Cost Accumulated Net Estimated Developed technology $ 1,160 $ (806) $ 354 3 yrs Customer relationships 70 (49) 21 3 yrs Customer trade name 380 (264) 116 3 yrs $ 1,610 $ (1,119) $ 491 The estimated future aggregate amortization expense is $ 491 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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 Total Level 1 Level 2 Level 3 December 31, 2017 Liabilities Warrant liability $ 1,648 $ - $ - $ 1,648 Contingent consideration liability $ 42 $ - $ - $ 42 Contingent success fee liability $ 39 $ - $ - $ 39 December 31, 2016 Liabilities Warrant liability $ 3,546 $ - $ - $ 3,546 Contingent consideration liability $ 217 $ - $ - $ 217 Contingent success fee liability $ 116 $ - $ - $ 116 During the years ended December 31, 2017 and 2016, 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. Warrant Contingent Contingent Balance at December 31, 2016 $ 3,546 $ 217 $ 116 Initial fair value of April 2017 Warrants 3,301 - - Repurchase of April 2017 Warrants (2,296) - - Loss on repurchase of April 2017 Warrants 1,067 - - Gain on revaluation of 2015 and April 2017 Warrants (3,909) Reclassification of warrant liability to equity upon exercise of warrants (61) Gain on revaluation - (255) (77) Reclassification to accrued liabilities - 80 - Balance at December 31, 2017 $ 1,648 $ 42 $ 39 The 2015 Warrants were valued at $ 3,546 3,301 1,837 2,072 3,909 Capitalization and Equity Structure 2015 Warrants 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. |
Inventories, net
Inventories, net | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories, net | 6. Inventories, net December 31, 2017 2016 Raw materials $ 1,562 $ 1,091 Work in progress - 198 Finished goods 1,463 267 Inventories, net $ 3,025 $ 1,556 |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 7. Property and Equipment, net Estimated December 31, Life (Years) 2017 2016 Company owned fleet 3-5 $ 2,890 $ 2,697 Machinery and equipment 3-5 760 735 Computers and peripherals 3-7 572 564 Computer software 3-5 877 547 Leasehold improvement 5-10 631 625 Tools, molds, dies and jigs 5 50 50 Furniture, office and leased equipment 3-13 637 593 6,417 5,811 Accumulated depreciation and amortization (4,168) (3,376) Property and equipment, net $ 2,249 $ 2,435 Depreciation and amortization expense, including amortization of intangible assets, totaled $ 1,732 1,855 933 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities | 8. Accrued Liabilities December 31, 2017 2016 Salaries, benefits and related expenses $ 2,850 $ 2,303 Device maintenance 121 483 Device warranty 232 203 Clinical trials 136 35 Capital lease obligation 34 54 Other 130 52 Total $ 3,503 $ 3,130 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 2017 Maintenance Warranty Total Balance at December 31, 2016 $ 483 $ 204 $ 687 Additions for estimated future expense - 207 207 Incurred costs (229) (179) (408) Adjustment from remeasurement (133) (133) Balance at December 31, 2017 $ 121 $ 232 $ 353 Current portion 121 232 353 Long-term portion - - - Total $ 121 $ 232 $ 353 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 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. Long-Term Debt On December 30, 2016, the Company entered into a loan agreement and received $ 7,000 5.41 The Company is required to pay accrued interest on the current loan on the first day of each month through and including January 1, 2018. Commencing on February 1, 2018, the Company is required to make equal monthly payments of principal, together with accrued and unpaid interest. The principal balance of the current loan amortizes ratably over 36 months, and matures on January 1, 2021 245 97 In December 2016, and 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 8.00 39 The loan agreement includes a liquidity covenant requiring that the Company maintain unrestricted cash and cash equivalents in accounts of the lender or subject to control agreements in favor of the 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 $ 5,472 27,813 The final payment fee, debt issuance costs, and the initial fair value of the success fee combined with the stated interest resulted in an effective interest rate of 9.05 Period Amount 2018 $ 2,139 2019 2,333 2020 2,333 2021 440 Total principal payments 7,245 Less final payment fee, discount and issuance cost (276) Long-term debt, net $ 6,969 Current portion 2,139 Long-term portion 4,830 Long-term debt, net $ 6,969 |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Lease Obligations | 10. Lease Obligations In May 2017, the Company renewed its operating lease agreement for its headquarters and manufacturing facility in Richmond, California. The new lease term will expire in May 2022. In July 2017, the Company entered into an operating lease agreement for its European operations office in Hamburg, Germany. The initial Hamburg lease term will expire in July 2022, and the Company has an option to extend the lease for another five-year term. The Company continues to lease an office in Freiburg with plans to sublease the office in 2018. The Freiburg lease term will expire in December 2020. 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 Capital Operating 2018 $ 37 $ 622 2019 37 637 2020 22 649 2021 - 572 2022 - 266 Total minimum payments 96 $ 2,746 Less interest (6) Present value minimum payments 90 Less current portion (34) Long-term portion $ 56 Rent expense under the Company’s operating leases was $ 486 400 342 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2017 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plan | 11. Employee Benefit Plan The Company administers a 401(k) retirement plan (the “401(k) Plan”) in which all employees are eligible to participate. Each eligible employee may elect to contribute to the 401(k) Plan. During the year ended December 31, 2016 the Company made no matching contributions. In August 2017, the Company’s Board of Directors approved a match benefit to the 401(k) Plan in the form of shares of the Company’s common stock. The Company will make a matching contribution to the 401(k) Plan in an amount equal to 100 50 509 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions On September 19, 2017, Ted Wang, Ph.D, was appointed to the Board of Directors and as a member of the Nominating and Governance Committee of the Board. Dr. Wang is the Chief Investment Officer and a founder of Puissance Capital Management LP. Dr. Wang was elected as a director following his nomination to the Board by Puissance Cross-Border Opportunities II LLC (“Puissance”), a stockholder of the Company and an affiliate of Puissance Capital Management LP. Puissance served as the committed investor in connection with the Company’s recently completed rights offering, in connection with which Puissance purchased 20,535 20,535 34 Prior to Dr. Wang’s appointment to the Board, the Company entered into a one-year consulting agreement with Angel Pond Capital LLC (“Angel Pond”), an entity affiliated with Puissance. Angel Pond will assist the Company with strategic positioning in the Asia Pacific region, including the introduction to potential strategic and capital partner(s) and the development of strategic partnership(s) for the sale and manufacture of the Company’s products in that market. During the year ended December 31, 2017, the Company made aggregate payments of $ 2,150 On March 11, 2018, Charles Li, Ph. D., was appointed to the Board of Directors and as a member of the Audit Committee. Dr. Li is a senior analyst at Puissance Capital Management. The Company has license agreements and various collaboration agreements (see Note 16, Commitments and Contingencies 66 146 50 31 23 |
Capitalization and Equity Struc
Capitalization and Equity Structure | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 consisted of 141,429 10,000 59,943 On October 30, 2017, the Board approved an amendment to the Company’s Articles of Incorporation to increase the number of shares of our common stock by 70,000 at 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. April 2017 Common Stock Offering In April 2017, the Company sold in a registered direct offering an aggregate of 3,732 0.001 1,866 10,919 . August 2017 Rights Offering In August of 2017, the Company commenced a $ 34,000 1.00 1.1608 40 20,534,898 In connection with the rights offering, the Company entered into a Warrant Repurchase and Amendment Agreement (“Repurchase Agreement”) with all of the holders of the April 2017 Warrants. Under the Repurchase Agreement, the Company agreed to repurchase the April 2017 Warrants from each holder at a price of $ 1.23 1,866 2,245 The Company sold an aggregate of 13,465 13,465 286 13,179 20,535 131 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 0.267 921 At December 31, 2015, 13 10 1,389 7.07 3 921 3.74 10,345 2 7.07 1,355 Warrants Source Exercise Term December Issued Repurchased (1) Expired Exercised December Information Agent Warrants $ 1.50 3 - 200 - - - 200 April 2017 Warrants $ 4.10 5 - 1,866 (1,866) - - - 2015 Warrants $ 3.74 5 1,634 - - - (30) 1,604 2014 PPO and Merger warrants 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 9-10 88 - - - - 88 3,597 2,066 (1,866) (371) (30) 3,396 (1) The April 2017 Warrants were repurchased at a price of $ 1.23 Information Agent Warrants In September 2017, in connection with the Rights Offering in August of 2017, the Company issued warrants to purchase 200 1.50 April 2017 Warrants In April 2017, the Company issued the April 2017 Warrants to purchase 1,866 4.10 185 1.23 2015 Warrants In connection with the December 2015 issuance of Preferred Shares discussed above, the Company issued warrants to purchase up to an aggregate of 2,122 8.75 3.74 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. The Company estimated the fair value of the warrant liability on December 31, 2017 by using a Black-Scholes Option Pricing Model. December 31, 2017 Current share price $ 2.13 Conversion price $ 3.74 Risk-free interest rate 1.98 % Expected term (years) 2.99 Volatility of stock 95 % 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. 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 % 2014 PPO and Merger Warrants and Pre-Merger Warrants 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”). 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 issued warrants to purchase a total of 5,151 4,329 14.00 7.00 Warrants to purchase preferred stock of Ekso Bionics outstanding prior to the Merger were converted into warrants to purchase 89 88 9.66 |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments | 14. Stock-based Compensation 2014 Equity Incentive Plan In the first quarter of 2014, prior to the Merger, the Board of Directors and a majority of the stockholders adopted the 2014 Equity Incentive Plan (the “2014 Plan”) allowing for the issuance of 2,058 1,656 3,714 1,000 4,714 October 30, 2017, the Board approved an amendment to the 2014 Plan to increase the maximum number of shares of common stock that may be issued under the 2014 Plan by 4,400 4,714 9,114 25,205 2,955 356 As of December 31, 2017, there were 4,838 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. Shares Available as of December 31, 2016 948 Granted (1,872) Forfeited 211 Expired 151 Share pool increase 5,400 Available as of December 31, 2017 4,838 Stock Options The Board of Directors may grant stock options under the 2014 Plan at a price of not less than 100 110 ten four Options Weighted Weighted Aggregate Outstanding at beginning of year 2,477 $ 6.50 Granted 1,112 $ 1.79 Exercised (82) $ 0.57 Forfeited (200) $ 7.04 Expired (151) $ 6.46 Outstanding at end of year 3,156 $ 4.96 7.68 $ 683 Vested and expected to vest 3,156 $ 4.96 7.68 $ 683 Exercisable at year end 1,581 $ 6.35 6.39 $ 53 In 2017, the Company received $ 46 86 103 1,089 The weighted-average fair value of stock options granted for the years ended December 31, 2017, 2016 and 2015 was $ 1.26 3.52 5.74 2,192 2,456 1,138 As of December 31, 2017, total unrecognized compensation cost related to unvested stock options was $ 3,301 2.3 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 $0.49 - $1.25 700 9.43 $ 1.16 32 $ 0.49 $2.27 - $3.78 882 6.95 $ 3.09 518 $ 3.27 $3.97 - $7.00 877 7.39 $ 5.82 563 $ 6.25 $7.07 - $15.33 697 7.21 $ 10.05 468 $ 10.29 3,156 7.68 $ 4.96 1,581 $ 6.35 The Company recognizes compensation expense using the straight-line method over the requisite service period. Years Ended December 31, 2017 2016 2015 Dividend yield Risk-free interest rate 1.83% - 2.37% 1.24% - 2.37% 1.41% - 2.50% Expected term (in years) 5.27-9.23 5.27-10 5.52-10 Volatility 77%-88% 77%-83% 73%-76% Restricted Stock Units Beginning in 2017, the Company issued restricted stock units (“RSUs”), to employees and non-employees as permitted by the 2014 Plan. Each RSU corresponds to one share of the Company’s common stock and becomes issuable upon vesting. The fair value of restricted stock units is determined based on the closing price of the Company’s common stock on the date of grant. Number of Weighted Unvested as of January 1, 2017 - $ - Granted 760 $ 1.63 Vested (132) $ 1.59 Forfeited (11) $ 1.25 Unvested as of December 31, 2017 617 $ 1.65 The total grant-date fair value of RSUs that vested in 2017 was $ 1,239 599 2.08 Of the 760 132 120 115 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. Years Ended December 31, 2017 2016 2015 Sales and marketing $ 485 $ 677 $ 579 Research and development 439 632 414 General and administrative 1,304 1,812 738 Restructuring 186 - - $ 2,414 $ 3,121 $ 1,731 Employee Stock Purchase Plan In June 2017, the Company’s stockholders approved the Employee Stock Purchase Plan (the “2017 ESPP”). Under the 2017 ESPP, the Company reserved 500 25 85 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. Income Taxes 2017, 2016, and 2015 were as follows: Years Ended December 31, 2017 2016 2015 Domestic $ (26,434) $ (21,458) $ (19,918) Foreign (2,688) (2,012) 328 Loss before income taxes $ (29,122) $ (23,470) $ (19,590) The Company had no current or deferred federal and state income tax expense or benefit for the years ended December 31, 2017, 2016, and 2015 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, 2017, 2016, and 2015 were immaterial and accordingly, such amounts were excluded from the following tables. Years Ended December 31, 2017 2016 2015 Federal tax at statutory rate 34.0 % 34.0 % 34.0 % State tax, net of federal tax effect - - - R&;D credit 1.2 0.9 0.5 Change in valuation allowance 18.9 (40.8) (38.4) Deferred tax impacts of the Tax Act (59.1) - - Unrealized (gain) loss on warrant 3.1 6.2 4.3 Foreign (0.4) (0.4) 0.5 Other 2.3 0.3 0.1 Total tax expense - % - % - % December 31, 2017 2016 Deferred tax assets: Depreciation and other $ 242 $ 61 Net operating loss carryforwards 31,590 35,647 Unused R&; D tax credits 1,359 872 Accruals &; reserves 524 951 Deferred Revenue 253 246 Stock Compensation 2,277 2,430 Other 42 86 Deferred tax liabilities: Depreciation and other - - Prepaid expenses (314) (168) Less: Valuation allowance (35,973) (40,125) 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 decreased by $ 4,153 10,827 In December 2017, the Tax Cuts and Jobs Act (the “Tax Act”), was signed into law. Among other provisions, the Tax Act reduces the federal statutory corporate tax rate from 35 21 17,220 As of December 31, 2017 the Company had federal net operating loss carryforwards of $ 120,366 1,294 As of December 31, 2017, the Company had state net operating loss carryforwards of $ 84,466 655 As of December 31, 2017, the Company had foreign net operating loss carryforwards of $ 4,701 As of December 31, 2017, $ 1,749 689 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 Increase of unrecognized tax benefits taken in prior years 33 Increase of unrecognized tax benefits related to current year 119 Balance at December 31, 2017 $ 487 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, 2017. The Company does not anticipate any significant change within 12 months of this reporting date of its uncertain tax positions. The Company is subject to taxation in the United States, the United Kingdom, Germany, and various states jurisdictions. There are no other ongoing examinations by taxing authorities at this time. The Company’s tax years 2007 through 2017 will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss credits. |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 16. Contingencies and Commitments 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 Total Less than 1-3 Years 3-5 Years Term loan $ 8,039 $ 2,565 $ 5,033 $ 441 Facility operating lease 2,746 622 1,858 266 Capital lease 96 37 59 - Total $ 10,881 $ 3,224 $ 6,950 $ 707 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, 2017 | |
Segment Reporting [Abstract] | |
Segment Disclosures | 17. Segment Disclosures 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. Device and related Engineering Medical Industrial Total Services Total Year ended December 31, 2017 Revenue $ 5,831 $ 1,484 $ 7,315 $ 38 $ 7,353 Cost of revenue 4,164 1,106 5,270 14 5,284 Gross profit $ 1,667 $ 378 $ 2,045 $ 24 $ 2,069 Year ended December 31, 2016 Revenue $ 12,181 $ 1,253 $ 13,434 $ 787 $ 14,221 Cost of revenue 9,767 948 10,715 559 11,274 Gross profit $ 2,414 $ 305 $ 2,719 $ 228 $ 2,947 Year ended December 31, 2015 Revenue $ 4,352 $ - $ 4,352 $ 4,309 $ 8,661 Cost of revenue 3,926 - 3,926 3,556 7,482 Gross profit $ 426 $ - $ 426 $ 753 $ 1,179 Years Ended December 31 2017 2016 2015 United States $ 4,958 $ 9,042 $ 6,382 All Other 2,395 5,179 2,279 $ 7,353 $ 14,221 $ 8,661 |
Quarterly Data
Quarterly Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | 18. Quarterly Data (Unaudited) Quarter Ended March 31 June 30 September 30 December 31 2017 Revenue $ 1,436 $ 1,867 $ 1,597 $ 2,453 Gross profit 352 396 544 777 Net loss (8,302) (5,507) (6,335) (8,978) Net loss applicable to common shareholders (8,302) (5,507) (6,335) (8,978) Basic and diluted net loss per share (1) $ (0.38) $ (0.22) $ (0.18) $ (0.15) 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) (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. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent events | 19. Subsequent events In January 2018, the Company announced the resignation of Mr. Russdon Angold from his position as President of the EksoWorks business unit and from all other positions with the company. In connection with his departure, the Company will pay $ 232 In January 2018, the Company issued 221 In March 2018, the Company announced the resignation of Thomas Looby as the President, Chief Executive Officer and as a member of the Board of Directors of the Company and from all other positions with the Company. In connection with his departure, the Company will pay $ 361 5 Looby’s In March 2018, the Company announced the appointment of Jack Peurach as the President and Chief Executive Officer. In connection with his appointment as the President and Chief Executive Officer of the Company, Mr. Peurach resigned his positions as the Chair and a |
Summary of Significant Accoun27
Summary of Significant Accounting Policies and Estimates (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
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”). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature All significant intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to the current year’s presentation. Such reclassifications had no net effect on previously reported financial results. 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, foreign currency re-measurement adjustments are recorded in other expense, 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, net in the accompanying consolidated statements of operations and comprehensive loss. |
Accumulated Other 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, 2016 $ 79 Current period other comprehensive loss (419) Balance at December 31, 2017 $ (340) |
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, 2017 and 2016. |
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 potential credit losses. The Company has not experienced material losses related to accounts receivable during the years ended December 31, 2017 and December 31, 2016. 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, 2017, the Company had one customer with an accounts receivable balance totaling 10 10 18 16 11 10 The Company had no customers with sales of 10 33 |
Inventories, net | Inventories, net Inventories are recorded at the lower of cost or net realizable value. Cost is 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. Our estimate of write downs for excess and obsolete inventory is based on a detailed analysis of on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of an inventory reserve |
Property and Equipment, net | 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 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 the Company’s 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, 2017 and 2016. No impairment loss has been recognized in the years ended December 31, 2017, 2016, and 2015. |
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, 2017 and 2016. No impairment loss has been recognized in the years ended December 31, 2017, 2016, and 2015. For further discussion of goodwill, see Note 4 Equipois Acquisition |
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. The fair values of these warrants have been determined using the Binomial Lattice model (“Lattice”) and the Black-Scholes Option Pricing model. The Lattice model provides for assumptions regarding volatility, call and put features and risk-free interest rates within the total period to maturity. The Black-Scholes Model requires inputs, such as the expected term of the warrants, expected volatility and risk-free interest rate. 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. |
Business Combinations | Business Combinations We account for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification (“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, Presentation of Financial Statements Going Concern |
Revenue Recognition | 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. In the first quarter of 2018, we will adopt Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606). ASU 2014-09, as amended, will replace most existing revenue recognition guidance in U.S. GAAP. (Refer to Note 2, Summary of Significant Accounting Policies and Estimates Recent Accounting Pronouncements 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 0.13 212 911 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 engineering 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, 2017 2016 Deferred extended maintenance and support $ 1,763 $ 1,523 Deferred rental income 73 60 Customer deposits and advances 52 47 Deferred medical device revenues 31 - Total deferred revenues 1,919 1,630 Less current portion (1,103) (825) Deferred revenues, non-current $ 816 $ 805 |
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 $ 160 108 25 |
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 certain 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 options 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. |
Recent Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements which are more extensive than those required under existing U.S. GAAP. The FASB has issued numerous amendments to ASU 2014-09 from August 2015 through January 2018, which provide supplemental and clarifying guidance, as well as amend the effective date of the new standard. ASU 2014-09, as amended, is effective for the Company in the first quarter of 2018. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. The Company adopted the new standard However, the Company will provide enhanced revenue recognition disclosures as required by the new standard In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) which will require lessees to recognize assets and liabilities for leases with lease terms of more than 12 months. For finance leases, a lessee is required to: (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize interest on the lease liability separately from amortization of the right-of-use asset in the statement of comprehensive income, and (3) classify repayments of the principal portion of the lease liability within financing activities and payments of interest on the lease liability and variable lease payments within operating activities in the statement of cash flows. For operating leases, a lessee is required to: (1) recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position, (2) recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a generally straight-line basis, and (3) classify all cash payments within operating activities in the statement of cash flows. The new guidance is effective for fiscal years beginning after December 15, 2018. The Company is evaluating the impact that ASU 2016-02 will have on its consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting . |
Recently Adopted Accounting Standards | Accounting Pronouncements Adopted in 2017 In March 2016, the FASB issued ASU No. 2016-09 Compensation Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting 171 |
Organization (Tables)
Organization (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Restructuring and Related Costs | The following table summarizes accrued restructuring costs as of December 31, 2017: Employee Severance and Other Benefits Balance at December 31, 2016 $ - Restructuring charges 659 Cash payments (473) Stock based compensation expense (186) Balance at December 31, 2017 $ - |
Summary of Significant Accoun29
Summary of Significant Accounting Policies and Estimates (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, is reflected in the table below net of tax: Foreign Currency Translation Balance at December 31, 2016 $ 79 Current period other comprehensive loss (419) Balance at December 31, 2017 $ (340) |
Schedule of Customer Deposits, Advances, Deferred Revenues, and Deferred Unit Costs | Deferred revenues consisted of the following: December 31, 2017 2016 Deferred extended maintenance and support $ 1,763 $ 1,523 Deferred rental income 73 60 Customer deposits and advances 52 47 Deferred medical device revenues 31 - Total deferred revenues 1,919 1,630 Less current portion (1,103) (825) Deferred revenues, non-current $ 816 $ 805 |
Net Loss Per Share of Common 30
Net Loss Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Years ended December 31, 2017 2016 (1) 2015 Numerator: Net loss applicable to common stockholders $ (29,122) $ (33,815) $ (24,245) Adjustment for gain on fair value of warrant liability - (4,286) (2,505) Adjusted net loss used for dilution calculation $ (29,122) $ (38,101) $ (26,750) Denominator Weighted-average number of shares outstanding 35,609 18,126 14,606 Effect of potential dilutive shares - 496 3 Dilutive weighted-average number of shares outstanding 35,609 18,622 14,609 Net loss per share applicable to common stockholders Basic $ (0.82) $ (1.87) $ (1.66) Diluted $ (0.82) $ (2.05) $ (1.83) (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 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 Excluded from Computation of Earnings Per Share | 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, 2017 2016 2015 Options to purchase common stock 3,156 2,477 1,963 Restricted stock units 616 - - Warrants for common stock 3,396 1,963 1,963 Common stock issuable upon conversion of preferred shares - - 1,876 Total common stock equivalents 7,168 4,440 5,802 |
Equipois Acquisition (Tables)
Equipois Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 were as follows: Cost Accumulated Net Estimated Developed technology $ 1,160 $ (806) $ 354 3 yrs Customer relationships 70 (49) 21 3 yrs Customer trade name 380 (264) 116 3 yrs $ 1,610 $ (1,119) $ 491 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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: Total Level 1 Level 2 Level 3 December 31, 2017 Liabilities Warrant liability $ 1,648 $ - $ - $ 1,648 Contingent consideration liability $ 42 $ - $ - $ 42 Contingent success fee liability $ 39 $ - $ - $ 39 December 31, 2016 Liabilities Warrant liability $ 3,546 $ - $ - $ 3,546 Contingent consideration liability $ 217 $ - $ - $ 217 Contingent success fee liability $ 116 $ - $ - $ 116 |
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, 2017, which were measured at fair value on a recurring basis: Warrant Contingent Contingent Balance at December 31, 2016 $ 3,546 $ 217 $ 116 Initial fair value of April 2017 Warrants 3,301 - - Repurchase of April 2017 Warrants (2,296) - - Loss on repurchase of April 2017 Warrants 1,067 - - Gain on revaluation of 2015 and April 2017 Warrants (3,909) Reclassification of warrant liability to equity upon exercise of warrants (61) Gain on revaluation - (255) (77) Reclassification to accrued liabilities - 80 - Balance at December 31, 2017 $ 1,648 $ 42 $ 39 |
Inventories, net (Tables)
Inventories, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consist of the following: December 31, 2017 2016 Raw materials $ 1,562 $ 1,091 Work in progress - 198 Finished goods 1,463 267 Inventories, net $ 3,025 $ 1,556 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, net | Property and equipment, net consisted of the following: Estimated December 31, Life (Years) 2017 2016 Company owned fleet 3-5 $ 2,890 $ 2,697 Machinery and equipment 3-5 760 735 Computers and peripherals 3-7 572 564 Computer software 3-5 877 547 Leasehold improvement 5-10 631 625 Tools, molds, dies and jigs 5 50 50 Furniture, office and leased equipment 3-13 637 593 6,417 5,811 Accumulated depreciation and amortization (4,168) (3,376) Property and equipment, net $ 2,249 $ 2,435 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: December 31, 2017 2016 Salaries, benefits and related expenses $ 2,850 $ 2,303 Device maintenance 121 483 Device warranty 232 203 Clinical trials 136 35 Capital lease obligation 34 54 Other 130 52 Total $ 3,503 $ 3,130 |
Reconciliation of Changes in Maintenance and Warranty Liabilities | In addition, in the year ended December 31, 2016, the Company recorded in its consolidated statements of operations and comprehensive loss a one-time charge of $ 911 2017 Maintenance Warranty Total Balance at December 31, 2016 $ 483 $ 204 $ 687 Additions for estimated future expense - 207 207 Incurred costs (229) (179) (408) Adjustment from remeasurement (133) (133) Balance at December 31, 2017 $ 121 $ 232 $ 353 Current portion 121 232 353 Long-term portion - - - Total $ 121 $ 232 $ 353 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 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | The following table presents scheduled principal payments of our long-term debt and final payment fee as of December 31, 2017: Period Amount 2018 $ 2,139 2019 2,333 2020 2,333 2021 440 Total principal payments 7,245 Less final payment fee, discount and issuance cost (276) Long-term debt, net $ 6,969 Current portion 2,139 Long-term portion 4,830 Long-term debt, net $ 6,969 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Future Obligations | The Company estimates future minimum payments as of December 31, 2017 to be the following: Period Capital Operating 2018 $ 37 $ 622 2019 37 637 2020 22 649 2021 - 572 2022 - 266 Total minimum payments 96 $ 2,746 Less interest (6) Present value minimum payments 90 Less current portion (34) Long-term portion $ 56 |
Capitalization and Equity Str38
Capitalization and Equity Structure (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Warrant share activity | Warrant share activity for the year ended December 31, 2017 was as follows: Source Exercise Term December Issued Repurchased (1) Expired Exercised December Information Agent Warrants $ 1.50 3 - 200 - - - 200 April 2017 Warrants $ 4.10 5 - 1,866 (1,866) - - - 2015 Warrants $ 3.74 5 1,634 - - - (30) 1,604 2014 PPO and Merger warrants 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 9-10 88 - - - - 88 3,597 2,066 (1,866) (371) (30) 3,396 (1) The April 2017 Warrants were repurchased at a price of $ 1.23 |
Warrant [Member] | |
Schedule of assumption used in valuation | 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, 2017: December 31, 2017 Current share price $ 2.13 Conversion price $ 3.74 Risk-free interest rate 1.98 % Expected term (years) 2.99 Volatility of stock 95 % 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 % |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Activity | Shares Available as of December 31, 2016 948 Granted (1,872) Forfeited 211 Expired 151 Share pool increase 5,400 Available as of December 31, 2017 4,838 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the option activity as of December 31, 2017 and changes during the fiscal year then ended is presented below: Options Weighted Weighted Aggregate Outstanding at beginning of year 2,477 $ 6.50 Granted 1,112 $ 1.79 Exercised (82) $ 0.57 Forfeited (200) $ 7.04 Expired (151) $ 6.46 Outstanding at end of year 3,156 $ 4.96 7.68 $ 683 Vested and expected to vest 3,156 $ 4.96 7.68 $ 683 Exercisable at year end 1,581 $ 6.35 6.39 $ 53 |
Summary of information about stock options outstanding | The following table summarizes information about stock options outstanding as of December 31, 2017: 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 $0.49 - $1.25 700 9.43 $ 1.16 32 $ 0.49 $2.27 - $3.78 882 6.95 $ 3.09 518 $ 3.27 $3.97 - $7.00 877 7.39 $ 5.82 563 $ 6.25 $7.07 - $15.33 697 7.21 $ 10.05 468 $ 10.29 3,156 7.68 $ 4.96 1,581 $ 6.35 |
Schedule of Share-based Payment Award, Stock Options, Valuation 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, 2017 2016 2015 Dividend yield Risk-free interest rate 1.83% - 2.37% 1.24% - 2.37% 1.41% - 2.50% Expected term (in years) 5.27-9.23 5.27-10 5.52-10 Volatility 77%-88% 77%-83% 73%-76% |
Schedule of Unvested Restricted Stock Units Roll Forward | RSU activity for the year ended December 31, 2017 is summarized below: Number of Weighted Unvested as of January 1, 2017 - $ - Granted 760 $ 1.63 Vested (132) $ 1.59 Forfeited (11) $ 1.25 Unvested as of December 31, 2017 617 $ 1.65 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Stock-based compensation expense recorded for stock options and RSUs granted to employees and non-employees was as follows: Years Ended December 31, 2017 2016 2015 Sales and marketing $ 485 $ 677 $ 579 Research and development 439 632 414 General and administrative 1,304 1,812 738 Restructuring 186 - - $ 2,414 $ 3,121 $ 1,731 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016, and 2015 were as follows: Years Ended December 31, 2017 2016 2015 Domestic $ (26,434) $ (21,458) $ (19,918) Foreign (2,688) (2,012) 328 Loss before income taxes $ (29,122) $ (23,470) $ (19,590) |
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, 2017, 2016, and 2015 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, 2017 2016 2015 Federal tax at statutory rate 34.0 % 34.0 % 34.0 % State tax, net of federal tax effect - - - R&;D credit 1.2 0.9 0.5 Change in valuation allowance 18.9 (40.8) (38.4) Deferred tax impacts of the Tax Act (59.1) - - Unrealized (gain) loss on warrant 3.1 6.2 4.3 Foreign (0.4) (0.4) 0.5 Other 2.3 0.3 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, 2017 and 2016 were as follows: December 31, 2017 2016 Deferred tax assets: Depreciation and other $ 242 $ 61 Net operating loss carryforwards 31,590 35,647 Unused R&; D tax credits 1,359 872 Accruals &; reserves 524 951 Deferred Revenue 253 246 Stock Compensation 2,277 2,430 Other 42 86 Deferred tax liabilities: Depreciation and other - - Prepaid expenses (314) (168) Less: Valuation allowance (35,973) (40,125) 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 Increase of unrecognized tax benefits taken in prior years 33 Increase of unrecognized tax benefits related to current year 119 Balance at December 31, 2017 $ 487 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual obligation, fiscal year maturity | Payments Due By Period Total Less than 1-3 Years 3-5 Years Term loan $ 8,039 $ 2,565 $ 5,033 $ 441 Facility operating lease 2,746 622 1,858 266 Capital lease 96 37 59 - Total $ 10,881 $ 3,224 $ 6,950 $ 707 |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Device and related Engineering Medical Industrial Total Services Total Year ended December 31, 2017 Revenue $ 5,831 $ 1,484 $ 7,315 $ 38 $ 7,353 Cost of revenue 4,164 1,106 5,270 14 5,284 Gross profit $ 1,667 $ 378 $ 2,045 $ 24 $ 2,069 Year ended December 31, 2016 Revenue $ 12,181 $ 1,253 $ 13,434 $ 787 $ 14,221 Cost of revenue 9,767 948 10,715 559 11,274 Gross profit $ 2,414 $ 305 $ 2,719 $ 228 $ 2,947 Year ended December 31, 2015 Revenue $ 4,352 $ - $ 4,352 $ 4,309 $ 8,661 Cost of revenue 3,926 - 3,926 3,556 7,482 Gross profit $ 426 $ - $ 426 $ 753 $ 1,179 |
Schedule of Geographic Information | Geographic revenue information based on location of customer is as follows: Years Ended December 31 2017 2016 2015 United States $ 4,958 $ 9,042 $ 6,382 All Other 2,395 5,179 2,279 $ 7,353 $ 14,221 $ 8,661 |
Quarterly Data (Tables)
Quarterly Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016: Quarter Ended March 31 June 30 September 30 December 31 2017 Revenue $ 1,436 $ 1,867 $ 1,597 $ 2,453 Gross profit 352 396 544 777 Net loss (8,302) (5,507) (6,335) (8,978) Net loss applicable to common shareholders (8,302) (5,507) (6,335) (8,978) Basic and diluted net loss per share (1) $ (0.38) $ (0.22) $ (0.18) $ (0.15) 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) (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)
Organization (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Balance at December 31, 2016 | $ 0 |
Restructuring charges | 659 |
Cash payments | (473) |
Stock based compensation expense | (186) |
Balance at December 31, 2017 | $ 0 |
Organization (Details Textual)
Organization (Details Textual) shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2017USD ($)shares | May 31, 2017 | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Organization [Line Items] | ||||||
Retained Earnings (Accumulated Deficit), Total | $ (144,154) | $ (114,861) | ||||
Cash and Cash Equivalents, at Carrying Value | 27,813 | 16,846 | $ 19,552 | $ 25,190 | ||
Net Cash Provided by (Used in) Operating Activities | (31,226) | (24,997) | (18,269) | |||
Proceeds from Issuance of Common Stock | 42,463 | $ 14,694 | $ 0 | |||
Restructuring and Related Cost, Number of Positions Eliminated | 27 | |||||
Restructuring Charges | 659 | |||||
Severance Costs | 473 | |||||
Employee Benefits and Share-based Compensation | $ (186) | |||||
Registered Direct Offering [Member] | ||||||
Organization [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | shares | 3,732 | |||||
Proceeds from Issuance of Common Stock | $ 10,919 | |||||
Rights Offering [Member] | ||||||
Organization [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | shares | 13,465 | 13,465 | ||||
Proceeds from Issuance of Common Stock | $ 13,179 | $ 13,179 | ||||
Private Placement [Member] | ||||||
Organization [Line Items] | ||||||
Stock Issued During Period, Shares, New Issues | shares | 20,535 | |||||
Proceeds from Issuance of Private Placement | $ 20,535 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies and Estimates (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Balance at December 31, 2016 | $ 79 |
Current period other comprehensive loss | (419) |
Balance at December 31, 2017 | $ (340) |
Summary of Significant Accoun47
Summary of Significant Accounting Policies and Estimates (Details 1) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred rental income | $ 73 | $ 60 |
Total deferred revenues | 1,919 | 1,630 |
Less current portion | (1,103) | (825) |
Deferred revenues, non-current | 816 | 805 |
Deferred extended maintenance and support [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Total deferred revenues | 1,763 | 1,523 |
Customer deposits and advances [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Total deferred revenues | 52 | 47 |
Deferred medical device revenues [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Total deferred revenues | $ 31 | $ 0 |
Summary of Significant Accoun48
Summary of Significant Accounting Policies and Estimates (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jan. 02, 2017 | |
Significant Accounting Policies [Line Items] | ||||
Advertising costs | $ 160 | $ 108 | $ 25 | |
Reduction In Net Loss Attributable To Common Stock Holders | 2,358 | |||
Accounting Standards Update 2016-09 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 171 | |||
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% | 10.00% | ||
Customer One [Member] | Accounts Receivable [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 18.00% | 10.00% | |
Customer One [Member] | Sales Revenue, Net [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 33.00% | |||
Customer Two [Member] | Accounts Receivable [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration Risk, Percentage | 16.00% | |||
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% |
Net Loss Per Share of Common 49
Net Loss Per Share of Common Stock (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | [1] | Dec. 31, 2015 | |||||
Numerator: | ||||||||||||||||
Net loss applicable to common stockholders | $ (8,978) | $ (6,335) | $ (5,507) | $ (8,302) | $ (5,576) | $ (11,494) | $ (9,970) | $ (6,775) | $ (29,122) | $ (33,815) | $ (24,245) | |||||
Adjustment for gain on fair value of warrant liability | 0 | (4,286) | (2,505) | |||||||||||||
Adjusted net loss used for dilution calculation | $ (29,122) | $ (38,101) | $ (26,750) | |||||||||||||
Denominator | ||||||||||||||||
Weighted-average number of shares outstanding | 35,609 | 18,126 | 14,606 | |||||||||||||
Effect of potential dilutive shares | 0 | 496 | 3 | |||||||||||||
Dilutive weighted-average number of shares outstanding | 35,609 | 18,622 | 14,609 | |||||||||||||
Net loss per share applicable to common stockholders | ||||||||||||||||
Basic | $ (0.29) | [2] | $ (0.60) | [2] | $ (0.61) | [2] | $ (0.44) | [2] | $ (0.82) | $ (1.87) | $ (1.66) | |||||
Diluted | $ (0.35) | [2] | $ (0.60) | [2] | $ (0.61) | [2] | $ (0.44) | [2] | $ (0.82) | $ (2.05) | $ (1.83) | |||||
[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. |
Net Loss Per Share of Common 50
Net Loss Per Share of Common Stock (Details 1) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 7,168 | 4,440 | 5,802 |
Options to purchase common stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 3,156 | 2,477 | 1,963 |
Restricted stock units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 616 | 0 | 0 |
Warrants for common stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 3,396 | 1,963 | 1,963 |
Common stock issuable upon conversion of preferred shares [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities | 0 | 0 | 1,876 |
Net Loss Per Share of Common 51
Net Loss Per Share of Common Stock (Details Textual) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($)$ / shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |
Reduction In Net Loss Attributable To Common Stock Holders | $ | $ 2,358 |
Reduction In Net Loss Per Share Attributable To Common Stock Holders | $ / shares | $ 0.13 |
Equipois Acquisition (Details)
Equipois Acquisition (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | 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, 2017 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||
Fixed assets | $ 40 | |
Intangible assets | 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, 2017USD ($) | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Cost | $ 1,610 |
Accumulated Amortization | (1,119) |
Net | 491 |
Developed Technology Rights [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Cost | 1,160 |
Accumulated Amortization | (806) |
Net | $ 354 |
Estimated Useful Life | 3 years |
Customer Relationships [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Cost | $ 70 |
Accumulated Amortization | (49) |
Net | $ 21 |
Estimated Useful Life | 3 years |
Customer Lists [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Cost | $ 380 |
Accumulated Amortization | (264) |
Net | $ 116 |
Estimated Useful Life | 3 years |
Equipois Acquisition (Details T
Equipois Acquisition (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | May 02, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||||
Stock Issued During Period, Shares, Acquisitions | 112 | |||
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 | |||
Fair Value Inputs, Discount Rate | 15.00% | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,610 | |||
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 3 years | |||
Amortization of Intangible Assets | $ 535 | 558 | $ 26 | |
Goodwill | 189 | 189 | ||
Business Combination, Consideration Transferred, Total | 1,839 | 1,839 | ||
Change In Fair Value Contingent Liabilities | 332 | 196 | $ 0 | |
Stock Issued During Period, Value, Acquisitions | $ 500 | |||
Business Acquisition, Share Price | $ 7 | |||
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 | $ 237 | $ 1,100 | ||
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 | $ 189 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 491 | |||
Change In Fair Value Contingent Liabilities | 137 | |||
Business Combination, Contingent Consideration, Liability, Current | $ 38 | $ 355 | ||
Stock Issued During Period, Share, Equiposis Supply and Sales Earnouts | 90 | |||
Gain on Business Combination | $ 118 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Liabilities: | ||
Warrant liability | $ 1,648 | $ 3,546 |
Contingent success fee liability | 39 | |
Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Warrant liability | 1,648 | 3,546 |
Contingent consideration liability | 42 | 217 |
Contingent success fee liability | 39 | 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 | 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 | 0 |
Significant Unobservable Inputs Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities: | ||
Warrant liability | 1,648 | 3,546 |
Contingent consideration liability | 42 | 217 |
Contingent success fee liability | $ 39 | $ 116 |
Fair Value Measurements (Deta57
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gain on revaluation of 2015 and April 2017 Warrants | $ 3,909 | $ 4,286 | $ 2,505 |
Derivative Financial Instruments, Liabilities [Member] | |||
Balance | 3,546 | ||
Initial fair value of April 2017 Warrants | 3,301 | ||
Repurchase of April 2017 Warrants | (2,296) | ||
Loss on repurchase of April 2017 Warrants | 1,067 | ||
Gain on revaluation of 2015 and April 2017 Warrants | (3,909) | ||
Reclassification of warrant liability to equity upon exercise of warrants | (61) | ||
Gain on revaluation | 0 | ||
Reclassification to accrued liabilities | 0 | ||
Balance | 1,648 | 3,546 | |
Contingent Consideration [Member] | |||
Balance | 217 | ||
Initial fair value of April 2017 Warrants | 0 | ||
Repurchase of April 2017 Warrants | 0 | ||
Loss on repurchase of April 2017 Warrants | 0 | ||
Gain on revaluation | (255) | ||
Reclassification to accrued liabilities | 80 | ||
Balance | 42 | 217 | |
Contingent Success Fee [Member] | |||
Balance | 116 | ||
Initial fair value of April 2017 Warrants | 0 | ||
Repurchase of April 2017 Warrants | 0 | ||
Loss on repurchase of April 2017 Warrants | 0 | ||
Gain on revaluation | (77) | ||
Reclassification to accrued liabilities | 0 | ||
Balance | $ 39 | $ 116 |
Fair Value Measurements (Deta58
Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase Decrease Fair Value of Warrants | $ 1,837 | ||
Gain loss on warrant liability | 3,909 | $ 4,286 | $ 2,505 |
Derivative Liability | 1,648 | $ 3,546 | |
April 2017 Warrants [Member] | |||
Increase Decrease Fair Value of Warrants | 2,072 | ||
Derivative Liability | $ 3,301 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Raw materials | $ 1,562 | $ 1,091 |
Work in progress | 0 | 198 |
Finished goods | 1,463 | 267 |
Inventories, net | $ 3,025 | $ 1,556 |
Property and Equipment, net (De
Property and Equipment, net (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 6,417 | $ 5,811 |
Accumulated depreciation and amortization | (4,168) | (3,376) |
Property and equipment, net | 2,249 | 2,435 |
Company owned fleet [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 2,890 | 2,697 |
Company owned fleet [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 3 years | |
Company owned fleet [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 5 years | |
Machinery and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 760 | 735 |
Machinery and equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 3 years | |
Machinery and equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 5 years | |
Computers and peripherals [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 572 | 564 |
Computers and peripherals [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 3 years | |
Computers and peripherals [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 7 years | |
Computer software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 877 | 547 |
Computer software [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 3 years | |
Computer software [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 5 years | |
Leasehold improvement [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 631 | 625 |
Leasehold improvement [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 5 years | |
Leasehold improvement [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 10 years | |
Tools, molds, dies and jigs [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 50 | 50 |
Estimated life (years) | 5 years | |
Furniture, office and leased equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 637 | $ 593 |
Furniture, office and leased equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 3 years | |
Furniture, office and leased equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 13 years |
Property and Equipment, net (61
Property and Equipment, net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation, Depletion and Amortization | $ 1,732 | $ 1,855 | $ 933 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities [Line Items] | ||
Salaries, benefits and related expenses | $ 2,850 | $ 2,303 |
Device maintenance | 121 | 483 |
Device warranty | 232 | 203 |
Clinical trials | 136 | 35 |
Capital lease obligation | 34 | 54 |
Other | 130 | 52 |
Total | $ 3,503 | $ 3,130 |
Accrued Liabilities (Details 1)
Accrued Liabilities (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Accrued Liabilities [Line Items] | ||||
Beginning Balance | $ 687 | $ 0 | ||
Additions for estimated future expense | 207 | 1,341 | ||
Incurred costs | (408) | (654) | ||
Adjustment from remeasurement | (133) | |||
Closing Balance | 353 | 687 | ||
Current portion | $ 353 | $ 686 | ||
Long-term portion | 0 | 1 | ||
Total | 687 | 687 | 353 | 687 |
Maintenance [Member] | ||||
Accrued Liabilities [Line Items] | ||||
Beginning Balance | 483 | 0 | ||
Additions for estimated future expense | 0 | 911 | ||
Incurred costs | (229) | (428) | ||
Adjustment from remeasurement | (133) | |||
Closing Balance | 121 | 483 | ||
Current portion | 121 | 483 | ||
Long-term portion | 0 | 0 | ||
Total | 483 | 483 | 121 | 483 |
Warranty [Member] | ||||
Accrued Liabilities [Line Items] | ||||
Beginning Balance | 204 | 0 | ||
Additions for estimated future expense | 207 | 430 | ||
Incurred costs | (179) | (226) | ||
Closing Balance | 232 | 204 | ||
Current portion | 232 | 203 | ||
Long-term portion | 0 | 1 | ||
Total | $ 204 | $ 204 | $ 232 | $ 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, 2017USD ($) |
2,018 | $ 2,139 |
2,019 | 2,333 |
2,020 | 2,333 |
2,021 | 440 |
Total principal payments | 7,245 |
Less final payment fee, discount and issuance cost | (276) |
Long-term debt, net | 6,969 |
Current portion | 2,139 |
Long-term portion | 4,830 |
Long-term debt, net | $ 6,969 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 30, 2017 | Dec. 31, 2014 | |
Success Fee Expenses | $ 250 | ||||||
Share Price | $ 8 | $ 8 | |||||
Contingent Success Fee Liability | $ 39 | ||||||
Restricted Cash and Cash Equivalents | 5,472 | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 16,846 | 27,813 | $ 16,846 | $ 19,552 | $ 25,190 | ||
Accretion Expense | 96 | $ 0 | $ 0 | ||||
Long-term Debt | $ 6,969 | ||||||
Debt Instrument, Interest Rate During Period | 9.05% | ||||||
Loan Agreement [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,000 | ||||||
Debt Instrument, Basis Spread on Variable Rate | 5.41% | ||||||
Debt Instrument, Maturity Date | Jan. 1, 2021 | ||||||
Debt Instrument, Debt Default, Description of Violation or Event of Default | 30-day U.S. LIBOR plus 5.41% | ||||||
Accretion Expense | $ 97 | ||||||
Long-term Debt | $ 245 |
Lease Obligations (Details)
Lease Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Less current portion | $ (34) | $ (54) |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 37 | |
2,019 | 37 | |
2,020 | 22 | |
2,021 | 0 | |
2,022 | 0 | |
Total minimum payments | 96 | |
Less interest | (6) | |
Present value minimum payments | 90 | |
Less current portion | (34) | |
Long-term portion | 56 | |
Operating Lease [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 622 | |
2,019 | 637 | |
2,020 | 649 | |
2,021 | 572 | |
2,022 | 266 | |
Total minimum payments | $ 2,746 |
Lease Obligations (Details Text
Lease Obligations (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Long-term Debt, Gross | $ 7,245 | ||
Operating Leases, Rent Expense, Net, Total | $ 486 | $ 400 | $ 342 |
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 |
Employee Benefit Plan (Details
Employee Benefit Plan (Details Textual) $ in Thousands | 1 Months Ended |
Aug. 31, 2017USD ($) | |
Defined Contribution Plan, Cost | $ 509 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% |
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 50.00% |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Sep. 19, 2017 | Aug. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction, Amounts of Transaction | $ 66 | $ 146 | $ 50 | ||
Due to Related Parties, Current | 31 | 23 | |||
Stock Issued During Period, Value, New Issues | $ 34,000 | 11,058 | $ 14,694 | $ 14,218 | |
Angel Pond Capital LLC [Member] | |||||
Payments for Other Fees | $ 2,150 | ||||
Puissance [Member] | |||||
Stock Issued During Period, Shares, New Issues | 20,535 | ||||
Stock Issued During Period, Value, New Issues | $ 20,535 | ||||
Common stock holding, percentage | 34.00% |
Capitalization and Equity Str71
Capitalization and Equity Structure (Details) - $ / shares shares in Thousands | 1 Months Ended | 12 Months Ended | ||||
Apr. 30, 2017 | Dec. 31, 2015 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | ||
Schedule of Capitalization, Equity [Line Items] | ||||||
Merger/PPO Warrant Shares Outstanding | 3,396 | 3,597 | ||||
Merger/PPO Warrant Shares Issued | 2,066 | |||||
Merger/PPO Warrant Shares Repurchased | [1] | (1,866) | ||||
Merger/PPO Warrant Shares Expired | (371) | |||||
Merger/PPO Warrant Shares Exercised | (30) | |||||
2017 Warrants [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Exercise price | $ 4.10 | $ 4.1 | ||||
Warrant term | 5 years | |||||
Merger/PPO Warrant Shares Outstanding | 0 | 0 | ||||
Merger/PPO Warrant Shares Issued | 1,866 | 1,866 | ||||
Merger/PPO Warrant Shares Repurchased | [1] | (1,866) | ||||
Merger/PPO Warrant Shares Expired | 0 | |||||
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 | 1,604 | 1,634 | ||||
Merger/PPO Warrant Shares Issued | 2,122 | 0 | ||||
Merger/PPO Warrant Shares Repurchased | [1] | 0 | ||||
Merger/PPO Warrant Shares Expired | 0 | |||||
Merger/PPO Warrant Shares Exercised | (30) | |||||
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 Issued | 0 | |||||
Merger/PPO Warrant Shares Repurchased | [1] | 0 | ||||
Merger/PPO Warrant Shares Expired | 0 | |||||
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 | 0 | 371 | ||||
Merger/PPO Warrant Shares Issued | 0 | |||||
Merger/PPO Warrant Shares Repurchased | [1] | 0 | ||||
Merger/PPO Warrant Shares Expired | (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 Issued | 0 | |||||
Merger/PPO Warrant Shares Repurchased | [1] | 0 | ||||
Merger/PPO Warrant Shares Expired | 0 | |||||
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 Issued | 0 | |||||
Merger/PPO Warrant Shares Repurchased | [1] | 0 | ||||
Merger/PPO Warrant Shares Expired | 0 | |||||
Merger/PPO Warrant Shares Exercised | 0 | |||||
Pre 2014 Warrants [Member] | Minimum [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Warrant term | 9 years | |||||
Pre 2014 Warrants [Member] | Maximum [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Warrant term | 10 years | |||||
Information Agent Warrants [Member] | ||||||
Schedule of Capitalization, Equity [Line Items] | ||||||
Exercise price | $ 1.5 | $ 1.50 | ||||
Warrant term | 3 years | |||||
Merger/PPO Warrant Shares Outstanding | 200 | 0 | ||||
Merger/PPO Warrant Shares Issued | 200 | |||||
Merger/PPO Warrant Shares Repurchased | [1] | 0 | ||||
Merger/PPO Warrant Shares Expired | 0 | |||||
Merger/PPO Warrant Shares Exercised | 0 | |||||
[1] | The April 2017 Warrants were repurchased at a price of $1.23 per underlying share, as a result of the August 2017 Rights Offering. |
Capitalization and Equity Str72
Capitalization and Equity Structure (Details 1) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule of Capitalization, Equity [Line Items] | ||
Current share price | $ 8 | |
Black-Scholes Option Pricing Model [Member] | Warrant [Member] | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price | $ 2.13 | 3.98 |
Conversion price | $ 3.74 | $ 3.74 |
Risk-free interest rate | 1.98% | 1.70% |
Expected term (years) | 2 years 11 months 26 days | 3 years 11 months 23 days |
Volatility of stock | 95.00% | 70.00% |
Capitalization and Equity Str73
Capitalization and Equity Structure (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 17, 2016 | Aug. 12, 2016 | Oct. 30, 2017 | Aug. 31, 2017 | Apr. 30, 2017 | Aug. 31, 2016 | Dec. 31, 2015 | Dec. 23, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 | Jan. 15, 2014 | |||
Class of Stock [Line Items] | ||||||||||||||||
Common Stock, Shares Authorized | 70,000,000 | 141,429,000 | [1] | 141,429,000 | [1] | |||||||||||
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 | ||||||||||||||
Common Stock, Shares, Issued | 59,943,000 | 21,894,000 | ||||||||||||||
Common Stock, Shares, Outstanding | 59,943,000 | 21,894,000 | ||||||||||||||
Preferred Stock, Shares Issued | 15,000 | 0 | 0 | |||||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | ||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 2,122,000 | |||||||||||||||
Gross Proceeds from Preferred Stock and Warrants | $ 15,000 | |||||||||||||||
Proceeds from Issuance of Preferred Stock, Preference Stock, and Warrants, Total | 13,906 | $ 0 | $ 0 | $ 13,906 | ||||||||||||
Stock Related Expenses Payable | $ 173 | |||||||||||||||
Preferred Stock Converted Into Common stock | 3,300,000 | 2,000 | ||||||||||||||
Payments of Stock Issuance Costs | 0 | $ 173 | $ 0 | |||||||||||||
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 | 141 | 1,389,000 | |||||||||||||
Proceeds from Issuance of Common Stock | $ 42,463 | $ 14,694 | $ 0 | |||||||||||||
Preferred Stock Convertible Conversion Price | $ 7.07 | $ 7.07 | ||||||||||||||
Conversion of Stock, Shares Converted | 921,000 | |||||||||||||||
Stockholders' Equity, Reverse Stock Split | [2] | 1-for-7 reverse | ||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||||||||||
Class Of Warrant Or Right Issued | 2,066,000 | |||||||||||||||
Stock Issued During Period, Value, New Issues | $ 34,000 | $ 11,058 | $ 14,694 | $ 14,218 | ||||||||||||
Shares Issued, Price Per Share | $ 1 | |||||||||||||||
Issuance of Stock and Warrants for Services or Claims | $ 131 | |||||||||||||||
Shares Subscription, Description | 1.1608 | |||||||||||||||
Stock Issued During Period, Reverse Stock Splits, Description | On October 30, 2017, the Board approved an amendment to the Company’s Articles of Incorporation to increase the number of shares of our common stock by 70,000 shares to 141,429 shares (the “Authorized Capital Amendment”), subject to the approval of such amendment by the stockholders. On December 21, 2017, a special meeting of the stockholders was convened (the “December Special Meeting”). In the definitive proxy statement dated November 24, 2017 filed by us with the SEC in respect of the December Special Meeting (the “November Proxy Statement”), the Board solicited the vote of the stockholders in favor of the Authorized Capital Amendment. The November Proxy Statement stated that broker non-votes in respect of the Authorized Capital Amendment would be counted as votes against the amendment. However, under relevant stock exchange rules, brokers had the discretionary authority to vote any shares held in their name on behalf of a beneficial owner (“Broker Shares”), and in respect of which the broker did not receive voting instruction from the beneficial owner, in favor of the Authorized Capital Amendment. As such, brokers voted approximately 17,628 Broker Shares, in respect of which the brokers had not received voting instructions from the beneficial owners of such shares, in favor of the Authorized Capital Amendment at the December Special Meeting. Accordingly, after taking into account such Broker Shares, the Authorized Capital Amendment was approved by the stockholders at the December Special Meeting. However, as disclosed in more detail under Item 3 to this Annual Report on Form 10-K, some stockholders of the Company have claimed that the disclosure in the November Proxy Statement in connection with the effect on the Authorized Capital Amendment of beneficial owners not providing voting instructions in respect of their Broker Shares was incorrect. Accordingly, stockholders will be asked to vote again on the Authorized Capital Amendment our 2018 Annual Meeting of Shareholders. Further information about such vote will be provided in the Company’s Proxy Statement relating to its 2018 Annual Meeting of Shareholders, to be filed with the SEC within 120 days of December 31, 2017. | |||||||||||||||
Payments for Repurchase of Warrants, Per share | $ 1.23 | |||||||||||||||
Puissance Cross-Border Opportunities II LLC [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 20,534,898,000 | |||||||||||||||
Warrant Repurchase Agreement [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Repurchase Price Per Share | $ 1.23 | 1.23 | ||||||||||||||
Number Of Warrant Shares Repurchased | 1,866,000 | |||||||||||||||
Payments for Repurchase of Warrants | $ 2,245 | |||||||||||||||
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 | |||||||||||||||
Common Stock, Outstanding, Percentage | 40.00% | |||||||||||||||
2016 Equity Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Conversion of Stock, Shares Issued | 267,000 | |||||||||||||||
Over-Allotment Option [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 998 | |||||||||||||||
Rights Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues | 13,465,000 | 13,465,000 | ||||||||||||||
Payments of Stock Issuance Costs | $ 286 | |||||||||||||||
Proceeds from Issuance of Common Stock | 13,179 | $ 13,179 | ||||||||||||||
Stock Issued During Period, Value, New Issues | 13,465 | |||||||||||||||
Backstop Investor Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 20,535 | |||||||||||||||
2017 Warrants [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.10 | $ 4.1 | ||||||||||||||
Class Of Warrant Or Right Issued | 1,866,000 | 1,866,000 | ||||||||||||||
2015 Warrants [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.74 | |||||||||||||||
Class Of Warrant Or Right Issued | 2,122,000 | 0 | ||||||||||||||
Information Agent Warrants [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 200,000 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.5 | $ 1.50 | ||||||||||||||
Class Of Warrant Or Right Issued | 200,000 | |||||||||||||||
Warrant [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,151,000 | |||||||||||||||
Preferred Shares and Warrants Purchase Price | $ 487 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 14 | |||||||||||||||
Payments of Stock Issuance Costs | $ 185 | |||||||||||||||
Warrant [Member] | Minimum [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.74 | $ 3.74 | ||||||||||||||
Warrant [Member] | Maximum [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 8.75 | $ 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 | |||||||||||||||
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 | 3,732,000 | 3,732,000 | 4,017,000 | 0 | ||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 1,866,000 | 88,000 | ||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 9.66 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 10,919 | |||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||||||||
Stock Issued During Period, Value, New Issues | $ 4 | $ 4 | $ 0 | |||||||||||||
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] | ||||||||||||||||
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 | 13,000 | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 0 | 0 | 15,000 | |||||||||||||
Amortization of Financing Costs and Discounts, Total | $ 10,345 | |||||||||||||||
Conversion of Stock, Shares Converted | 10,000 | |||||||||||||||
Stock Issued During Period, Value, New Issues | $ 0 | $ 0 | $ 0 | |||||||||||||
[1] | Refer to Note 13, Capitalization and Equity Structure Summary, for additional information regarding the calculation of the number of common stock shares authorized. | |||||||||||||||
[2] | The April 2017 Warrants were repurchased at a price of $1.23 per underlying share, as a result of the August 2017 Rights Offering. |
Stock-based Compensation (Detai
Stock-based Compensation (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2017shares | |
Available as of December 31, 2016 | 948 |
Granted | (1,872) |
Forfeited | 211 |
Expired | 151 |
Share pool increase | 5,400 |
Available as of December 31, 2017 | 4,838 |
Stock-based Compensation (Det75
Stock-based Compensation (Details 1) - 2014 Plan [Member] $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | |
Options Outstanding | |
Options Outstanding, Beginning Balance | shares | 2,477 |
Options Outstanding, Options Granted | shares | 1,112 |
Options Outstanding, Options Exercised | shares | (82) |
Options Outstanding, Options Forfeited | shares | (200) |
Options Outstanding, Options Expired | shares | (151) |
Options Outstanding, Ending Balance | shares | 3,156 |
Options Outstanding, Vested and expected to vest | shares | 3,156 |
Options Outstanding, Exercisable | shares | 1,581 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 6.50 |
Weighted Average Exercise Price, Options Granted | $ / shares | 1.79 |
Weighted Average Exercise Price, Options Exercised | $ / shares | 0.57 |
Weighted Average Exercise Price, Options Forfeited | $ / shares | 7.04 |
Weighted Average Exercise Price, Options Expired | $ / shares | 6.46 |
Weighted Average Exercise Price, Ending Balance | $ / shares | 4.96 |
Weighted Average Exercise Price, Vested and expected to vest | $ / shares | 4.96 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 6.35 |
Weighted Average Remaining Contractual Life (Years), Ending Balance | 7 years 8 months 5 days |
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest | 7 years 8 months 5 days |
Weighted Average Remaining Contractual Life (Years), Exercisable | 6 years 4 months 20 days |
Aggregate Intrinsic Value, Ending Balance | $ | $ 683 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 683 |
Aggregate Intrinsic Value, Exercisable | $ | $ 53 |
Stock-based Compensation (Det76
Stock-based Compensation (Details 2) shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 3,156 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 years 8 months 5 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 4.96 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 1,581 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 6.35 |
Exercise Price Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 0.49 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 1.25 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 700 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 9 years 5 months 5 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 1.16 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 32 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 0.49 |
Exercise Price Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 2.27 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 3.78 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 882 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 6 years 11 months 12 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 3.09 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 518 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 3.27 |
Exercise Price Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 3.97 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ 7 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Outstanding Options, Beginning Balance | shares | 877 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 years 4 months 20 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 5.82 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 563 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 6.25 |
Exercise Price Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | 7.07 |
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 | 697 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 7 years 2 months 16 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Exercise Price | $ 10.05 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options, Beginning Balance | shares | 468 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 10.29 |
Stock-based Compensation (Det77
Stock-based Compensation (Details 3) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Risk-free interest rate, minimum | 1.83% | 1.24% | 1.41% |
Risk-free interest rate, maximum | 2.37% | 2.37% | 2.50% |
Volatility, minimum | 77.00% | 77.00% | 73.00% |
Volatility, maximum | 88.00% | 83.00% | 76.00% |
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 3 months 7 days | 5 years 6 months 7 days |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 9 years 2 months 23 days | 10 years | 10 years |
Stock-based Compensation (Det78
Stock-based Compensation (Details 4) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unvested - Number of Shares | shares | 0 |
Granted - Number of Shares | shares | 760 |
Vested - Number of Shares | shares | (132) |
Forfeited - Number of Shares | shares | (11) |
Unvested - Number of Shares | shares | 617 |
Unvested - Weighted Average Grant - Date Fair Value | $ / shares | $ 1.65 |
Granted - Weighted Average Grant - Date Fair Value | $ / shares | 1.63 |
Vested - Weighted Average Grant - Date Fair Value | $ / shares | 1.59 |
Forfeited - Weighted Average Grant - Date Fair Value | $ / shares | 1.25 |
Unvested - Weighted Average Grant - Date Fair Value | $ / shares | $ 0 |
Stock-based Compensation (Det79
Stock-based Compensation (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | $ 2,414 | $ 3,121 | $ 1,731 |
Sales and marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | 485 | 677 | 579 |
Research and development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | 439 | 632 | 414 |
General and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | 1,304 | 1,812 | 738 |
Restructuring Charges [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated Share-based Compensation Expense | $ 186 | $ 0 | $ 0 |
Stock-based Compensation (Det80
Stock-based Compensation (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Oct. 30, 2017 | Aug. 31, 2017 | Jun. 30, 2017 | Jun. 20, 2017 | Jun. 10, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,838 | 948 | |||||||
Proceeds from Stock Options Exercised | $ 46 | $ 110 | $ 225 | ||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||||||||
Restricted Cash and Cash Equivalent Item, Agreement | Of the 760 RSUs granted and 132 RSUs vested during the year ended December 31, 2017, 120 were granted and 115 vested to employees terminated in connection with the restructuring in May 2017. | ||||||||
Restricted Stock Units (RSUs) [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 | $ 599 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 29 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 1,239 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 760 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.63 | ||||||||
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 | $ 3,301 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 18 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 86 | 103 | 1,089 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 2,192 | $ 2,456 | $ 1,138 | ||||||
Proceeds from Stock Options Exercised | $ 46 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.26 | $ 3.52 | $ 5.74 | ||||||
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 | 4,400 | 4,714 | 3,714 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 2,955 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 4,838 | ||||||||
Share based Compensation Arrangement By Share Based Payment Award Shares Withheld To Cover Exercise Amount | 25,205 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 356 | 1,000 | 1,656 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,058 | ||||||||
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, Number of Shares Authorized | 4,714 | ||||||||
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, Number of Shares Authorized | 9,114 | ||||||||
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 | ||||||||
Employee Stock Purchase Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 500 | ||||||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 25.00% | ||||||||
Defined Contribution Plan, Maximum Annual Contributions Percentage,Thereafter | 85.00% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | |||
Domestic | $ (26,434) | $ (21,458) | $ (19,918) |
Foreign | (2,688) | (2,012) | 328 |
Loss before income taxes | $ (29,122) | $ (23,470) | $ (19,590) |
Income Taxes (Details 1)
Income Taxes (Details 1) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Federal tax at statutory rate | 34.00% | 34.00% | 34.00% |
State tax, net of federal tax effect | 0.00% | 0.00% | 0.00% |
R&D credit | 1.20% | 0.90% | 0.50% |
Change in valuation allowance | 18.90% | (40.80%) | (38.40%) |
Deferred tax impacts of the Tax Act | (59.10%) | 0.00% | 0.00% |
Unrealized (gain) loss on warrant | 3.10% | 6.20% | 4.30% |
Foreign | (0.40%) | (0.40%) | 0.50% |
Other | 2.30% | 0.30% | 0.10% |
Total tax expense | 0.00% | 0.00% | 0.00% |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred tax assets: | ||
Depreciation and other | $ 242 | $ 61 |
Net operating loss carryforwards | 31,590 | 35,647 |
Unused R& D tax credits | 1,359 | 872 |
Accruals & reserves | 524 | 951 |
Deferred Revenue | 253 | 246 |
Stock Compensation | 2,277 | 2,430 |
Other | 42 | 86 |
Deferred tax liabilities: | ||
Depreciation and other | 0 | 0 |
Prepaid expenses | (314) | (168) |
Less: Valuation allowance | (35,973) | (40,125) |
Net deferred tax asset (liability) | $ 0 | $ 0 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance | $ 335 | $ 199 | $ 143 | $ 93 |
Increase (decrease) of unrecognized tax benefits taken in prior years | 33 | 4 | (19) | 4 |
Increase of unrecognized tax benefits related to current year | 119 | 132 | 75 | 46 |
Balance | $ 487 | $ 335 | $ 199 | $ 143 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 17,220 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 4,153 | $ 10,827,000 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% | 34.00% | |
Scenario, Plan [Member] | ||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | |||
Federal | ||||
Operating Loss Carryforwards | $ 120,366,000 | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2027 | |||
Federal | Employee Stock Option [Member] | ||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 1,749,000 | |||
Federal | Research Tax Credit Carryforward [Member] | ||||
Operating Loss Carryforwards | 1,294,000 | |||
State | ||||
Operating Loss Carryforwards | 84,466,000 | |||
Operating Loss Carryforwards, Expiration Date | Dec. 31, 2017 | |||
State | Employee Stock Option [Member] | ||||
Deferred Tax Assets, Net of Valuation Allowance, Total | 689,000 | |||
Open Tax Year | 2,007 | |||
State | Research Tax Credit Carryforward [Member] | ||||
Operating Loss Carryforwards | 655,000 | |||
Foreign Tax Authority [Member] | ||||
Operating Loss Carryforwards | $ 4,701,000 |
Contingencies and Commitments86
Contingencies and Commitments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Payments Due By Period, Less than one year | $ 3,224 |
Payments Due By Period, 1 -3 Years | 6,950 |
Payments Due By Period, 3-5 Years | 707 |
Payments Due By Period, Total | 10,881 |
Facility operating lease [Member] | |
Payments Due By Period, Less than one year | 622 |
Payments Due By Period, 1 -3 Years | 1,858 |
Payments Due By Period, 3-5 Years | 266 |
Payments Due By Period, Total | 2,746 |
Capital lease [Member] | |
Payments Due By Period, Less than one year | 37 |
Payments Due By Period, 1 -3 Years | 59 |
Payments Due By Period, 3-5 Years | 0 |
Payments Due By Period, Total | 96 |
Term Loan [Member] | |
Payments Due By Period, Less than one year | 2,565 |
Payments Due By Period, 1 -3 Years | 5,033 |
Payments Due By Period, 3-5 Years | 441 |
Payments Due By Period, Total | $ 8,039 |
Contingencies and Commitments87
Contingencies and Commitments (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Future minimum annual royalties: | |
Payments Due By Period, Less than one year | $ 3,224 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 2,453 | $ 1,597 | $ 1,867 | $ 1,436 | $ 2,587 | $ 1,596 | $ 1,552 | $ 8,486 | $ 7,353 | $ 14,221 | $ 8,661 |
Cost of revenue | 5,284 | 11,274 | 7,482 | ||||||||
Gross profit | $ 777 | $ 544 | $ 396 | $ 352 | $ 843 | $ 403 | $ 203 | $ 1,498 | 2,069 | 2,947 | 1,179 |
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 7,315 | 13,434 | 4,352 | ||||||||
Cost of revenue | 5,270 | 10,715 | 3,926 | ||||||||
Gross profit | 2,045 | 2,719 | 426 | ||||||||
Medical [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 5,831 | 12,181 | 4,352 | ||||||||
Cost of revenue | 4,164 | 9,767 | 3,926 | ||||||||
Gross profit | 1,667 | 2,414 | 426 | ||||||||
Engineering Services [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 38 | 787 | 4,309 | ||||||||
Cost of revenue | 14 | 559 | 3,556 | ||||||||
Gross profit | 24 | 228 | 753 | ||||||||
Industrial [Member] | Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 1,484 | 1,253 | 0 | ||||||||
Cost of revenue | 1,106 | 948 | 0 | ||||||||
Gross profit | $ 378 | $ 305 | $ 0 |
Segment Disclosures (Details 1)
Segment Disclosures (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 2,453 | $ 1,597 | $ 1,867 | $ 1,436 | $ 2,587 | $ 1,596 | $ 1,552 | $ 8,486 | $ 7,353 | $ 14,221 | $ 8,661 |
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 4,958 | 9,042 | 6,382 | ||||||||
All Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 2,395 | $ 5,179 | $ 2,279 |
Quarterly Data (Unaudited) (Det
Quarterly Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||||
Revenue | $ 2,453 | $ 1,597 | $ 1,867 | $ 1,436 | $ 2,587 | $ 1,596 | $ 1,552 | $ 8,486 | $ 7,353 | $ 14,221 | $ 8,661 | ||||||
Gross profit | 777 | 544 | 396 | 352 | 843 | 403 | 203 | 1,498 | 2,069 | 2,947 | 1,179 | ||||||
Net loss | (8,978) | (6,335) | (5,507) | (8,302) | (5,576) | (8,478) | (5,765) | (3,651) | (29,122) | (23,470) | (19,590) | ||||||
Net loss applicable to common shareholders | $ (8,978) | $ (6,335) | $ (5,507) | $ (8,302) | $ (5,576) | $ (11,494) | $ (9,970) | $ (6,775) | $ (29,122) | $ (33,815) | [1] | $ (24,245) | |||||
Basic and diluted net loss per share (In dollars per share) | [2] | $ (0.15) | $ (0.18) | $ (0.22) | $ (0.38) | ||||||||||||
Basic net loss per share (In dollars per share) | $ (0.29) | [2] | $ (0.60) | [2] | $ (0.61) | [2] | $ (0.44) | [2] | $ (0.82) | $ (1.87) | [1] | $ (1.66) | |||||
Diluted net loss per share (In dollars per share) | $ (0.35) | [2] | $ (0.60) | [2] | $ (0.61) | [2] | $ (0.44) | [2] | $ (0.82) | $ (2.05) | [1] | $ (1.83) | |||||
[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 $0.13 per share (see Note 2. Basis of Presentation and Summary of Significant Accounting Policies and Estimates Medical Device Revenue and Cost of Revenue Recognition). | ||||||||||||||||
[2] | Quarterly net loss per common share amounts may not total to the annual amounts due to rounding and the changes in the number of weighted common shares outstanding and included in the calculation of basic and diluted common shares. |
Subsequent events (Details Text
Subsequent events (Details Textual) - Subsequent Event [Member] - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | |
Mar. 31, 2018 | Jan. 31, 2018 | |
Subsequent Event [Line Items] | ||
Subsequent Event, Description | In January 2018, the Company announced the resignation of Mr. Russdon Angold from his position as President of the EksoWorks business unit and from all other positions with the company. In connection with his departure, the Company will pay $232 in severance over the 12-month period following Mr. Angold’s separation. The Company also accelerated all of Mr. Angold’s stock options that would have vested in the twelve months following his separation and extended the post-termination exercise period of his stock options from three months to six years, or, if earlier, until the latest date that such stock options could have been exercised under the terms of the original award.Additionally, in January 2018, the Company issued 221 shares of common stock to each eligible employee’s deferral account for the 401(k) Plan matching contribution for the year ended December 31, 2017. | |
Stock Issued During Period, Shares, Employee Benefit Plan | 221 | |
Mr. Russdon Angold [Member] | ||
Subsequent Event [Line Items] | ||
Subsequent Event, Description | In January 2018, the Company announced the resignation of Mr. Russdon Angold from his position as President of the EksoWorks business unit and from all other positions with the company. In connection with his departure, the Company will pay $232 in severance over the 12-month period following Mr. Angold’s separation. The Company also accelerated all of Mr. Angold’s stock options that would have vested in the twelve months following his separation and extended the post-termination exercise period of his stock options from three months to six years, or, if earlier, until the latest date that such stock options could have been exercised under the terms of the original award.Additionally, in January 2018, the Company issued 221 shares of common stock to each eligible employee’s deferral account for the 401(k) Plan matching contribution for the year ended December 31, 2017. | |
Due to Officers or Stockholders, Current | $ 232 | |
Thomas Looby [Member] | ||
Subsequent Event [Line Items] | ||
Subsequent Event, Description | In March 2018, the Company announced the resignation of Thomas Looby as the President, Chief Executive Officer and as a member of the Board of Directors of the Company and from all other positions with the Company. In connection with his departure, the Company will pay $361 in severance over the 12-month period following Mr. Looby’s separation plus an additional lump sum of $5 soon after the effective date of his separation agreement. The Company also accelerated all of Mr. Angold’s stock options that would have vested in the twelve months following his separation and extended the post-termination exercise period of his stock options from three months to eight years, or, if earlier, until the latest date that such stock options could have been exercised under the terms of the original award. | |
Due to Officers or Stockholders, Current | $ 361 | |
Additional Amount Due To Related Parties | $ 5 | |
Maximum [Member] | Thomas Looby [Member] | ||
Subsequent Event [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 8 years | |
Minimum [Member] | Thomas Looby [Member] | ||
Subsequent Event [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years |