Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | EKSO BIONICS HOLDINGS, INC. | |
Entity Central Index Key | 1,549,084 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Trading Symbol | EKSO | |
Entity Common Stock, Shares Outstanding | 60,354,941 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash | $ 20,572 | $ 27,813 |
Accounts receivable, net of allowances of $196 and $212, respectively | 3,574 | 2,760 |
Inventories, net | 2,833 | 3,025 |
Prepaid expenses and other current assets | 958 | 1,339 |
Total current assets | 27,937 | 34,937 |
Property and equipment, net | 2,350 | 2,249 |
Intangible assets, net | 359 | 491 |
Goodwill | 189 | 189 |
Other assets | 124 | 122 |
Total assets | 30,959 | 37,988 |
Current liabilities: | ||
Accounts payable | 3,392 | 2,420 |
Accrued liabilities | 3,011 | 3,503 |
Deferred revenues, current | 1,292 | 1,103 |
Note payable, current | 2,333 | 2,139 |
Total current liabilities | 10,028 | 9,165 |
Deferred revenues | 766 | 816 |
Note payable, net | 4,290 | 4,830 |
Warrant liability | 916 | 1,648 |
Contingent liabilities | 73 | 81 |
Other non-current liabilities | 47 | 57 |
Total liabilities | 16,120 | 16,597 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity: | ||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding at March 31, 2018 and December 31, 2017 | 0 | 0 |
Common stock, $0.001 par value; 141,429(1) shares authorized; 60,355 and 59,943, shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 60 | 60 |
Additional paid-in capital | 167,381 | 165,825 |
Accumulated other comprehensive loss | (547) | (340) |
Accumulated deficit | (152,055) | (144,154) |
Total stockholders' equity | 14,839 | 21,391 |
Total liabilities and stockholders' equity | $ 30,959 | $ 37,988 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets [Parenthetical] - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | |
Accounts receivable, allowance | $ 196 | $ 212 | |
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 | 60,355 | 59,943 | |
Common Stock, Shares, Outstanding | 60,355 | 59,943 | |
[1] | Refer to Note 11, Capitalization and Equity Structure Summary, for additional information regarding the calculation of the number of common stock shares authorized. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue: | ||
Device and related | $ 2,518 | $ 1,408 |
Engineering services | 0 | 28 |
Total revenue | 2,518 | 1,436 |
Cost of revenue: | ||
Device and related | 1,751 | 1,077 |
Engineering services | 0 | 7 |
Total cost of revenue | 1,751 | 1,084 |
Gross profit | 767 | 352 |
Operating expenses: | ||
Sales and marketing | 3,853 | 3,067 |
Research and development | 1,808 | 2,873 |
General and administrative | 3,738 | 2,542 |
Change in fair value, contingent consideration | (19) | 11 |
Total operating expenses | 9,380 | 8,493 |
Loss from operations | (8,613) | (8,141) |
Other income (expense), net: | ||
Interest expense | (163) | (119) |
Gain (loss) on warrant liability | 732 | (69) |
Other income, net | 143 | 27 |
Total other income (expense), net | 712 | (161) |
Net loss | (7,901) | (8,302) |
Foreign currency translation loss | (207) | (30) |
Comprehensive loss | $ (8,108) | $ (8,332) |
Basic and diluted net loss per share | $ (0.13) | $ (0.38) |
Weighted average number of shares of common stock, basic and diluted | 60,146 | 21,899 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities: | ||
Net loss | $ (7,901) | $ (8,302) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 428 | 445 |
Inventory allowance expense | 130 | 0 |
Provision for doubtful accounts | (16) | 0 |
(Gain) loss on change in fair value of warrant liabilities | (732) | 69 |
Stock-based compensation expense | 892 | 394 |
Accretion of final payment fee of debt | 23 | 24 |
Amortization of debt discounts | 20 | 21 |
(Gain) loss on change in fair value of contingent liabilities | (19) | 12 |
Common stock contribution to 401(k) plan | 56 | 0 |
Unrealized gain on foreign currency transactions | (153) | (34) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (798) | 532 |
Inventories | (286) | (470) |
Prepaid expense and other assets | 379 | (188) |
Deferred costs of revenue | 0 | (46) |
Accounts payable | 1,011 | 988 |
Accrued liabilities | 80 | (820) |
Deferred revenues | 141 | 121 |
Net cash used in operating activities | (6,745) | (7,254) |
Investing activities: | ||
Acquisition of property and equipment | (31) | (138) |
Net cash used in investing activities | (31) | (138) |
Financing activities: | ||
Principal payments on note payable | (399) | (22) |
Proceeds from exercise of stock options | 0 | 24 |
Net cash (used in) provided by financing activities | (399) | 2 |
Effect of exchange rate changes on cash | (66) | (30) |
Net decrease in cash | (7,241) | (7,420) |
Cash at beginning of period | 27,813 | 16,846 |
Cash at end of period | 20,572 | 9,426 |
Supplemental disclosure of non-cash activities: | ||
Transfer of equipment from inventory | 348 | 207 |
Share issuance for common stock contribution to 401(k) plan | 508 | 0 |
Share issuance for employee bonuses | 190 | 0 |
Equipois sales earn-out | 28 | 0 |
Cumulative retrospective adjustment to retained earnings for ASU 2016-09 adoption | $ 0 | $ 171 |
Organization
Organization | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Description of Business Ekso Bionics Holdings, Inc. (the “Company”) designs, develops and sells exoskeleton technology to augment human strength, endurance and mobility. The Company’s exoskeleton technology serves multiple markets and can be used both by able-bodied users as well as by persons with physical disabilities. The Company has sold, rented or leased devices that (a) enable individuals with neurological conditions affecting gait (stroke and spinal cord injury) to rehabilitate and to walk again and (b) allow industrial workers to perform heavy duty work for extended periods. Founded in 2005, the Company is headquartered in the Bay Area and is listed on the Nasdaq Capital Market under the symbol “EKSO”. Liquidity and Going Concern As of March 31, 2018, the Company had an accumulated deficit of $ 152,055 6,745 Cash on hand at March 31, 2018 was $ 20,572 27,813 Long-Term Debt 5,526 15,046 Based upon the Company’s current cash resources, the recent rate of using cash for operations and investment, and assuming modest increases in current revenue offset by incremental increases in expenses related to increased sales and marketing and research and development, and a potential increase in rental activity from its medical device business, the Company believes it has sufficient resources to meet its financial obligations into the first quarter of 2019. The Company will require significant additional financing. The Company is actively pursuing opportunities to obtain additional financing in the future through public or private equity and/or debt financings, corporate collaborations, or warrant solicitations. The Company’s actual capital requirements may vary significantly and will depend on many factors. The Company plans to continue its investments (i) in its clinical and sales 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 the Company 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. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies and Estimates | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Estimates | 2. Basis of Presentation and Summary of Significant Accounting Policies and Estimates In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements for the fiscal year ended December 31, 2017, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and therefore, omit certain information and footnote disclosure necessary to present the financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, which was filed with the SEC on March 13, 2018. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the entire fiscal year or any future periods. The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to: revenue recognition, deferred revenue and the deferral of the associated costs, future warranty costs, maintenance and planned improvement costs associated with medical device units sold prior to 2016, useful lives assigned to long-lived assets, realizability of deferred tax assets, the valuation of options and warrants, and contingencies. Actual results could differ from those estimates. Inventories are recorded at the lower of cost or net realizable value. Cost is determined using the standard 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 labor and manufacturing 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. The Company’s 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. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. Nature of Products and Services The Company’s medical device segment revenue is generated through the sales of the Ekso GT, associated software (SmartAssist, VariableAssist), accessories, and support and maintenance contracts (Ekso Care). Revenue from medical device product sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility for sales of the Ekso GT, software and accessories. Ekso Care support and maintenance contracts extend coverage beyond the Company’s standard warranty agreements. The separately priced Ekso Care contracts range from 12 to 48 months. The Company receives payment at the inception of the contract and recognize revenue over the term of the agreement. The Company’s industrial device segment revenue is generated by the sales of the support arm (EksoZeroG) and the upper body exoskeleton (EksoVest). Revenue from industrial device sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility for sales of the EksoZeroG and EksoVest. The Company’s engineering services segment revenue is generated by collaborative arrangements or government grants. Cost reimbursements or grant revenue are recognized over the life of the contract in proportion to the costs incurred in satisfying the obligations under the contract. Refer to Note 6 Revenue Recognition for further information, including revenue disaggregated by source. The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with Accounting Standards Codification 205-40. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains its 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 to and services performed for customers. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and records an allowance for credit losses, as needed. The Company has not experienced any material losses related to accounts receivable as of March 31, 2018 and December 31, 2017. As of March 31, 2018, the Company had one customer with an accounts receivable balance totaling 10 15 10 In the three months ended March 31, 2018, the Company had one customer with sales of 10 11 26 In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. In May 2014, the FASB issued 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 prior 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. Effective January 1, 2018, the Company adopted the new standard using the modified retrospective transition method. The adoption did not result in a cumulative adjustment to the Company’s consolidated balance sheet as of January 1, 2018, nor did it materially impact the aggregate amount and timing of the Company’s revenue recognition subsequent to adoption. The Company has provided enhanced revenue recognition disclosures as required by the new standard (Refer to Note 6, Revenue Recognition |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Accumulated Other Comprehensive Loss | 3. Accumulated Other Comprehensive Loss Foreign Currency Translation Balance at December 31, 2017 $ (340) Other comprehensive loss before reclassification (207) Balance at March 31, 2018 $ (547) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. 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 March 31, 2018 Liabilities Warrant liabilities $ 916 $ - $ - $ 916 Contingent consideration liability $ 33 $ - $ - $ 33 Contingent success fee liability $ 40 $ - $ - $ 40 December 31, 2017 Liabilities Warrant liability $ 1,648 $ - $ - $ 1,648 Contingent consideration liability $ 42 $ - $ - $ 42 Contingent success fee liability $ 39 $ - $ - $ 39 Warrant Liability Contingent Consideration Liability Contingent Success Fee Liability Balance at December 31, 2017 $ 1,648 $ 42 $ 39 Gain on revaluation of warrants issued in conjunction with 2015 financing (732) - - Gain on revaluation of fair value obligation - (19) - Reclassification from accrued liabilities - 10 - Loss on revaluation of fair value obligation - - 1 Balance at March 31, 2018 $ 916 $ 33 $ 40 Refer to Note 11 Capitalization and Equity Structure Warrants for additional information regarding the valuation of warrants. |
Inventories, net
Inventories, net | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories, net | 5. Inventories, net Inventories consisted of the following: March 31, 2018 December 31, 2017 Raw materials $ 1,632 $ 1,562 Work in progress 211 - Finished goods 990 1,463 $ 2,833 $ 3,025 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition Disclosure [Abstract] | |
Revenue Recognition Disclosure | 6. Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. Revenue recognition is evaluated based on the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are determined based on observable prices at which the Company separately sells its products or services. If a standalone selling price is not directly observable, the Company estimates the selling price based on market conditions and entity-specific factors including features and functionality of the product and/or services, the geography of our customers, type of the Company’s markets. Any discounts or other reductions to the transaction price are allocated proportionately to all performance obligations within the multiple-element arrangement. Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers and receipt of payment. For the sale of its products, the Company generally recognizes revenue at a point in time through the ship-and-bill performance obligations. For service agreements, the Company generally invoices customers at the beginning of the coverage period and record revenue related to the billed amounts over time, equivalent to the coverage period of the maintenance and support contract. Deferred revenue is comprised mainly of unearned revenue related to extended support and maintenance contracts (Ekso Care) but also includes other offerings for which the Company has been paid in advance and earn revenue when the Company transfers control of the product or service. March 31, December 31, 2018 2017 Deferred extended maintenance and support $ 1,903 $ 1,763 Deferred rental income 71 73 Customer deposits and advances 49 52 Deferred medical device revenues 35 31 Total deferred revenues 2,058 1,919 Less current portion (1,292) (1,103) Deferred revenues, non-current $ 766 $ 816 Three months ended March 31, 2018 Beginning balance $ 1,919 Deferral of revenue 703 Recognition of deferred revenue (564) Ending balance $ 2,058 At March 31, 2018, our deferred revenue, was $ 2,058 . 712 543 754 As of March 31, 2018, and December 31, 2017, accounts receivable, net of allowance for doubtful accounts, were $3,574 and $2,760, respectively, and are included in current assets on the Company’s consolidated balance sheets. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. Disaggregation of revenue Device and Related Medical Industrial Total Device revenue $ 1,663 $ 386 $ 2,049 Service, support and rentals 387 - 387 Parts and other 72 10 82 $ 2,122 $ 396 $ 2,518 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure | 7. Intangible Assets Cost Accumulated Amortization Net Developed technology $ 1,160 $ (902) $ 258 Customer relationships 70 (54) 16 Customer trade name 380 (295) 85 $ 1,610 $ (1,251) $ 359 Estimated future amortization for the remainder of 2018 is $ 359 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2018 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities | 8. Accrued Liabilities March 31, December 31, 2018 2017 Salaries, benefits and related expenses $ 2,301 $ 2,850 Device maintenance 121 121 Device warranty 283 232 Clinical trials 180 136 Capital lease obligation 34 34 Other 92 130 Total $ 3,011 $ 3,503 Maintenance Warranty Total Balance at December 31, 2017 $ 121 $ 232 $ 353 Additions for estimated future expense - 82 82 Incurred costs - (31) (31) Balance at March 31, 2018 $ 121 $ 283 $ 404 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. Long-Term Debt In December 2016, 7,000 bears interest on the outstanding daily balance at a floating per annum rate equal to the 30-day U.S. LIBOR plus 5.41% The loan agreement created a first priority security interest with respect to substantially all assets of the Company, including proceeds of intellectual property, but expressly excluding intellectual property itself. The Company was 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 245 120 Company’s condensed consolidated balance sheets. 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 The success fee is classified as a liability on the condensed consolidated balance sheets. At March 31, 2018, the fair value of the contingent success fee liability was $ 40 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 $ 5,526 20,572 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 9.67 Period Amount 2018 $ 1,750 2019 2,333 2020 2,333 2021 440 Total principal payments 6,856 Less accreted portion of final payment fee, net of issuance cost and success fee discounts 233 Long-term debt, net $ 6,623 Current portion 2,333 Long-term portion 4,290 Long-term debt, net $ 6,623 |
Lease Obligations
Lease Obligations | 3 Months Ended |
Mar. 31, 2018 | |
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 Lease Operating Leases 2018 remainder $ 28 $ 473 2019 37 643 2020 22 656 2021 - 576 2022 - 268 Total minimum payments 87 $ 2,616 Less interest (5) Present value minimum payments 82 Less current portion (34) Long-term portion $ 48 Rent expense under the Company’s operating leases was $ 143 101 |
Capitalization and Equity Struc
Capitalization and Equity Structure | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Capitalization and Equity Structure | 11. Capitalization and Equity Structure Summary The Company’s authorized capital stock at March 31, 2018 consisted of 141,429 10,000 60,355 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 Warrants Source Exercise Term December 31, Issued Expired March 31, 2018 Information Agent Warrants $ 1.50 3 200 - - 200 2015 Warrants $ 3.74 5 1,604 - - 1,604 2014 PPO and Merger Placement agent warrants $ 7.00 5 426 - - 426 PPO warrants $ 14.00 5 1,078 - - 1,078 Pre-2014 warrants $ 9.66 9-10 88 - - 88 3,396 - - 3,396 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 2015 Warrants In December 2015, the Company issued warrants to purchase 2,122 3.74 The warrant liability related to the 2015 Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black Scholes Option Pricing Model to measure the fair value of the 2015 warrants as of March 31, 2018: Current share price $ 1.58 Conversion price $ 3.74 Risk-free interest rate 2.36 % Term (years) 2.75 Volatility of stock 90 % |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments | 12. Stock-based Compensation In June 2017, the Company’s stockholders approved an amendment of the Company’s Amended and Restated 2014 Equity Incentive Plan (the “2014 Plan”) to increase the number of shares available for grant by 1,000 4,714 On 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 March 31, 2018, there were 5,162 Stock Options Weighted- Average Weighted- Remaining Aggregate Stock Average Contractual Intrinsic Awards Exercise Price Life (Years) Value Balance as of December 31, 2017 3,156 $ 4.96 Options granted 38 $ 1.83 Options exercised - $ - Options forfeited (289) $ 5.19 Options cancelled (7) $ 4.45 Balance as of March 31, 2018 2,898 $ 4.89 6.90 $ 297 Vested and expected to vest at March 31, 2018 2,898 $ 4.89 6.90 $ 297 Exercisable as of March 31, 2018 1,851 $ 6.10 5.66 $ 50 As of March 31, 2018, total unrecognized compensation cost related to unvested stock options was $ 1,809 2.29 Three months ended March 31, 2018 2017 Dividend yield Risk-free interest rate 2.74 % 2.05% - 2.40 % Expected term (in years) 10 6-10 Volatility 88 % 80%-82 % 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 restricted stock unit 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 Shares Weighted- Average Grant Date Fair Value Unvested as of January 1, 2018 617 $ 1.65 Granted 35 $ 1.73 Vested (466) $ 1.32 Forfeited (61) $ 2.85 Unvested at March 31, 2018 125 $ 2.27 As of March 31, 2018, $ 159 2.96 Compensation Expense Three months ended March 31, 2018 2017 Sales and marketing $ 109 $ 20 Research and development 179 101 General and administrative 604 273 $ 892 $ 394 401(k) Plan Share Match In August 2017, the Company’s Board of Directors approved a match benefit to the Ekso Bionics 401(k) plan (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 During the three months ended March 31, 2018, the Company issued 221 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes There were no material changes to the unrecognized tax benefits in the three months ended March 31, 2018, and the Company does not expect significant changes to unrecognized tax benefits through the end of the fiscal year. Because of the Company’s history of tax losses, all years remain open to tax examination. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies Material Contracts The Company enters 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 with the Regents of the University of California to maintain exclusive rights to certain patents. Pursuant to those license agreements, the Company is 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 the developer of certain intellectual property related to mechanical balance and support arm technologies, which grants the Company 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 pays the developer a single-digit royalty on net receipts, subject to a $ 50 Contingencies In the normal course of business, the Company is subject to various legal matters. In the opinion of management, the resolution of such matters will not have a material adverse effect on the Company’s condensed consolidated financial statements. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 15. Net Loss Per Share Three months ended 2018 2017 Numerator: Net loss Basic $ (7,901) $ (8,302) Adjustment for revaluation of warrant liability - - Diluted $ (7,901) $ (8,302) Denominator: Weighted-average number of shares, basic 60,146 21,899 Effect of dilutive warrants - - Weighted-average numbers of shares, diluted 60,146 21,899 Net loss per share, basic $ (0.13) $ (0.38) Net loss per share, diluted $ (0.13) $ (0.38) Three months ended 2018 2017 Options to purchase common stock 2,898 2,466 Restricted stock 125 - Warrants for common stock 3,396 3,226 Total common stock equivalents 6,419 5,692 |
Segment Disclosures
Segment Disclosures | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Disclosures | 16. Segment Disclosures The Company has three reportable segments: Medical Devices, Industrial Sales, and Engineering Services. The Medical Devices segment designs and engineers technology for, and commercializes, manufactures, and sells exoskeletons for applications in the medical markets. The Industrial Sales segment designs, engineers, commercializes, manufactures, 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 Three months ended March 31, 2018 Revenue $ 2,122 $ 396 $ 2,518 $ - $ 2,518 Cost of revenue 1,387 364 1,751 - 1,751 Gross profit $ 735 $ 32 $ 767 $ - $ 767 Three months ended March 31, 2017 Revenue $ 870 $ 538 $ 1,408 $ 28 $ 1,436 Cost of revenue 721 356 1,077 7 1,084 Gross profit $ 149 $ 182 $ 331 $ 21 $ 352 Three months ended March 31, 2018 2017 United States $ 1,353 $ 931 All Other 1,165 505 $ 2,518 $ 1,436 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 17. Related Party Transactions In September 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 In March 2018, Charles Li, Ph. D., was appointed to the Board of Directors and as a member of the Audit Committee and the Nominating and Corporate Governance Committee. Dr. Li is a senior analyst at Puissance Capital Management. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Subsequent Events On May 7, 2018, Maximilian Scheder-Bieschin announced that he will be retiring as the Company’s Chief Financial Officer in accordance with the terms of a Transition Service Agreement (the “Transition Agreement”). Mr. Scheder-Bieschin will continue serving as the Company’s Chief Financial Officer until the earlier of (x) July 31, 2018, or (y) the date on which the Company appoints a new chief financial officer, but no later than September 30, 2018 (such period of employment, the “Transition Period”). At the end of the Transition Period and subject to compliance with the restrictive covenants set forth in the employment agreement and the execution and non-revocation of releases of claims in favor of the Company, Mr. Scheder-Bieschin will be entitled to the following severance payments and benefits: (i) an amount equal to his current annual base salary for a period of 12 months following the end of the Transition Period (the “Severance Period”); (ii) if the Company pays bonuses to other senior executive officers for services performed in 2018, an amount equal to his annual bonus, based on actual Company performance, pro-rated for number of days he is an employee of the Company in fiscal year 2018; (iii) any equity awards held by Mr. Scheder-Bieschin that would have become vested or exercisable during the Severance Period had he continued to be employed by the Company shall become vested and exercisable on the last day of the Transition Period, and all such stock options shall remain exercisable until the expiration of the option term set forth in the applicable award agreement; (iv) an amount in cash (less all applicable employment and tax withholdings) equal to the amount of the employer matching contributions that would otherwise be made under the Company’s defined contribution retirement plan as if he had remained employed until December 31, 2018; and (v) payment of a portion of Mr. Scheder-Bieschin’s COBRA premiums for the duration of Severance Period to the same extent as the Company contributed to his health insurance premium cost prior to his retirement. At the Company’s discretion, the cash amounts set forth in clauses (ii) and (iv) of the preceding sentence may be satisfied by issuing to Mr. Scheder-Bieschin a whole number of shares of Company’s common stock having an aggregate grant date fair market value equal to such cash amounts, with any amount that would result in a fractional share to be paid in cash. Following the end of the Transition Period, the Company and Mr. Scheder-Bieschin will agree to a consulting arrangement for the duration of a period that is mutually agreed upon by the parties but in no event extending beyond December 31, 2018. The Company will pay Mr. Scheder-Bieschin $250 per hour or $1,400 per day during any such consulting period and unless expressly agreed |
Basis of Presentation and Sum24
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements for the fiscal year ended December 31, 2017, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and therefore, omit certain information and footnote disclosure necessary to present the financial statements in accordance with generally accepted accounting principles in the United States (“GAAP”). These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017, which was filed with the SEC on March 13, 2018. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results to be expected for the entire fiscal year or any future periods. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to: revenue recognition, deferred revenue and the deferral of the associated costs, future warranty costs, maintenance and planned improvement costs associated with medical device units sold prior to 2016, useful lives assigned to long-lived assets, realizability of deferred tax assets, the valuation of options and warrants, and contingencies. Actual results could differ from those estimates. |
Inventory | Inventory Inventories are recorded at the lower of cost or net realizable value. Cost is determined using the standard 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 labor and manufacturing 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. The Company’s 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. |
Revenue Recognition | Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. Nature of Products and Services The Company’s medical device segment revenue is generated through the sales of the Ekso GT, associated software (SmartAssist, VariableAssist), accessories, and support and maintenance contracts (Ekso Care). Revenue from medical device product sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility for sales of the Ekso GT, software and accessories. Ekso Care support and maintenance contracts extend coverage beyond the Company’s standard warranty agreements. The separately priced Ekso Care contracts range from 12 to 48 months. The Company receives payment at the inception of the contract and recognize revenue over the term of the agreement. The Company’s industrial device segment revenue is generated by the sales of the support arm (EksoZeroG) and the upper body exoskeleton (EksoVest). Revenue from industrial device sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility for sales of the EksoZeroG and EksoVest. The Company’s engineering services segment revenue is generated by collaborative arrangements or government grants. Cost reimbursements or grant revenue are recognized over the life of the contract in proportion to the costs incurred in satisfying the obligations under the contract. Refer to Note 6 Revenue Recognition for further information, including revenue disaggregated by source. |
Going Concern | Going Concern The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with Accounting Standards Codification 205-40. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains its 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 to and services performed for customers. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and records an allowance for credit losses, as needed. The Company has not experienced any material losses related to accounts receivable as of March 31, 2018 and December 31, 2017. As of March 31, 2018, the Company had one customer with an accounts receivable balance totaling 10 15 10 In the three months ended March 31, 2018, the Company had one customer with sales of 10 11 26 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842) In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In May 2014, the FASB issued 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 prior 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. Effective January 1, 2018, the Company adopted the new standard using the modified retrospective transition method. The adoption did not result in a cumulative adjustment to the Company’s consolidated balance sheet as of January 1, 2018, nor did it materially impact the aggregate amount and timing of the Company’s revenue recognition subsequent to adoption. The Company has provided enhanced revenue recognition disclosures as required by the new standard (Refer to Note 6, Revenue Recognition |
Accumulated Other Comprehensi25
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Text Block [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The change in accumulated other comprehensive loss presented on the condensed consolidated balance sheets and the impact of significant amounts reclassified from accumulated other comprehensive (loss) income on information presented in the condensed consolidated statements of operations and comprehensive loss for the three months ending March 31, 2018 are reflected in the table below, net of tax: Foreign Currency Translation Balance at December 31, 2017 $ (340) Other comprehensive loss before reclassification (207) Balance at March 31, 2018 $ (547) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 are as follows: Total Level 1 Level 2 Level 3 March 31, 2018 Liabilities Warrant liabilities $ 916 $ - $ - $ 916 Contingent consideration liability $ 33 $ - $ - $ 33 Contingent success fee liability $ 40 $ - $ - $ 40 December 31, 2017 Liabilities Warrant liability $ 1,648 $ - $ - $ 1,648 Contingent consideration liability $ 42 $ - $ - $ 42 Contingent success fee liability $ 39 $ - $ - $ 39 |
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 the Company’s Level 3 financial liabilities for the three months ended March 31, 2018, which were measured at fair value on a recurring basis: Warrant Liability Contingent Consideration Liability Contingent Success Fee Liability Balance at December 31, 2017 $ 1,648 $ 42 $ 39 Gain on revaluation of warrants issued in conjunction with 2015 financing (732) - - Gain on revaluation of fair value obligation - (19) - Reclassification from accrued liabilities - 10 - Loss on revaluation of fair value obligation - - 1 Balance at March 31, 2018 $ 916 $ 33 $ 40 |
Inventories, net (Tables)
Inventories, net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consisted of the following: March 31, 2018 December 31, 2017 Raw materials $ 1,632 $ 1,562 Work in progress 211 - Finished goods 990 1,463 $ 2,833 $ 3,025 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule of Customer Deposits, Advances, Deferred Revenues, and Deferred Unit Costs | Deferred revenues consisted of the following: March 31, December 31, 2018 2017 Deferred extended maintenance and support $ 1,903 $ 1,763 Deferred rental income 71 73 Customer deposits and advances 49 52 Deferred medical device revenues 35 31 Total deferred revenues 2,058 1,919 Less current portion (1,292) (1,103) Deferred revenues, non-current $ 766 $ 816 |
Deferred Revenue | Deferred revenue activity consisted of the following: Three months ended March 31, 2018 Beginning balance $ 1,919 Deferral of revenue 703 Recognition of deferred revenue (564) Ending balance $ 2,058 |
Disaggregation of Revenue | The following table disaggregates our revenue by major source for the three months ended March 31, 2018 (in thousands): Device and Related Medical Industrial Total Device revenue $ 1,663 $ 386 $ 2,049 Service, support and rentals 387 - 387 Parts and other 72 10 82 $ 2,122 $ 396 $ 2,518 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-lived Intangible Assets Amortization Expense | The following table reflects the amortization of the purchased intangible assets as of March 31, 2018: Cost Accumulated Amortization Net Developed technology $ 1,160 $ (902) $ 258 Customer relationships 70 (54) 16 Customer trade name 380 (295) 85 $ 1,610 $ (1,251) $ 359 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: March 31, December 31, 2018 2017 Salaries, benefits and related expenses $ 2,301 $ 2,850 Device maintenance 121 121 Device warranty 283 232 Clinical trials 180 136 Capital lease obligation 34 34 Other 92 130 Total $ 3,011 $ 3,503 |
Product Maintenance And Warranty | A reconciliation of the changes in the current portion of maintenance and warranty liabilities for the period ended March 31, 2018 is as follows: Maintenance Warranty Total Balance at December 31, 2017 $ 121 $ 232 $ 353 Additions for estimated future expense - 82 82 Incurred costs - (31) (31) Balance at March 31, 2018 $ 121 $ 283 $ 404 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018: Period Amount 2018 $ 1,750 2019 2,333 2020 2,333 2021 440 Total principal payments 6,856 Less accreted portion of final payment fee, net of issuance cost and success fee discounts 233 Long-term debt, net $ 6,623 Current portion 2,333 Long-term portion 4,290 Long-term debt, net $ 6,623 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Future Obligations | The Company estimates future minimum payments as of March 31, 2018 to be the following: Period Capital Lease Operating Leases 2018 remainder $ 28 $ 473 2019 37 643 2020 22 656 2021 - 576 2022 - 268 Total minimum payments 87 $ 2,616 Less interest (5) Present value minimum payments 82 Less current portion (34) Long-term portion $ 48 |
Capitalization and Equity Str33
Capitalization and Equity Structure (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Warrant share activity | Warrant shares outstanding as of December 31, 2017 and March 31, 2018 were as follows: Source Exercise Term December 31, Issued Expired March 31, 2018 Information Agent Warrants $ 1.50 3 200 - - 200 2015 Warrants $ 3.74 5 1,604 - - 1,604 2014 PPO and Merger Placement agent warrants $ 7.00 5 426 - - 426 PPO warrants $ 14.00 5 1,078 - - 1,078 Pre-2014 warrants $ 9.66 9-10 88 - - 88 3,396 - - 3,396 |
Schedule of assumption used in valuation | $ 1.58 Conversion price $ 3.74 Risk-free interest rate 2.36 % Term (years) 2.75 Volatility of stock 90 % |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about the Company’s stock options outstanding at March 31, 2018, and activity during the three months then ended: Weighted- Average Weighted- Remaining Aggregate Stock Average Contractual Intrinsic Awards Exercise Price Life (Years) Value Balance as of December 31, 2017 3,156 $ 4.96 Options granted 38 $ 1.83 Options exercised - $ - Options forfeited (289) $ 5.19 Options cancelled (7) $ 4.45 Balance as of March 31, 2018 2,898 $ 4.89 6.90 $ 297 Vested and expected to vest at March 31, 2018 2,898 $ 4.89 6.90 $ 297 Exercisable as of March 31, 2018 1,851 $ 6.10 5.66 $ 50 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes option pricing model using the following assumptions: Three months ended March 31, 2018 2017 Dividend yield Risk-free interest rate 2.74 % 2.05% - 2.40 % Expected term (in years) 10 6-10 Volatility 88 % 80%-82 % |
Schedule of Unvested Restricted Stock Units Roll Forward | RSU activity for the three months ended March 31, 2018 is summarized below: Number of Shares Weighted- Average Grant Date Fair Value Unvested as of January 1, 2018 617 $ 1.65 Granted 35 $ 1.73 Vested (466) $ 1.32 Forfeited (61) $ 2.85 Unvested at March 31, 2018 125 $ 2.27 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total stock-based compensation expense related to options and RSUs granted to employees and non-employees is included in the condensed consolidated statements of operations and comprehensive loss as follows: Three months ended March 31, 2018 2017 Sales and marketing $ 109 $ 20 Research and development 179 101 General and administrative 604 273 $ 892 $ 394 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net loss per share: Three months ended 2018 2017 Numerator: Net loss Basic $ (7,901) $ (8,302) Adjustment for revaluation of warrant liability - - Diluted $ (7,901) $ (8,302) Denominator: Weighted-average number of shares, basic 60,146 21,899 Effect of dilutive warrants - - Weighted-average numbers of shares, diluted 60,146 21,899 Net loss per share, basic $ (0.13) $ (0.38) Net loss per share, diluted $ (0.13) $ (0.38) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: Three months ended 2018 2017 Options to purchase common stock 2,898 2,466 Restricted stock 125 - Warrants for common stock 3,396 3,226 Total common stock equivalents 6,419 5,692 |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment reporting information is as follows: Device and Related Engineering Medical Industrial Total Services Total Three months ended March 31, 2018 Revenue $ 2,122 $ 396 $ 2,518 $ - $ 2,518 Cost of revenue 1,387 364 1,751 - 1,751 Gross profit $ 735 $ 32 $ 767 $ - $ 767 Three months ended March 31, 2017 Revenue $ 870 $ 538 $ 1,408 $ 28 $ 1,436 Cost of revenue 721 356 1,077 7 1,084 Gross profit $ 149 $ 182 $ 331 $ 21 $ 352 |
Schedule of Geographic Information | Geographic information for revenue based on location of customers is as follows: Three months ended March 31, 2018 2017 United States $ 1,353 $ 931 All Other 1,165 505 $ 2,518 $ 1,436 |
Organization (Details Textual)
Organization (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization [Line Items] | ||||
Retained Earnings (Accumulated Deficit), Total | $ (152,055) | $ (144,154) | ||
Cash and Cash Equivalents, at Carrying Value | 20,572 | $ 9,426 | $ 27,813 | $ 16,846 |
Net Cash Provided by (Used in) Operating Activities | (6,745) | $ (7,254) | ||
Restricted Cash and Cash Equivalents | 5,526 | |||
Unrestricted Cash | $ 15,046 |
Basis of Presentation and Sum38
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Details Textual) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Customer One [Member] | Accounts Receivable [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 15.00% | 10.00% | |
Customer One [Member] | Sales Revenue, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 11.00% | 26.00% | |
Customer Concentration Risk [Member] | Accounts Receivable [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 10.00% | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | |||
Significant Accounting Policies [Line Items] | |||
Concentration Risk, Percentage | 10.00% |
Accumulated Other Comprehensi39
Accumulated Other Comprehensive Loss (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Balance at December 31, 2017 | $ (340) |
Other comprehensive loss before reclassification | (207) |
Balance at March 31, 2018 | $ (547) |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Liabilities | ||
Warrant liabilities | $ 916 | $ 1,648 |
Contingent success fee liability | 40 | |
Fair Value, Measurements, Recurring [Member] | ||
Liabilities | ||
Warrant liabilities | 916 | 1,648 |
Contingent consideration liability | 33 | 42 |
Contingent success fee liability | 40 | 39 |
Quoted Prices in Active Markets for Identical Items Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities | ||
Warrant liabilities | 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 liabilities | 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 liabilities | 916 | 1,648 |
Contingent consideration liability | 33 | 42 |
Contingent success fee liability | $ 40 | $ 39 |
Fair Value Measurements (Deta41
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Gain on revaluation of warrants issued in conjunction with 2015 financing | $ 732 | $ (69) |
Derivative Financial Instruments, Liabilities [Member] | ||
Balance | 1,648 | |
Gain on revaluation of warrants issued in conjunction with 2015 financing | (732) | |
Gain on revaluation of fair value obligation | 0 | |
Reclassification from accrued liabilities | 0 | |
Loss on revaluation of fair value obligation | 0 | |
Balance | 916 | |
Contingent Consideration [Member] | ||
Balance | 42 | |
Gain on revaluation of warrants issued in conjunction with 2015 financing | 0 | |
Gain on revaluation of fair value obligation | (19) | |
Reclassification from accrued liabilities | 10 | |
Loss on revaluation of fair value obligation | 0 | |
Balance | 33 | |
Contingent Success Fee [Member] | ||
Balance | 39 | |
Gain on revaluation of warrants issued in conjunction with 2015 financing | 0 | |
Gain on revaluation of fair value obligation | 0 | |
Reclassification from accrued liabilities | 0 | |
Loss on revaluation of fair value obligation | 1 | |
Balance | $ 40 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Raw materials | $ 1,632 | $ 1,562 |
Work in progress | 211 | 0 |
Finished goods | 990 | 1,463 |
Inventories, net | $ 2,833 | $ 3,025 |
Revenue Recognition (Details)
Revenue Recognition (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Deferred Revenue Arrangement [Line Items] | ||
Total deferred revenues | $ 2,058 | $ 1,919 |
Deferred rental income | 71 | 73 |
Less current portion | (1,292) | (1,103) |
Deferred revenues, non-current | 766 | 816 |
Customer deposits and advances [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Total deferred revenues | 49 | 52 |
Deferred extended maintenance and support [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Total deferred revenues | 1,903 | 1,763 |
Medical Device [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Total deferred revenues | $ 35 | $ 31 |
Revenue Recognition (Details 1)
Revenue Recognition (Details 1) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Deferred Revenue, Beginning balance | $ 1,919 |
Deferral of revenue | 703 |
Recognition of deferred revenue | (564) |
Deferred Revenue, Ending balance | $ 2,058 |
Revenue Recognition (Details 2)
Revenue Recognition (Details 2) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue Recognition [Line Items] | ||
Device revenue | $ 2,518 | $ 1,408 |
Service, support and rentals | 0 | $ 28 |
Parts and other | 82 | |
Revenues | 2,518 | |
Medical [Member] | ||
Revenue Recognition [Line Items] | ||
Device revenue | 1,663 | |
Service, support and rentals | 387 | |
Parts and other | 72 | |
Revenues | 2,122 | |
Industrial [Member] | ||
Revenue Recognition [Line Items] | ||
Device revenue | 386 | |
Service, support and rentals | 0 | |
Parts and other | 10 | |
Revenues | $ 396 |
Revenue Recognition (Details Te
Revenue Recognition (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Recognition Of Deferred Revenue ,Remainder Of Fiscal year | $ 712 | |
Recognition Of Deferred Revenue, Next Twelve Months | 543 | |
Recognition Of Deferred Revenue, in Two Years | 754 | |
Deferred Revenue | 2,058 | $ 1,919 |
Accounts Receivable, Net, Current | $ 3,574 | $ 2,760 |
Intangible Assets (Details)
Intangible Assets (Details) $ in Thousands | Mar. 31, 2018USD ($) |
Indefinite-lived Intangible Assets [Line Items] | |
Cost | $ 1,610 |
Accumulated Amortization | (1,251) |
Net | 359 |
Developed technology | |
Indefinite-lived Intangible Assets [Line Items] | |
Cost | 1,160 |
Accumulated Amortization | (902) |
Net | 258 |
Customer relationships | |
Indefinite-lived Intangible Assets [Line Items] | |
Cost | 70 |
Accumulated Amortization | (54) |
Net | 16 |
Customer trade name | |
Indefinite-lived Intangible Assets [Line Items] | |
Cost | 380 |
Accumulated Amortization | (295) |
Net | $ 85 |
Intangible Assets (Details Text
Intangible Assets (Details Textual) $ in Thousands | Mar. 31, 2018USD ($) |
Indefinite-lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 359 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities [Line Items] | ||
Salaries, benefits and related expenses | $ 2,301 | $ 2,850 |
Device maintenance | 121 | 121 |
Device warranty | 283 | 232 |
Clinical trials | 180 | 136 |
Capital lease obligation | 34 | 34 |
Other | 92 | 130 |
Total | $ 3,011 | $ 3,503 |
Accrued Liabilities (Details 1)
Accrued Liabilities (Details 1) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Accrued Liabilities [Line Items] | |
Beginning Balance | $ 353 |
Additions for estimated future expense | 82 |
Incurred costs | (31) |
Closing Balance | 404 |
Maintenance [Member] | |
Accrued Liabilities [Line Items] | |
Beginning Balance | 121 |
Additions for estimated future expense | 0 |
Incurred costs | 0 |
Closing Balance | 121 |
Warranty [Member] | |
Accrued Liabilities [Line Items] | |
Beginning Balance | 232 |
Additions for estimated future expense | 82 |
Incurred costs | (31) |
Closing Balance | $ 283 |
Long-Term Debt (Details)
Long-Term Debt (Details) $ in Thousands | Mar. 31, 2018USD ($) |
2,018 | $ 1,750 |
2,019 | 2,333 |
2,020 | 2,333 |
2,021 | 440 |
Total principal payments | 6,856 |
Less accreted portion of final payment fee, net of issuance cost and success fee discounts | 233 |
Long-term debt, net | 6,623 |
Current portion | 2,333 |
Long-term portion | 4,290 |
Long-term debt, net | $ 6,623 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Success Fee Expenses | $ 250 | |||
Share Price | $ 8 | $ 1.58 | ||
Contingent Success Fee Liability | $ 40 | |||
Restricted Cash and Cash Equivalents | 5,526 | |||
Cash and Cash Equivalents, at Carrying Value | $ 16,846 | 20,572 | $ 9,426 | $ 27,813 |
Accretion Expense | 23 | $ 24 | ||
Long-term Debt | $ 6,623 | |||
Debt Instrument, Interest Rate During Period | 9.67% | |||
Loan Agreement [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 7,000 | |||
Debt Instrument, Description of Variable Rate Basis | 30-day U.S. LIBOR plus 5.41% | |||
Debt Instrument, Maturity Date | Jan. 1, 2021 | |||
Accretion Expense | $ 120 | |||
Long-term Debt | $ 245 |
Lease Obligations (Details)
Lease Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Less current portion | $ (34) | $ (34) |
Capital Lease Obligations [Member] | ||
Debt Instrument [Line Items] | ||
2018 - remainder | 28 | |
2,019 | 37 | |
2,020 | 22 | |
2,021 | 0 | |
2,022 | 0 | |
Total minimum payments | 87 | |
Less interest | (5) | |
Present value minimum payments | 82 | |
Less current portion | (34) | |
Long-term portion | 48 | |
Operating Lease [Member] | ||
Debt Instrument [Line Items] | ||
2018 - remainder | 473 | |
2,019 | 643 | |
2,020 | 656 | |
2,021 | 576 | |
2,022 | 268 | |
Total minimum payments | $ 2,616 |
Lease Obligations (Details Text
Lease Obligations (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | ||
Long-term Debt, Gross | $ 6,856 | |
Operating Leases, Rent Expense, Net, Total | $ 143 | $ 101 |
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 |
Capitalization and Equity Str55
Capitalization and Equity Structure (Details) - $ / shares shares in Thousands | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2015 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |
Schedule of Capitalization, Equity [Line Items] | ||||
Merger/PPO Warrant Shares Outstanding | 3,396 | 3,396 | ||
Merger/PPO Warrant Shares Issued | 0 | |||
Merger/PPO Warrant Shares Expired | 0 | |||
Minimum [Member] | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Warrant term | 9 years | |||
Maximum [Member] | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Warrant term | 10 years | |||
2015 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Exercise price | $ 3.74 | $ 3.74 | ||
Warrant term | 5 years | |||
Merger/PPO Warrant Shares Outstanding | 1,604 | 1,604 | ||
Merger/PPO Warrant Shares Issued | 2,122 | 0 | ||
Merger/PPO Warrant Shares Expired | 0 | |||
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 Expired | 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 Expired | 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 Expired | 0 | |||
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 | 200 | ||
Merger/PPO Warrant Shares Issued | 0 | |||
Merger/PPO Warrant Shares Expired | 0 |
Capitalization and Equity Str56
Capitalization and Equity Structure (Details 1) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2016 | |
Schedule of Capitalization, Equity [Line Items] | ||
Current share price | $ 1.58 | $ 8 |
Conversion price | $ 3.74 | |
Risk-free interest rate | 2.36% | |
Term (years) | 2 years 9 months | |
Volatility of stock | 90.00% |
Capitalization and Equity Str57
Capitalization and Equity Structure (Details Textual) - $ / shares shares in Thousands | 1 Months Ended | 3 Months Ended | |||||
Oct. 30, 2017 | Dec. 31, 2015 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | |||
Class of Stock [Line Items] | |||||||
Common Stock, Shares Authorized | 70,000 | 141,429 | [1] | 141,429 | [1] | ||
Preferred Stock, Shares Authorized | 10,000 | 10,000 | |||||
Common Stock, Shares, Issued | 60,355 | 59,943 | |||||
Common Stock, Shares, Outstanding | 60,355 | 59,943 | |||||
Preferred Stock, Shares Issued | 0 | 0 | |||||
Preferred Stock, Shares Outstanding | 0 | 0 | |||||
Class Of Warrant Or Right Issued | 0 | ||||||
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 in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, 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 have been asked to vote again on the Authorized Capital Amendment at our 2018 Annual Meeting of Shareholders. Further information about such vote was provided in the Company’s Proxy Statement relating to its 2018 Annual Meeting of Shareholders, which was filed with the SEC on April 19, 2018. | ||||||
2015 Warrants | |||||||
Class of Stock [Line Items] | |||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3.74 | $ 3.74 | |||||
Class Of Warrant Or Right Issued | 2,122 | 0 | |||||
Information Agent Warrants [Member] | |||||||
Class of Stock [Line Items] | |||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 200 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.5 | $ 1.50 | |||||
Class Of Warrant Or Right Issued | 0 | ||||||
[1] | Refer to Note 11, Capitalization and Equity Structure Summary, for additional information regarding the calculation of the number of common stock shares authorized. |
Stock-based Compensation (Detai
Stock-based Compensation (Details) - 2014 Plan [Member] $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Options Outstanding | |
Options Outstanding, Beginning Balance | shares | 3,156 |
Options Outstanding, Options granted | shares | 38 |
Options Outstanding, Options exercised | shares | 0 |
Options Outstanding, Options forfeited | shares | (289) |
Options Outstanding, Options cancelled | shares | (7) |
Options Outstanding, Ending Balance | shares | 2,898 |
Options Outstanding, Vested and expected to vest | shares | 2,898 |
Options Outstanding, Exercisable | shares | 1,851 |
Weighted-Average Exercise Price, Beginning Balance | $ / shares | $ 4.96 |
Weighted-Average Exercise Price, Options granted | $ / shares | 1.83 |
Weighted-Average Exercise Price, Options exercised | $ / shares | 0 |
Weighted-Average Exercise Price, Options forfeited | $ / shares | 5.19 |
Weighted-Average Exercise Price, Options cancelled | $ / shares | 4.45 |
Weighted-Average Exercise Price, Ending Balance | $ / shares | 4.89 |
Weighted-Average Exercise Price, Vested and expected to vest | $ / shares | 4.89 |
Weighted-Average Exercise Price, Exercisable | $ / shares | $ 6.1 |
Weighted-Average Remaining Contractual Life (Years), Ending Balance | 6 years 10 months 24 days |
Weighted-Average Remaining Contractual Life (Years), Vested and expected to vest | 6 years 10 months 24 days |
Weighted-Average Remaining Contractual Life (Years), Exercisable | 5 years 7 months 28 days |
Aggregate Intrinsic Value, Ending Balance | $ | $ 297 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 297 |
Aggregate Intrinsic Value, Exercisable | $ | $ 50 |
Stock-based Compensation (Det59
Stock-based Compensation (Details 1) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 2.74% | |
Risk-free interest rate, minimum | 2.05% | |
Risk-free interest rate, maximum | 2.40% | |
Expected term (in years) | 10 years | |
Volatility | 88.00% | |
Volatility, minimum | 80.00% | |
Volatility, maximum | 82.00% | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 6 years | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 10 years |
Stock-based Compensation (Det60
Stock-based Compensation (Details 2) - Restricted Stock Units (RSUs) [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Unvested - Number of Shares | shares | 617 |
Granted - Number of Shares | shares | 35 |
Vested - Number of Shares | shares | (466) |
Forfeited - Number of Shares | shares | (61) |
Unvested - Number of Shares | shares | 125 |
Unvested - Weighted- Average Grant Date Fair Value | $ / shares | $ 1.65 |
Granted - Weighted- Average Grant Date Fair Value | $ / shares | 1.73 |
Vested - Weighted- Average Grant Date Fair Value | $ / shares | 1.32 |
Forfeited - Weighted- Average Grant Date Fair Value | $ / shares | 2.85 |
Unvested - Weighted- Average Grant Date Fair Value | $ / shares | $ 2.27 |
Stock-based Compensation (Det61
Stock-based Compensation (Details 3) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | $ 892 | $ 394 |
Sales and marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | 109 | 20 |
Research and development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | 179 | 101 |
General and administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Allocated Share-based Compensation Expense | $ 604 | $ 273 |
Stock-based Compensation (Det62
Stock-based Compensation (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Oct. 30, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | |||
Defined Contribution Plan, Maximum Annual Contributions Percentage,Thereafter | 50.00% | |||
Stock Issued During Period, Shares, Employee Benefit Plan | 221 | |||
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 | $ 159 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 11 months 16 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 35 | |||
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 | $ 1,809 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 3 months 14 days | |||
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 | |||
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 | |||
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 | ||
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 | 5,162 | 1,000 | ||
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 |
Commitments and Contingencies (
Commitments and Contingencies (Details Textual) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Future minimum annual royalties: | |
Payments Due By Period, Less than one year | $ 50 |
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% |
Net Loss Per Share (Details)
Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net loss, Basic | $ (7,901) | $ (8,302) |
Adjustment for revaluation of warrant liability | 0 | 0 |
Net loss, Diluted | $ (7,901) | $ (8,302) |
Denominator: | ||
Weighted-average number of shares, basic | 60,146 | 21,899 |
Effect of dilutive warrants | 0 | 0 |
Weighted-average numbers of shares, diluted | 60,146 | 21,899 |
Net loss per share, basic | $ (0.13) | $ (0.38) |
Net loss per share, diluted | $ (0.13) | $ (0.38) |
Net Loss Per Share (Details 1)
Net Loss Per Share (Details 1) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 6,419 | 5,692 |
Options to purchase common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 2,898 | 2,466 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 125 | 0 |
Warrants for common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 3,396 | 3,226 |
Related Party Transactions (Det
Related Party Transactions (Details Textual) - USD ($) shares in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Sep. 19, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | |
Angel Pond Capital LLC [Member] | |||
Payments for Other Fees | $ 45 | $ 2,150 | |
Puissance Cross-Border Opportunities II LLC [Member] | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 34.00% | ||
Puissance Cross-Border Opportunities II LLC [Member] | Rights Offering [Member] | |||
Stock Issued During Period, Shares, New Issues | 20,535 | ||
Stock Issued During Period, Value, New Issues | $ 20,535 |
Segment Disclosures (Details)
Segment Disclosures (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 2,518 | $ 1,436 |
Cost of revenue | 1,751 | 1,084 |
Gross profit | 767 | 352 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,518 | 1,408 |
Cost of revenue | 1,751 | 1,077 |
Gross profit | 767 | 331 |
Medical [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,122 | 870 |
Cost of revenue | 1,387 | 721 |
Gross profit | 735 | 149 |
Engineering Services [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 0 | 28 |
Cost of revenue | 0 | 7 |
Gross profit | 0 | 21 |
Industrial [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 396 | 538 |
Cost of revenue | 364 | 356 |
Gross profit | $ 32 | $ 182 |
Segment Disclosures (Details 1)
Segment Disclosures (Details 1) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 2,518 | $ 1,436 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,353 | 931 |
All Other [Member] | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,165 | $ 505 |
Subsequent Events (Details Text
Subsequent Events (Details Textual) | May 07, 2018 |
Subsequent Event [Member] | Chief Financial Officer [Member] | |
Subsequent Event [Line Items] | |
Description Of Consultancy Expenses | The Company will pay Mr. Scheder-Bieschin $250 per hour or $1,400 per day during any such consulting period and unless expressly agreed |