Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 21, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
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 Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Public Float | $ 69,270,848 | ||
Trading Symbol | EKSO | ||
Entity Common Stock, Shares Outstanding | 64,256,478 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash | $ 7,655 | $ 27,813 |
Accounts receivable, net of allowances of $128 and $212, respectively | 3,660 | 2,760 |
Inventories, net | 3,371 | 3,025 |
Prepaid expenses and other current assets | 281 | 1,339 |
Total current assets | 14,967 | 34,937 |
Property and equipment, net | 2,365 | 2,249 |
Intangible assets, net | 0 | 491 |
Goodwill | 189 | 189 |
Other assets | 134 | 122 |
Total assets | 17,655 | 37,988 |
Current liabilities: | ||
Accounts payable | 3,156 | 2,420 |
Accrued liabilities | 3,541 | 3,503 |
Deferred revenues, current | 1,102 | 1,103 |
Note payable, current | 2,333 | 2,139 |
Total current liabilities | 10,132 | 9,165 |
Deferred revenues | 1,495 | 816 |
Note payable, net | 2,648 | 4,830 |
Warrant liability | 585 | 1,648 |
Other non-current liabilities | 67 | 138 |
Total liabilities | 14,927 | 16,597 |
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, 2018 and 2017 | 0 | 0 |
Common stock, $0.001 par value; 141,429 shares authorized; 62,963 and 59,943, shares issued and outstanding at December 31, 2018 and 2017, respectively | 63 | 60 |
Additional paid-in capital | 173,903 | 165,825 |
Accumulated other comprehensive loss | (92) | (340) |
Accumulated deficit | (171,146) | (144,154) |
Total stockholders' equity | 2,728 | 21,391 |
Total liabilities and stockholders' equity | $ 17,655 | $ 37,988 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 128 | $ 212 |
Convertible Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Convertible Preferred stock, shares issued (in shares) | 0 | 0 |
Convertible Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common Stock, shares authorized (in shares) | 141,429,000 | 141,429,000 |
Common Stock, shares issued (in shares) | 62,963,000 | 59,943,000 |
Common Stock, shares outstanding (in shares) | 62,963,000 | 59,943,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue: | ||
Revenue | $ 11,332 | $ 7,353 |
Cost of revenue: | ||
Cost of revenue | 7,023 | 5,284 |
Gross profit | 4,309 | 2,069 |
Operating expenses: | ||
Sales and marketing | 13,827 | 13,156 |
Research and development | 5,847 | 9,483 |
General and administrative | 11,700 | 10,715 |
Restructuring | 0 | 659 |
Change in fair value, contingent liabilities | (35) | (332) |
Total operating expenses | 31,339 | 33,681 |
Loss from operations | (27,030) | (31,612) |
Other income, net: | ||
Interest expense | (600) | (648) |
Gain on warrant liability | 1,063 | 3,909 |
Loss on repurchase of warrants | 0 | (1,067) |
Other (expense) income, net | (425) | 296 |
Total other income, net | 38 | 2,490 |
Net loss | (26,992) | (29,122) |
Foreign currency translation adjustments | 248 | (419) |
Comprehensive loss | $ (26,744) | $ (29,541) |
Net loss per share, basic and diluted (In dollars per share) | $ (0.44) | $ (0.82) |
Weighted average number of shares outstanding, basic and diluted (in shares) | 61,229 | 35,609 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Preferred StockConvertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at Dec. 31, 2016 | $ 6,531 | $ 0 | $ 22 | $ 121,291 | $ 79 | $ (114,861) |
Balance (in shares) at Dec. 31, 2016 | 0 | 21,894 | ||||
Net loss | (29,122) | (29,122) | ||||
April 2017 equity financing, net of underwriting discount & issuance costs of $662 | 11,058 | $ 4 | 11,054 | |||
April 2017 equity financing, net of underwriting discount & issuance costs of $662 (in shares) | 3,732 | |||||
Equipois supply and sales earn-outs | 237 | 237 | ||||
Equipois supply and sales earn-outs (in shares) | 90 | |||||
August 2017 equity financing, net of issuance costs of $227 | 33,773 | $ 34 | 33,739 | |||
August 2017 equity financing, net of issuance costs of $227 (in shares) | 34,000 | |||||
Equity incentive plan | 46 | 46 | ||||
Equity incentive plan (in shares) | 197 | |||||
Matching contribution to 401(k) plan | 174 | 174 | ||||
Matching contribution to 401(k) plan (in shares) | 30 | |||||
Issuance of warrants | (3,301) | (3,301) | ||||
Stock-based compensation expense | 2,414 | 2,414 | ||||
Foreign currency translation adjustments | (419) | (419) | ||||
Balance at Dec. 31, 2017 | 21,391 | $ 0 | $ 60 | 165,825 | (340) | (144,154) |
Balance (in shares) at Dec. 31, 2017 | 0 | 59,943 | ||||
Cumulative retrospective adjustment to retained earnings for ASU 2016-09 adoption | 171 | (171) | ||||
Net loss | (26,992) | (26,992) | ||||
April 2017 equity financing, net of underwriting discount & issuance costs of $662 | 4,446 | $ 2 | 4,444 | |||
April 2017 equity financing, net of underwriting discount & issuance costs of $662 (in shares) | 2,032 | |||||
Equipois supply and sales earn-outs | 28 | 28 | ||||
Equipois supply and sales earn-outs (in shares) | 18 | |||||
Equity incentive plan | (60) | $ 1 | (61) | |||
Equity incentive plan (in shares) | 571 | |||||
Matching contribution to 401(k) plan | 508 | 508 | ||||
Matching contribution to 401(k) plan (in shares) | 221 | |||||
In lieu of cash compensation | 291 | 291 | ||||
In lieu of cash compensation (in shares) | 178 | |||||
Stock-based compensation expense | 2,868 | 2,868 | ||||
Foreign currency translation adjustments | 248 | 248 | ||||
Balance at Dec. 31, 2018 | $ 2,728 | $ 0 | $ 63 | $ 173,903 | $ (92) | $ (171,146) |
Balance (in shares) at Dec. 31, 2018 | 0 | 62,963 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | ||
Underwriting discount and issuance costs | $ 662 | |
Issuance costs | $ 227 | |
Commission and issuance costs | $ 274 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | ||
Net loss | $ (26,992) | $ (29,122) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 1,515 | 1,748 |
Inventory allowance expense | 191 | 73 |
Provision (recovery) for doubtful accounts | (50) | 105 |
Loss on disposal of property and equipment | 126 | 0 |
Amortization of debt discount and accretion of final payment fee | 152 | 179 |
Gain on change in fair value of contingent liabilities | (35) | (213) |
Common stock contribution to 401(k) plan | 212 | 509 |
Stock-based compensation expense | 2,868 | 2,414 |
Change in fair value of warrant liability | (1,063) | (3,909) |
Loss on repurchase of warrants | 0 | 1,067 |
Unrealized loss (gain) on foreign currency transactions | 381 | (500) |
Changes in operating assets and liabilities | ||
Accounts receivable | (850) | (1,085) |
Inventories | (1,655) | (2,096) |
Prepaid expense and other assets, current and noncurrent | 1,046 | (862) |
Accounts payable | 752 | 77 |
Accrued liabilities | 559 | 105 |
Deferred revenues | 678 | 284 |
Net cash used in operating activities | (22,165) | (31,226) |
Investing activities | ||
Acquisition of property and equipment, net | (131) | (456) |
Net cash used in investing activities | (131) | (456) |
Financing activities | ||
Principal payments on notes payable | (2,174) | (54) |
Proceeds from issuance of common stock, net | 4,446 | 42,463 |
Proceeds from exercise of stock options | 1 | 46 |
Proceeds from exercise of common stock warrants | 0 | 113 |
Net cash provided by financing activities | 2,273 | 42,568 |
Effect of exchange rate changes on cash | (135) | 81 |
Net (decrease) increase in cash | (20,158) | 10,967 |
Cash at beginning of the period | 27,813 | 16,846 |
Cash at end of the period | 7,655 | 27,813 |
Supplemental disclosure of cash flow activities | ||
Cash paid for interest | 457 | 429 |
Cash paid for income taxes | 18 | 20 |
Supplemental disclosure of non-cash activities | ||
Transfer of inventory to equipment | 1,118 | 554 |
Share issuance for common stock contribution to 401(k) plan | 508 | 0 |
Share issuance for in lieu of cash compensation | 291 | 0 |
Share issuance for vesting of restricted stock | 1 | 0 |
Equipois sales earn-out | 28 | 47 |
Equipois supply earn-out | 0 | 189 |
April 2017 warrant issuance | 0 | 3,301 |
Repurchase of April 2017 warrants and share issuance | 0 | 2,245 |
Cumulative retrospective adjustment to retained earnings for ASU 2016-09 adoption | 0 | 171 |
Reclassification of warrant liability to equity upon exercise of warrants | $ 0 | $ 62 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Description of Business Ekso Bionics Holdings, Inc., or 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 and rented 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 or repetitive 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, 2018 , the Company had an accumulated deficit of $171,146 . Largely as a result of significant research and development activities related to the Company’s advanced technology and commercialization of this technology into its medical device business, the Company has incurred significant operating losses and negative cash flows from operations since inception. In the year ended December 31, 2018 , the Company used $22,165 of cash in its operations. Cash on hand at December 31, 2018 was $7,655 , compared to $27,813 at December 31, 2017 . As noted in Note 9, Long-Term Debt , borrowings under our long-term debt agreement have a requirement of minimum cash on hand roughly equivalent to three months of cash burn. As of December 31, 2018 , the most recent determination of this restriction, $5,269 of cash must remain as unrestricted, with such amounts to be re-computed at each month end. After considering cash restrictions, effective unrestricted cash as of December 31, 2018 is estimated to be $2,386 . Based on the current forecast, the Company’s cash on hand will not be sufficient to satisfy the Company’s operations for the next twelve months from the date of issuance of these consolidated financial statements, which raises substantial doubt about the Company’s ability to continue as a going concern. 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, the Company believes it has sufficient resources to meet its financial obligations until late in the second quarter of 2019. The Company will require significant additional financing. 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 rehabilitation, and/or (iii) in the development and commercialization of able-bodied exoskeletons for industrial use. The Company is actively pursuing opportunities to obtain additional financing through public or private equity and/or debt financings and corporate collaborations. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Estimates | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Estimates | Summary of Significant Accounting Policies and Estimates 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 or 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. 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 stock warrants, contingencies, accrued warranty expense, going concern, reserve for excess and obsolete inventory, and the valuation of options. Actual results could differ from those estimates. Foreign Currency 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. Gains and losses from the re-measurement of balances denominated in currencies other than the entity's functional currency, are recorded in other expense, net in the accompanying consolidated statements of operations and comprehensive loss. 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, 2018 , is reflected in the table below net of tax: Foreign Currency Translation Balance at December 31, 2017 $ (340 ) Current period other comprehensive income 248 Balance at December 31, 2018 $ (92 ) 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 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, 2018 and 2017 . 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 primarily located in the U.S., Europe and Asia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectibility 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, 2018 and 2017 . 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, 2018 , the Company had one customer with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable ( 19% ) compared with one customer at December 31, 2017 ( 10% ). The Company had no customers with sales of 10% or more of the Company’s total revenue for the years ended December 31, 2018 and 2017 . Inventories, net Inventories are recorded at the lower of cost or net realizable value. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. Materials 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 or 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. Inventories consisted of the following: December 31, 2018 2017 Raw materials $ 2,055 $ 1,737 Work in progress 331 — Finished goods 1,351 1,463 3,737 3,200 Less: inventory reserve (366 ) (175 ) Inventories, net $ 3,371 $ 3,025 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 ten 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. 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, 2018 and 2017 . No impairment loss has been recognized in the years ended December 31, 2018 and 2017 . 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, 2018 and 2017 . No impairment loss has been recognized in the years ended December 31, 2018 and 2017 . Warrant Valuation 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, or 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 We account for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification or ASC, 805, Business Combinations , where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values. The purchase price is allocated using the information currently available, and may be adjusted, up to one-year from the acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. 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 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 accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. 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. The Company’s medical device segment revenue is primarily generated through the sale and rental of the Ekso GT and associated software (SmartAssist and VariableAssist), and sale of 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. Revenue from medical device leases is recognized over the lease term, typically over 12 months. The Company’s industrial device segment revenue is generated by the sales of the upper body exoskeleton (EksoVest) and the support arm (EksoZeroG). 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. 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, legal fees associated with developing and maintaining intellectual property, facility costs, supplies, and depreciation of equipment associated with the design and development of new products prior to the establishment of their technological feasibility. Such costs are expensed as incurred. Advertising Costs Advertising costs are recorded in sales and marketing expense as incurred. Advertising expense was $123 and $160 for the years ended December 31, 2018 and 2017 , respectively. 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 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. 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. 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 February 2016, the FASB issued ASU 2016-02-Leases (ASC 842) and subsequent amendments to the initial guidance under ASU 2017-13, ASU 2018-10 and ASU 2018-11 (collectively, Topic 842) to supersede existing guidance on accounting for leases in ASC 840, Leases (ASC 840). Topic 842 requires the Company to recognize on its balance sheet a lease liability representing the present value of future lease payments and a right-of-use asset representing the lessee's right to use, or control the use of a specified asset for the lease term for any operating lease with a term greater than one year. This standard is effective for annual and interim reporting periods beginning after December 15, 2018. This standard is effective for the Company in the first quarter of 2019. We intend to use the modified retrospective approach, under which the Company applies the standard to each lease that had commenced as of the beginning of the reporting period in which the Company first applies the new lease standard. In addition, the Company will elect to apply the package of practical expedients permitted under the transition guidance, which among other things, allows the Company to carry forward the historical lease classification. The adoption of this standard will have a material impact on the Company’s consolidated balance sheets, with the recognition of right of use assets and corresponding lease liabilities. As further described in Note 16, Commitments and Contingencies , the Company had minimum lease commitments under non-cancellable operating leases totaling $1.9 million as of December 31, 2018. The adoption of this standard will not have a material impact on the Company’s consolidated statements of operations or cash flows, nor will it have a material impact on the financial covenants set forth in the Company's long-term debt agreement. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminated the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities are required to record an impairment charge based on the excess of the carrying amount over its fair value. This update will be effective for the Company beginning January 1, 2020 and early adoption is permitted. The Company does not expect the impact of adopting ASU 2017-04 to be material on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The standard modifies the disclosure requirements on fair value measurements in Topic 820 by removing the requirement to disclose the reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. The standard expands the disclosure requirements for Level 3 fair value measurement, primarily focused on changes in unrealized gains and losses included in other comprehensive income. The amendments in this Update will be effective for all the Company in the first quarter of 2020. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of the amendments in this update will have on its consolidated financial statements and related disclosures. Accounting Pronouncements Adopted in 2018 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). |
Net Loss Per Share of Common St
Net Loss Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share of Common Stock | Net Loss Per Share of Common Stock Basic net loss per share of common stock is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the weighted average number of common stock, adjusted to include conversion of certain stock options and warrants for common stock and release of common stock in connection with restricted stock units during the period, as follows: Years ended December 31, 2018 2017 Numerator: Net loss $ (26,992 ) $ (29,122 ) Adjusted net loss used for dilution calculation $ (26,992 ) $ (29,122 ) Denominator Weighted-average number of shares outstanding 61,229 35,609 Dilutive weighted-average number of shares outstanding 61,229 35,609 Net loss per share Basic $ (0.44 ) $ (0.82 ) Diluted $ (0.44 ) $ (0.82 ) 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: Years ended December 31, 2018 2017 Options to purchase common stock 6,466 3,156 Restricted stock units 278 616 Warrants for common stock 3,396 3,396 Total common stock equivalents 10,140 7,168 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets On December 1, 2015, the Company acquired substantially all of the assets of Equipois, LLC, a New Hampshire limited liability company or Equipois, for an initial payment of approximately $1,100 , paid for by issuance of the Company’s common stock pursuant to an asset purchase agreement among the Company, Ekso Bionics, Inc., Equipois and Allard Nazarian Group, Inc. The Company recorded $1,610 to intangible assets as of the acquisition date and has amortized the value of the technology, customer relationships and trade name over an estimated useful life of 3 years . Amortization expense related to the acquired intangible assets was $491 and $535 for the years ended December 31, 2018 and 2017 , respectively, and was included as a component of operating expenses in the consolidated statement of operations and comprehensive loss. The following table reflects the amortization of the acquired intangible assets as of December 31, 2018 : Cost Accumulated Amortization Net Estimated Useful Life Developed technology $ 1,160 $ (1,160 ) $ — 3 years Customer relationships 70 (70 ) — 3 years Customer trade name 380 (380 ) — 3 years $ 1,610 $ (1,610 ) $ — |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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 —Quoted prices in active markets for identical assets or liabilities. The Company considers a market to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 —Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation. 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, 2018 Liabilities Warrant liability $ 585 $ — $ — $ 585 Contingent success fee liability $ 34 $ — $ — $ 34 December 31, 2017 Liabilities Warrant liability $ 1,648 $ — $ — $ 1,648 Contingent consideration liability $ 42 $ — $ — $ 42 Contingent success fee liability $ 39 $ — $ — $ 39 During the years ended December 31, 2018 and 2017 , 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. 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, 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 2015 warrants (1,063 ) Gain on revaluation — (30 ) (5 ) Reclassification to accrued liabilities — (12 ) — Balance at December 31, 2018 $ 585 $ — $ 34 See Note 13 in the notes to our consolidated financial statements under the caption Capitalization and Equity Structure – Warrants – 2015 Warrants for a description of the warrants accounted for as a liability, including the method and inputs used to estimate their fair value. The contingent consideration liability was valued using the Probability Weighted Value Analysis which considered performance based contingent payments for both the supply and sales functions of the Company, and both buyer and seller options. Any changes in the fair value of this contingent consideration liability are recognized in loss from operations in the period of the change. For the year ended December 31, 2017, we reclassified $38 from the contingent consideration liability to accrued liabilities as of December 31, 2017, to be paid in shares of common stock in the first quarter of 2018. Due to a decrease in our stock price between December 31, 2017 and the final payment calculation, we recorded a gain of $10 on the difference between the value of the consideration paid on March 20, 2018 of $28 and the value of the accrued liability at December 31, 2017 of $38 , which was reclassified from the accrued liability. For the year ended December 31, 2018, we reclassified $12 from the contingent consideration liability to accrued liabilities, to be paid in shares of common stock in the first quarter of 2018. The Company also recorded a non-cash gain on the change in fair value of the remaining contingent consideration liability of $20 in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2018. The contingent consideration liability is measured 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. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 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 the Company’s 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 the lease of its products, the Company generally recognizes revenue over the lease term commencing upon the completion of customer training. 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 earns revenue when the Company transfers control of the product or service. Deferred revenues consisted of the following: December 31, 2018 December 31, Deferred extended maintenance and support $ 2,114 $ 1,763 Deferred royalties 300 — Deferred device revenues 70 31 Customer deposits and advances 62 52 Deferred rental income 51 73 Total deferred revenues 2,597 1,919 Less current portion (1,102 ) (1,103 ) Deferred revenues, non-current $ 1,495 $ 816 Deferred revenue activity consisted of the following: December 31, 2018 Beginning balance $ 1,919 Deferral of revenue 2,230 Recognition of deferred revenue (1,552 ) Ending balance $ 2,597 At December 31, 2018 , the Company’s deferred revenue, was $2,597 . Excluding customer deposits, the Company expects to recognize approximately $1,033 of the deferred revenue in 2019 , $738 in 2020 , and $764 thereafter. In addition to deferred revenue, the Company has non-cancellable backlog of $944 related to its contracts for rental units with its customers. These rental contracts are classified as operating leases, with typically 12-month lease terms. As of December 31, 2018 and 2017 , accounts receivable, net of allowance for doubtful accounts, were $3,660 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 The following table disaggregates the Company’s revenue by major source for the year ended December 31, 2018 : Medical Industrial Other Total Device revenue $ 6,403 $ 2,360 $ — $ 8,763 Service, support and rentals 2,100 — — 2,100 Parts and other 323 118 — 441 Collaborative arrangements — — 28 28 $ 8,826 $ 2,478 $ 28 $ 11,332 |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of the following: Estimated December 31, Life (Years) 2018 2017 Company owned fleet 3-4 $ 3,794 $ 2,890 Machinery and equipment 3-7 289 760 Computers and peripherals 3-5 77 572 Computer software 3-5 818 877 Leasehold improvement 5-10 631 631 Tools, molds, dies and jigs 5 69 50 Furniture, office and leased equipment 3-7 555 637 6,233 6,417 Accumulated depreciation and amortization (3,868 ) (4,168 ) Property and equipment, net $ 2,365 $ 2,249 Depreciation and amortization expense of property and equipment, net totaled $1,009 and $1,197 for the years ended December 31, 2018 and 2017 , respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following: December 31, 2018 2017 Salaries, benefits and related expenses $ 2,446 $ 2,850 Device warranty 307 232 Severance 270 — Clinical trials 227 136 Capital lease obligation 35 34 Other 256 251 Total $ 3,541 $ 3,503 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, Africa, and Asia. 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. 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. Warranty 2018 2017 Balance at beginning of the period $ 232 $ 204 Additions for estimated future expense 362 207 Incurred costs (287 ) (179 ) Balance at end of the period $ 307 $ 232 Current portion 295 232 Long-term portion 12 — Total $ 307 $ 232 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt In December 2016, the Company entered into a loan agreement and received $7,000 that 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 has been 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 , at which time all unpaid principal and accrued and unpaid interest shall be due and payable in full. In addition, a final payment of $245 will be due on the maturity date, of which $178 has accreted as of December 31, 2018 , to be paid in 2021 and is included as a component of note payable on the Company’s 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 success fee upon the first to occur of any of the following events: (a) a sale or other disposition by the Company of all or substantially all of its assets; (b) a merger or consolidation of the Company into or with another person or entity, where the holders of the Company’s outstanding voting equity securities immediately prior to such merger or consolidation hold less than a majority of the issued and outstanding voting equity securities of the successor or surviving person or entity immediately following the consummation of such merger or consolidation; or (c) the closing price per share for the Company’s common stock being $8.00 or more for five successive business days. The estimated fair value of the success fee was determined using the Binomial Lattice Model and was recorded as a discount to the debt obligation. The fair value of the contingent success fee is re-measured each reporting period with any adjustments in fair value being recognized in the consolidated statements of operations and comprehensive loss. The success fee is classified as a component of other non-current liabilities in the consolidated balance sheets. At December 31, 2018 , the fair value of the contingent success fee liability was $34 . 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 (a) certain expenses and (b) the average monthly principal due and payable on interest-bearing liabilities in the immediately succeeding three-month period. Such amount was determined to be $5,269 as of December 31, 2018 , the most current determination date, with the amount subject to change on a month-to-month basis. At December 31, 2018 , with cash on hand of $7,655 , the Company was compliant with this liquidity covenant and all other covenants. 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 9.96% for the year ended December 31, 2018 . The final payment fee, the initial fair value of the success fee and the debt issuance costs was and will be accreted, amortized and amortized, respectively, to interest expense using the effective interest method over the life of the loan. The following table presents scheduled principal payments of our long-term debt and final payment fee as of December 31, 2018 : Period Amount 2019 $ 2,333 2020 2,333 2021 440 Total principal payments 5,106 Less final payment fee, discount and issuance cost 125 Long-term debt, net $ 4,981 Current portion 2,333 Long-term portion 2,648 Long-term debt, net $ 4,981 |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Lease Obligations | Lease Obligations In May 2017, the Company renewed its operating lease agreement for its headquarters and manufacturing facility in Richmond, California. The operating lease agreement expires 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 ends in July 2022. The Company has an option to extend the lease for another five -year term. The Company has an unoccupied leased sales office in Freiburg, which has a lease term expiring in December 2020. In 2018, the Company recorded a $175 charge in sales and marketing expense in the consolidated statement of operations and comprehensive loss relating to remaining obligation of the lease. In August 2015, the Company entered into a long-term capital lease obligation for equipment. The aggregate principal of the lease is $166 , with an interest rate of 4.7% , minimum monthly payments of $3 and a July 1, 2020 maturity. This capital lease is classified as a component of accrued liabilities and other non-current liabilities in the consolidated balance sheets. Rent expense under the Company’s operating leases was $719 and $486 , for the years ended December 31, 2018 and 2017 , respectively. The Company estimates future minimum operating leases payments as of December 31, 2018 to be the following: Period Operating 2019 $ 541 2020 554 2021 566 2022 262 2023 — Total minimum payments $ 1,923 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2018 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan The Company administers a 401(k) retirement plan or the 401(k) Plan in which all employees are eligible to participate. Each eligible employee may elect to contribute to the 401(k) Plan. 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 equal to 100% of each employee's elected deferral (up to the statutory limit) for the year ended December 31, 2017 and 50% for each year thereafter. The Company made matching contribution to the 401(k) Plan in an amount equal to 50% and 100% of employee contributions, for the year ended December 31, 2018 and 2017 , respectively. The expense related to the contribution was $212 and $509 for the year ended December 31, 2018 and 2017 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions One of the Company’s directors, Dr. Ted Wang, is the founder, general partner and Chief Investment Officer of Puissance Capital Management LP, or Puissance Capital, which is an affiliate of Puissance Cross-Border Opportunities II LLC, one of the Company’s largest stockholders. Prior to Dr. Wang’s appointment to the Board in connection with the Rights Offering in September 2017, the Company entered into a one-year consulting agreement with Angel Pond Capital LLC, or Angel Pond, an entity solely owned and managed by Dr. Wang and affiliated with Puissance Capital. Angel Pond assists the Company with strategic positioning in the Asia Pacific region, including the introduction to potential strategic and capital partners and the development of strategic partnerships 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 $2,195 to Angel Pond, representing consulting services for one year. These fees were recognized ratably to expense over the one-year period, resulting in $1,075 expense charged to general and administrative expense for the year ended December 31, 2018 . During the year ended December 31, 2018 , the Company made additional aggregate payments of $90 to Angel Pond and held an additional $90 in accrued expenses as of December 31, 2018 in connection with consulting services provided by Angel Pond, which were expensed in the consolidated statement of operations and comprehensive loss. The Company has license agreements and various collaboration agreements (see Note 16, Commitments and Contingencies ) with the Regents of the University of California, Berkeley, or RUC, and for which RUC received shares of common stock of the Company. As of the second quarter of 2015, RUC no longer holds such shares. Total payments made to RUC for the years ended December 31, 2018 and 2017 , were $81 and $66 , respectively. As of December 31, 2018 and 2017 , amounts payable to RUC amounted to $57 and $31 , respectively. |
Capitalization and Equity Struc
Capitalization and Equity Structure | 12 Months Ended |
Dec. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Capitalization and Equity Structure | Capitalization and Equity Structure Summary The Company’s authorized capital stock at December 31, 2018 consisted of 141,429 shares of common stock and 10,000 shares of preferred stock. At December 31, 2018 , 62,963 shares of common stock were issued and outstanding and no shares of preferred stock were issued and outstanding. 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 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. Reverse Stock Split After the close of the stock market on May 4, 2016, the Company effected a 1-for-7 reverse split of its common stock. As a result, all amounts included in this filing with respect to shares of the Company’s common stock issued prior to May 4, 2016 have been retroactively reduced by a factor of seven and all per share amounts with respect to shares of the Company’s common stock issued prior to May 4, 2016 have been increased by a factor of seven, with the exception of our common stock par value. Amounts affected include common stock outstanding on May 4, 2016, including the issuance of new shares of common stock as a result of the conversion of preferred stock and the exercise of stock options and warrants prior to such date. At-the-market Offering In August 2018, the Company entered into a Controlled Equity Offering SM Sales Agreement, or ATM Agreement, with Cantor Fitzgerald & Co., or the Agent, under which the Company may issue and sell shares of its common stock, from time to time, to or through the Agent, by methods deemed to be an “at the market offering.” Shares having an aggregate offering price of up to $25,000 may be offered and sold under the prospectus and prospectus supplement filed with the SEC related to such offering, or the ATM Prospectus. For the year ended December 31, 2018 , the Company sold 2,032 shares of common stock under the ATM Agreement at an average price of $2.39 per share, for aggregate proceeds of $4,446 , net of commission and issuance costs, to the Company. As of December 31, 2018 , approximately $20,134 aggregate offering price of the Company's common stock remained available for issuance pursuant to the ATM Prospectus. August 2017 Rights Offering In August 2017, the Company commenced a $34,000 rights offering or Rights Offering to its existing stockholders and certain warrant holders of the Company on the record date of August 10, 2017. The subscription price was $1.00 per share and each subscription right provided 1.1608 shares of the Company’s common stock plus an oversubscription right, subject to availability. Concurrent with the rights offering, the Company entered into a purchase agreement or the Backstop Investment Agreement with Puissance Cross-Border Opportunities II LLC, or the Backstop Investor. The Backstop Investment Agreement contemplated the purchase of any unsubscribed shares from the Rights Offering under the same terms, subject to a cap of 40% of the Company’s total outstanding shares. Under the Backstop Investment Agreement, 20,535 shares of our common stock or Puissance Shares were issued to the Backstop Investor. The Puissance Shares were issued in an unregistered offering, and were subsequently registered by the Company for resale to the public pursuant to a registration rights agreement entered into with the Backstop Investor. In connection with the Rights Offering, the Company entered into a Warrant Repurchase and Amendment Agreement, or Repurchase Agreement, with all of the holders of the warrants issued in April 2017, or April 2017 Warrants. Under the Repurchase Agreement, the Company agreed to repurchase the April 2017 Warrants from each holder thereof at a price of $1.23 per underlying share. The Company’s obligation to repurchase the warrants was subject to the warrant holder’s participation in the Rights Offering. The Repurchase Agreement also permitted the holders of the April 2017 Warrants to use all or a portion of the consideration received as a result of the Company’s repurchase of the April 2017 Warrants to pay the subscription price for the exercise of their subscription rights in the Rights Offering. Upon the closing of the Rights Offering the Company repurchased April 2017 Warrants exercisable for 1,866 shares and applied consideration of $2,245 to the subscribed shares in the Rights Offering. The Company sold an aggregate of 13,465 shares of its common stock to existing stockholders and certain warrant holders, including the holders of the April 2017 Warrants, in the Rights Offering for gross proceeds of $13,465 , which after deducting expenses, totaling approximately $286 , resulted in net proceeds of $13,179 from the Rights Offering; and sold the Puissance Shares to the Backstop Investor pursuant to the Backstop Investment Agreement for gross proceeds of $20,535 . Of the $286 in direct issuance costs, warrants with a fair value of $131 have been issued to an information agent. The warrants are classified as equity in the statement of stockholders’ equity. April 2017 Common Stock Offering In April 2017, the Company sold in a registered direct offering, or the 2017 Registered Direct Offering, an aggregate of 3,732 shares of its common stock, par value $0.001 per share, and warrants to purchase 1,866 shares of common stock. The aggregate net proceeds of the transaction were approximately $10,919 . 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. Warrants Warrant share activity for the year ended December 31, 2018 was as follows: Source Exercise Price Term (Years) December 31, 2017 Issued Expired Exercised December 31, 2018 Information Agent Warrants $ 1.50 3 200 — — — 200 2015 Warrants $ 3.74 5 1,604 — — — 1,604 2014 PPO and Merger warrants 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 shares of the Company’s common stock with an exercise price of $1.50 to an information agent or the Information Agent Warrants. The Information Agent Warrants became exercisable immediately upon issuance. These warrants were recorded in stockholders’ equity on the Company’s consolidated balance sheet. April 2017 Warrants In April 2017, in connection with the 2017 Registered Direct Offering, the Company issued the April 2017 Warrants to purchase 1,866 shares of the Company’s common stock with an exercise price of $4.10 per share. The April 2017 Warrants were to become exercisable six months following the issuance date and were to expire five years from the date they became exercisable. The April 2017 Warrants contained a put-option provision. Under this provision, while the April 2017 Warrants were outstanding, if the Company entered into a Fundamental Transaction, defined as a merger, consolidation or similar transaction, the Company or any successor entity would, at the option of each warrant holder, exercisable at any time within 30 days after the consummation of the Fundamental Transaction, purchase the warrant from the holder exercising such option by paying to the holder an amount of cash equal to the value of the remaining unexercised portion of such holder’s warrant on the date of the consummation of the Fundamental Transaction, calculated using the Black-Scholes Model. Because of this put-option provision, a portion of the proceeds from the sale of common stock in the 2017 Registered Direct Offering was recorded as a warrant liability equal to the fair value of the warrants on the date of issuance and the April 2017 Warrants were marked to market at each reporting date. Issuance costs allocated to the April 2017 Warrants were $185 and were expensed as financing costs on the date of issuance. All of the issued and outstanding April 2017 Warrants were repurchased at a price of $1.23 per underlying share, as a result of the Rights Offering. As of December 31, 2018 , none of the April 2017 Warrants remained outstanding. 2015 Warrants In December 2015, the Company issued warrants to purchase 2,122 shares with an exercise price of $3.74 per share, or the 2015 Warrants. The 2015 Warrants contain a put-option provision. Under this provision, while the 2015 Warrants are outstanding, if the Company enters into a Fundamental Transaction, defined as a merger, consolidation or similar transaction, the Company or any successor entity will, at the option of each warrant holder, exercisable at any time within 30 days after the consummation of the Fundamental Transaction, purchase the warrant from the holder exercising such option by paying to the holder an amount of cash equal to the value of the remaining unexercised portion of such holder’s warrant on the date of the consummation of the Fundamental Transaction, calculated using the Black-Scholes Model. Because of this put-option provision, the 2015 Warrants are classified as a liability and are marked to market at each reporting date. During the years ended December 31, 2016 and 2017, 488 shares and 30 shares, respectively, of the 2015 warrants, were exercised. None of the 2015 Warrants were exercised during the year ended December 31, 2018. 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 by using a Black-Scholes Model. The following assumptions were used in the Black-Scholes Model to measure the fair value of the 2015 Warrants as of the years ended: December 31, 2018 December 31, 2017 Current share price $ 1.24 $ 2.13 Conversion price $ 3.74 $ 3.74 Risk-free interest rate 2.48 % 1.98 % Expected term (years) 1.99 2.99 Volatility of stock 104 % 95 % 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., or the Merger. Concurrently with the closing of the Merger and in contemplation of the Merger, the Company closed a private placement offering, or PPO, in which it issued warrants to purchase a total of 5,151 shares of common stock of which 4,329 were at an exercise price of $14.00 per share, and the balance of which were at an exercise price of $7.00 per share. The aforementioned warrants expired January 14, 2019. Warrants to purchase preferred stock of Ekso Bionics Inc. outstanding prior to the Merger were converted into warrants to purchase 89 shares of common stock of the Company in connection with the Merger, or the Merger Warrants. As of December 31, 2018 , there remained Merger Warrants to purchase 88 shares of the Company’s common stock outstanding, with the following terms: (1) the Merger Warrants expire on various dates from June 1, 2022 to August 30, 2023; (2) the Merger Warrants have an exercise price of $9.66 per share; and (3) at the option of the holder, the Merger Warrants may be exercised on a “cashless exercise” basis in which shares are retained to cover the exercise price based on the market value of the Company’s common stock on the date of exercise. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation 2014 Equity Incentive Plan In 2014, prior to the Merger, the Board of Directors and a majority of the stockholders adopted the 2014 Equity Incentive Plan, or the 2014 Plan, allowing for the issuance of 2,058 shares of common stock. In June 2015, the 2014 Plan was amended and restated with approval by the stockholders to increase the maximum number of shares issuable by 1,656 shares to an aggregate of 3,714 shares of common stock. In June 2017, the 2014 Plan was further amended with the approval by the stockholders to increase the maximum number of shares issuable under the 2014 Plan by 1,000 shares to an aggregate of 4,714 shares of common stock. In June 2018, the Company’s stockholders ratified an amendment to the 2014 Plan, which was first approved by the stockholders in December 2017, to increase the number of shares available for grant by 4,400 shares. As of December 31, 2018 , the total shares authorized for grant under the 2014 Plan was 9,114 , of which 1,267 were available for future grants. 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 for future grant under the 2014 Plan was as follows: Shares Available For Grant Available as of December 31, 2017 4,838 Granted (4,279 ) Forfeited 523 Expired 185 Available as of December 31, 2018 1,267 Stock Options The Board of Directors may grant stock options under the 2014 Plan at a price of not less than 100% of the fair market value of the Company’s common stock on the date the option is granted. The maximum term of an incentive stock option granted to participants may not exceed ten years . Subject to the limitations discussed above, the Board of Directors determines the term and exercise or purchase price of other awards granted under the 2014 Plan. To date, no incentive stock options have been granted. The Board of Directors also determines the terms and conditions of awards, including the vesting schedule and any forfeiture provisions. Options granted under the 2014 Plan vest upon the passage of time, generally four years , or upon the attainment of certain performance criteria established by the Board of Directors. We may grant options to purchase common stock to non-employees for advisory and consulting services. Upon exercise of a stock option, the Company issues new shares of common stock. A summary of the stock option activity as of December 31, 2018 and changes during the fiscal year then ended is presented below: Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at beginning of year 3,156 $ 4.96 Granted 3,925 $ 1.93 Exercised (1 ) $ 1.13 Forfeited (429 ) $ 4.67 Expired (185 ) $ 7.91 Outstanding at end of year 6,466 $ 3.05 8.34 $ 58 Vested and expected to vest 6,466 $ 3.05 8.34 $ 58 Exercisable at year end 2,149 $ 5.22 6.07 $ 37 In 2018 , the Company received $1 in cash from exercised stock options. The intrinsic value of the options exercised totaled $1 and $86 , for the years ended December 31, 2018 and 2017 , respectively. The weighted-average grant date fair value of stock options granted for the years ended December 31, 2018 and 2017 was $1.57 and $1.26 , respectively. The total grant date fair value of stock option vested during the years ended December 31, 2018 and 2017 was $1,725 and $2,192 , respectively. As of December 31, 2018 , total unrecognized compensation cost related to unvested stock options was $6,007 . This amount is expected to be recognized as stock-based compensation expense in the Company’s consolidated statements of operations and comprehensive loss over the remaining weighted average vesting period of 2.9 years . The following table summarizes information about stock options outstanding as of December 31, 2018 : Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares Weighted-Average Remaining Contractual Life (Years) Weighted Average Price Number of Shares Weighted Average Price $0.49 - $1.59 688 8.44 $ 1.17 272 $ 1.13 $1.76 - $1.79 1,824 9.50 $ 1.76 68 $ 1.79 $1.82 - $2.85 2,422 9.09 $ 2.16 381 $ 2.54 $3.22 - $15.33 1,532 5.80 $ 6.85 1,428 $ 6.89 6,466 8.34 $ 3.05 2,149 $ 5.22 The Company recognizes compensation expense using the straight-line method over the requisite service period. The fair value of each stock option grant was estimated on the date of grant using the Black-Scholes Model under the following assumptions: Years Ended December 31, 2018 2017 Dividend yield — — Risk-free interest rate 2.68% - 3.0% 1.83% - 2.37% Expected term (in years) 5.27-10 5.27-9.23 Volatility 88%-106% 77%-88% Restricted Stock Units Beginning in 2017, the Company started issuing restricted stock units, or 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 RSUs is determined based on the closing price of the Company’s common stock on the date of grant. RSU activity for the year ended December 31, 2018 is summarized below: Number of Shares Weighted Average Grant- Date Fair Value Unvested as of January 1, 2018 617 $ 1.65 Granted 354 $ 1.78 Vested (599 ) $ 1.46 Forfeited (94 ) $ 2.78 Unvested as of December 31, 2018 278 $ 1.83 The total grant-date fair value of RSUs that vested in 2018 was $1,026 . As of December 31, 2018 , $442 of total unrecognized compensation expense related to employee RSUs was expected to be recognized over a weighted average period of 3.43 years . Compensation Expense Stock-based compensation is included in the consolidated statements of operations and comprehensive loss in general and administrative, research and development, or sales and marketing expenses, depending upon the nature of services provided. Stock-based compensation expense recorded for stock options and RSUs granted to employees and non-employees was as follows: Years Ended December 31, 2018 2017 Sales and marketing $ 611 $ 485 Research and development 426 439 General and administrative 1,831 1,304 Restructuring — 186 $ 2,868 $ 2,414 Employee Stock Purchase Plan In June 2017, the Company’s stockholders approved the Employee Stock Purchase Plan or the 2017 ESPP. Under the 2017 ESPP, the Company has reserved 500 shares of common stock for issuance, subject to adjustment in the event of a stock split, stock dividend, combination or reclassification or similar event. The 2017 ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 25% of their eligible compensation, subject to any plan limitations. The 2017 ESPP provides for six-month offering periods. At the end of each offering period, employees can purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. As of December 31, 2018 , the Company had not initiated employee enrollment to the plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The domestic and foreign components of pre-tax loss for the years ended December 31, 2018 and 2017 were as follows: Years Ended December 31, 2018 2017 Domestic $ (24,787 ) $ (26,434 ) Foreign (2,205 ) (2,688 ) Loss before income taxes $ (26,992 ) $ (29,122 ) The Company had no current or deferred federal and state income tax expense or benefit for the years ended December 31, 2018 and 2017 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 Germany and Singapore for which taxes included in other expense, net for the years ended December 31, 2018 and 2017 were immaterial and accordingly, such amounts were excluded from the following tables. Income tax expense (benefit) for the years ended December 31, 2018 and 2017 differed from the amounts computed by applying the statutory federal income tax rate of 21% and 34%, respectively, to pretax income (loss) as a result of the following: Years Ended December 31, 2018 2017 Federal tax at statutory rate 21.0 % 34.0 % State tax, net of federal tax effect — — R&D credit 1.3 1.2 Change in valuation allowance (21.1 ) 18.9 Deferred tax impacts of the Tax Act — (59.1 ) Unrealized (gain) loss on warrant 0.8 3.1 Foreign 1.0 (0.4 ) Other (3.0 ) 2.3 Total tax expense — % — % The tax effects of temporary differences and related deferred tax assets and liabilities as of December 31, 2018 and 2017 were as follows: December 31, 2018 2017 Deferred tax assets: Depreciation and other $ 248 $ 242 Net operating loss carryforwards 36,970 31,590 Unused R& D tax credits 1,769 1,359 Accruals & reserves 480 524 Deferred Revenue 221 253 Stock Compensation 1,888 2,277 Other 55 42 Deferred tax liabilities: Prepaid expenses (49 ) (314 ) Less: Valuation allowance (41,582 ) (35,973 ) Net deferred tax asset (liability) $ — $ — The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of the Company’s net deferred tax assets. The Company primarily considered such factors as the Company’s history of operating losses; the nature of the Company’s deferred tax assets and the timing, likelihood and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. At present, the Company does not believe that it is more likely than not that the deferred tax assets will be realized; accordingly, a full valuation allowance was established and no deferred tax assets were shown in the accompanying balance sheets. The valuation allowance increased by $5,608 during the year ended December 31, 2018 and decreased by $4,153 during the year ended December 31, 2017 . In December 2017, the Tax Cuts and Jobs Act or the Tax Act, was signed into law. Among other provisions, the Tax Act reduces the federal statutory corporate tax rate from 35% to 21% for the Company’s tax years beginning in 2018. As a result, net deferred tax assets were re-measured, which resulted in a reduction of our deferred tax assets by $17,220 , with a corresponding decrease to the valuation allowance of the same amount for the tax year ended December 31, 2017. Furthermore, for tax years beginning after December 31, 2018, the Global Intangible Low-taxed Income (GILTI) takes effect. Due to the aggregated negative E&P of the foreign subsidiaries there is no GILTI inclusion for 2018. As of December 31, 2018 the Company had federal net operating loss carryforwards of $142,076 . The federal net operating loss carryforwards of $120,792 generated before January 1, 2018 will begin to expire in 2027 , and $21,284 will carryforward indefinitely but are subject to the 80% taxable income limitation. The Company also had federal research and development tax credit carryforwards of $1,776 that will expire beginning in 2027 , if not utilized. As of December 31, 2018 , the Company had state net operating loss carryforwards of $87,803 , which will begin to expire in 2028 . The Company also had state research and development tax credit carryforwards of $738 , which have no expiration. As of December 31, 2018 , the Company had foreign net operating loss carryforwards of $7,537 . The foreign net operating loss carryforwards do not expire. As of December 31, 2017 , $1,749 of federal and $689 of state net operating loss was attributable to stock-based compensation deductions in excess of book expense. Upon adoption of ASU 2016-09-Compensation-Stock Compensation, the benefit of the tax deduction related to these options did not affect retained earnings due to the Company applying a full valuation allowance against the deferred tax assets, as is the Company’s current policy 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. A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows: 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 Increase of unrecognized tax benefits taken in prior years 51 Increase of unrecognized tax benefits related to current year 90 Balance at December 31, 2018 $ 628 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, 2018 . 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, Germany, Singapore and various states jurisdictions. There are no other ongoing examinations by taxing authorities at this time. The Company’s tax years 2007 through 2018 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, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Material Contracts The Company has two license agreements with the Regents of the University of California to maintain exclusive rights to patents. The Company is required to pay 1% of net sales of licensed medical devices sold to entities other than the U.S. government. In addition, the Company is required to pay 21% of consideration collected from any sublicensee for the grant of the sublicense. 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 is required to pay the developer a single-digit royalty on net receipts, subject to a $50 annual minimum royalty requirement. Purchase Obligations The Company purchases components from a variety of suppliers and use contract manufacturers to provide manufacturing services for its products. Purchase obligations are defined as agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. The Company had purchase obligations primarily for purchases of inventory and manufacturing related service contracts totaling $1,459 as of December 31, 2018 , which is expected to be paid within a year. Timing of payments and actual amounts paid may be different depending on the time of receipt of goods or services or changes to agreed-upon amounts for some obligations. Other Contractual Obligations The following table summarizes our outstanding contractual obligations, including interest payments, as of December 31, 2018 and the effect those obligations are expected to have on our liquidity and cash flows in future periods: Payments Due By Period Total Less than one year 1-3 Years 3-5 Years Term loan $ 5,521 $ 2,632 $ 2,889 $ — Facility operating lease 1,923 541 1,382 — Capital lease 59 37 22 — Total $ 7,503 $ 3,210 $ 4,293 $ — 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. |
Segment Disclosures
Segment Disclosures | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Segment Disclosures The Company has two reportable segments: EksoHealth and EksoWorks. The EksoHealth segment designs, engineers, manufactures, and sells exoskeletons for applications in the medical markets. The EksoWorks segment designs, engineers, manufactures, and sells exoskeleton devices to allow able-bodied users to perform heavy duty work for extended periods. 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. The Company does not consider net assets as a segment measure and, accordingly, assets are not allocated. Segment reporting information is as follows: EksoHealth EksoWorks Other Total Year ended December 31, 2018 Revenue $ 8,826 $ 2,478 $ 28 $ 11,332 Cost of revenue 4,932 2,055 36 7,023 Gross profit $ 3,894 $ 423 $ (8 ) $ 4,309 Year ended December 31, 2017 Revenue $ 5,831 $ 1,484 $ 38 $ 7,353 Cost of revenue 4,164 1,106 14 5,284 Gross profit $ 1,667 $ 378 $ 24 $ 2,069 Geographic revenue information based on location of customer is as follows: Years Ended December 31 2018 2017 United States $ 7,028 $ 4,958 All Other 4,304 2,395 $ 11,332 $ 7,353 |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent events | Subsequent events In January 2019, the Company entered into an agreement with Zhejiang Youchuang Venture Capital Investment Co., Ltd (ZYVC) and another partner to establish a joint venture designed to develop and serve the exoskeleton market in China and other Asian markets and to create a global exoskeleton manufacturing center. In exchange for contributing licenses for its manufacturing technology and relevant Chinese patent rights, the Company received a 20% ownership position in the joint venture. The other partners have committed to contribute over $90,000 in cash in exchange for the remaining 80% ownership. Concurrent with the signing of the agreement, the partners agreed to make a $10,000 equity investment in the Company, $5,000 of which was due to be invested upon the signing of the agreement with the remaining $5,000 to be invested upon the shipment of the first products from the manufacturing facility. The Company received the first $5,000 equity investment after the signing of the agreement. The Company will also be entitled to receive royalties on the joint venture’s medical and industrial product sales in China, Hong Kong, Malaysia, and Singapore. The joint venture will develop, sell and support exoskeleton products into China, Hong Kong, Malaysia, and Singapore, and will be capitalized at greater than $100,000 over its term. The joint venture is expected to have multiple benefits for the Company primarily by gaining access to the world’s largest market for stroke rehabilitation services which is expected to expand the Company’s revenue opportunities while providing economics of scale that will accrue to its current markets and support profitable expansion into other developing markets. The joint venture’s manufacturing facility, which will be purpose-built to manufacture the component parts of the Company’s products at scale, is expected to also improve the Company’s profit margins. Pursuant to the consulting agreement that the Company entered into in July 2017 with Angel Pond, upon the consummation of the joint venture in China, the Company is required to make a $1,000 payment to Angel Pond in consideration for its services related to the Company’s entry into the joint venture. Refer to Note 12. Related Party Transactions. During the first quarter of 2019 through February 28, 2019 , pursuant to the ATM Agreement and the ATM Prospectus, the Company sold 1,294 shares of common stock for $2,328 , net of fees and commissions, at an average price of $1.85 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Estimates (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 or 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. |
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 stock warrants, contingencies, accrued warranty expense, going concern, reserve for excess and obsolete inventory, and the valuation of options. Actual results could differ from those estimates. |
Foreign Currency Translation | Foreign Currency 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. Gains and losses from the re-measurement of balances denominated in currencies other than the entity's functional currency, are recorded in other expense, net in the accompanying consolidated statements of operations and comprehensive loss. |
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 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, 2018 and 2017 . |
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 primarily located in the U.S., Europe and Asia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectibility 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, 2018 and 2017 . 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, 2018 , the Company had one customer with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable ( 19% ) compared with one customer at December 31, 2017 ( 10% ). The Company had no customers with sales of 10% or more of the Company’s total revenue for the years ended December 31, 2018 and 2017 . |
Inventories, net | Inventories, net Inventories are recorded at the lower of cost or net realizable value. Cost is computed using standard cost, which approximates actual cost on a first-in, first-out basis. Materials 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 or 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 ten 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. |
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, 2018 and 2017 . No impairment loss has been recognized in the years ended December 31, 2018 and 2017 . |
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, 2018 and 2017 . No impairment loss has been recognized in the years ended December 31, 2018 and 2017 . |
Warrant Valuation | Warrant Valuation 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, or 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 or ASC, 805, Business Combinations , where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values. The purchase price is allocated using the information currently available, and may be adjusted, up to one-year from the acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. 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 . The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. |
Revenue Recognition | 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. The Company’s medical device segment revenue is primarily generated through the sale and rental of the Ekso GT and associated software (SmartAssist and VariableAssist), and sale of 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. Revenue from medical device leases is recognized over the lease term, typically over 12 months. The Company’s industrial device segment revenue is generated by the sales of the upper body exoskeleton (EksoVest) and the support arm (EksoZeroG). 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. |
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, legal fees associated with developing and maintaining intellectual property, 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. |
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. 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. 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/Accounting Pronouncements Adopted in 2018 | Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02-Leases (ASC 842) and subsequent amendments to the initial guidance under ASU 2017-13, ASU 2018-10 and ASU 2018-11 (collectively, Topic 842) to supersede existing guidance on accounting for leases in ASC 840, Leases (ASC 840). Topic 842 requires the Company to recognize on its balance sheet a lease liability representing the present value of future lease payments and a right-of-use asset representing the lessee's right to use, or control the use of a specified asset for the lease term for any operating lease with a term greater than one year. This standard is effective for annual and interim reporting periods beginning after December 15, 2018. This standard is effective for the Company in the first quarter of 2019. We intend to use the modified retrospective approach, under which the Company applies the standard to each lease that had commenced as of the beginning of the reporting period in which the Company first applies the new lease standard. In addition, the Company will elect to apply the package of practical expedients permitted under the transition guidance, which among other things, allows the Company to carry forward the historical lease classification. The adoption of this standard will have a material impact on the Company’s consolidated balance sheets, with the recognition of right of use assets and corresponding lease liabilities. As further described in Note 16, Commitments and Contingencies , the Company had minimum lease commitments under non-cancellable operating leases totaling $1.9 million as of December 31, 2018. The adoption of this standard will not have a material impact on the Company’s consolidated statements of operations or cash flows, nor will it have a material impact on the financial covenants set forth in the Company's long-term debt agreement. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminated the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities are required to record an impairment charge based on the excess of the carrying amount over its fair value. This update will be effective for the Company beginning January 1, 2020 and early adoption is permitted. The Company does not expect the impact of adopting ASU 2017-04 to be material on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The standard modifies the disclosure requirements on fair value measurements in Topic 820 by removing the requirement to disclose the reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. The standard expands the disclosure requirements for Level 3 fair value measurement, primarily focused on changes in unrealized gains and losses included in other comprehensive income. The amendments in this Update will be effective for all the Company in the first quarter of 2020. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of the amendments in this update will have on its consolidated financial statements and related disclosures. Accounting Pronouncements Adopted in 2018 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). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Estimates (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 , is reflected in the table below net of tax: Foreign Currency Translation Balance at December 31, 2017 $ (340 ) Current period other comprehensive income 248 Balance at December 31, 2018 $ (92 ) |
Schedule of Inventory | Inventories consisted of the following: December 31, 2018 2017 Raw materials $ 2,055 $ 1,737 Work in progress 331 — Finished goods 1,351 1,463 3,737 3,200 Less: inventory reserve (366 ) (175 ) Inventories, net $ 3,371 $ 3,025 |
Net Loss Per Share of Common _2
Net Loss Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic net loss per share of common stock is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the weighted average number of common stock, adjusted to include conversion of certain stock options and warrants for common stock and release of common stock in connection with restricted stock units during the period, as follows: Years ended December 31, 2018 2017 Numerator: Net loss $ (26,992 ) $ (29,122 ) Adjusted net loss used for dilution calculation $ (26,992 ) $ (29,122 ) Denominator Weighted-average number of shares outstanding 61,229 35,609 Dilutive weighted-average number of shares outstanding 61,229 35,609 Net loss per share Basic $ (0.44 ) $ (0.82 ) Diluted $ (0.44 ) $ (0.82 ) |
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: Years ended December 31, 2018 2017 Options to purchase common stock 6,466 3,156 Restricted stock units 278 616 Warrants for common stock 3,396 3,396 Total common stock equivalents 10,140 7,168 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Amortization of Acquired Assets | The following table reflects the amortization of the acquired intangible assets as of December 31, 2018 : Cost Accumulated Amortization Net Estimated Useful Life Developed technology $ 1,160 $ (1,160 ) $ — 3 years Customer relationships 70 (70 ) — 3 years Customer trade name 380 (380 ) — 3 years $ 1,610 $ (1,610 ) $ — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 on a recurring basis are as follows: Total Level 1 Level 2 Level 3 December 31, 2018 Liabilities Warrant liability $ 585 $ — $ — $ 585 Contingent success fee liability $ 34 $ — $ — $ 34 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 Company’s Level 3 financial liabilities during the year ended December 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 2015 warrants (1,063 ) Gain on revaluation — (30 ) (5 ) Reclassification to accrued liabilities — (12 ) — Balance at December 31, 2018 $ 585 $ — $ 34 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Contract with customer, liability | Deferred revenues consisted of the following: December 31, 2018 December 31, Deferred extended maintenance and support $ 2,114 $ 1,763 Deferred royalties 300 — Deferred device revenues 70 31 Customer deposits and advances 62 52 Deferred rental income 51 73 Total deferred revenues 2,597 1,919 Less current portion (1,102 ) (1,103 ) Deferred revenues, non-current $ 1,495 $ 816 Deferred revenue activity consisted of the following: December 31, 2018 Beginning balance $ 1,919 Deferral of revenue 2,230 Recognition of deferred revenue (1,552 ) Ending balance $ 2,597 |
Disaggregation of Revenue | The following table disaggregates the Company’s revenue by major source for the year ended December 31, 2018 : Medical Industrial Other Total Device revenue $ 6,403 $ 2,360 $ — $ 8,763 Service, support and rentals 2,100 — — 2,100 Parts and other 323 118 — 441 Collaborative arrangements — — 28 28 $ 8,826 $ 2,478 $ 28 $ 11,332 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, net | Property and equipment, net consisted of the following: Estimated December 31, Life (Years) 2018 2017 Company owned fleet 3-4 $ 3,794 $ 2,890 Machinery and equipment 3-7 289 760 Computers and peripherals 3-5 77 572 Computer software 3-5 818 877 Leasehold improvement 5-10 631 631 Tools, molds, dies and jigs 5 69 50 Furniture, office and leased equipment 3-7 555 637 6,233 6,417 Accumulated depreciation and amortization (3,868 ) (4,168 ) Property and equipment, net $ 2,365 $ 2,249 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: December 31, 2018 2017 Salaries, benefits and related expenses $ 2,446 $ 2,850 Device warranty 307 232 Severance 270 — Clinical trials 227 136 Capital lease obligation 35 34 Other 256 251 Total $ 3,541 $ 3,503 |
Reconciliation of Changes in Maintenance and Warranty Liabilities | Warranty 2018 2017 Balance at beginning of the period $ 232 $ 204 Additions for estimated future expense 362 207 Incurred costs (287 ) (179 ) Balance at end of the period $ 307 $ 232 Current portion 295 232 Long-term portion 12 — Total $ 307 $ 232 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 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 December 31, 2018 : Period Amount 2019 $ 2,333 2020 2,333 2021 440 Total principal payments 5,106 Less final payment fee, discount and issuance cost 125 Long-term debt, net $ 4,981 Current portion 2,333 Long-term portion 2,648 Long-term debt, net $ 4,981 |
Lease Obligations table (Tables
Lease Obligations table (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Future Minimum Payments | The Company estimates future minimum operating leases payments as of December 31, 2018 to be the following: Period Operating 2019 $ 541 2020 554 2021 566 2022 262 2023 — Total minimum payments $ 1,923 |
Capitalization and Equity Str_2
Capitalization and Equity Structure (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Warrant share activity | Warrant share activity for the year ended December 31, 2018 was as follows: Source Exercise Price Term (Years) December 31, 2017 Issued Expired Exercised December 31, 2018 Information Agent Warrants $ 1.50 3 200 — — — 200 2015 Warrants $ 3.74 5 1,604 — — — 1,604 2014 PPO and Merger warrants 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 | The following assumptions were used in the Black-Scholes Model to measure the fair value of the 2015 Warrants as of the years ended: December 31, 2018 December 31, 2017 Current share price $ 1.24 $ 2.13 Conversion price $ 3.74 $ 3.74 Risk-free interest rate 2.48 % 1.98 % Expected term (years) 1.99 2.99 Volatility of stock 104 % 95 % |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based Compensation, Activity | Shares available for future grant under the 2014 Plan was as follows: Shares Available For Grant Available as of December 31, 2017 4,838 Granted (4,279 ) Forfeited 523 Expired 185 Available as of December 31, 2018 1,267 |
Schedule of Share-based Compensation, Stock Options, Activity | A summary of the stock option activity as of December 31, 2018 and changes during the fiscal year then ended is presented below: Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at beginning of year 3,156 $ 4.96 Granted 3,925 $ 1.93 Exercised (1 ) $ 1.13 Forfeited (429 ) $ 4.67 Expired (185 ) $ 7.91 Outstanding at end of year 6,466 $ 3.05 8.34 $ 58 Vested and expected to vest 6,466 $ 3.05 8.34 $ 58 Exercisable at year end 2,149 $ 5.22 6.07 $ 37 The following table summarizes information about stock options outstanding as of December 31, 2018 : Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares Weighted-Average Remaining Contractual Life (Years) Weighted Average Price Number of Shares Weighted Average Price $0.49 - $1.59 688 8.44 $ 1.17 272 $ 1.13 $1.76 - $1.79 1,824 9.50 $ 1.76 68 $ 1.79 $1.82 - $2.85 2,422 9.09 $ 2.16 381 $ 2.54 $3.22 - $15.33 1,532 5.80 $ 6.85 1,428 $ 6.89 6,466 8.34 $ 3.05 2,149 $ 5.22 |
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 Model under the following assumptions: Years Ended December 31, 2018 2017 Dividend yield — — Risk-free interest rate 2.68% - 3.0% 1.83% - 2.37% Expected term (in years) 5.27-10 5.27-9.23 Volatility 88%-106% 77%-88% |
Schedule of Unvested Restricted Stock Units Roll Forward | RSU activity for the year ended December 31, 2018 is summarized below: Number of Shares Weighted Average Grant- Date Fair Value Unvested as of January 1, 2018 617 $ 1.65 Granted 354 $ 1.78 Vested (599 ) $ 1.46 Forfeited (94 ) $ 2.78 Unvested as of December 31, 2018 278 $ 1.83 |
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, 2018 2017 Sales and marketing $ 611 $ 485 Research and development 426 439 General and administrative 1,831 1,304 Restructuring — 186 $ 2,868 $ 2,414 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 and 2017 were as follows: Years Ended December 31, 2018 2017 Domestic $ (24,787 ) $ (26,434 ) Foreign (2,205 ) (2,688 ) Loss before income taxes $ (26,992 ) $ (29,122 ) |
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, 2018 and 2017 differed from the amounts computed by applying the statutory federal income tax rate of 21% and 34%, respectively, to pretax income (loss) as a result of the following: Years Ended December 31, 2018 2017 Federal tax at statutory rate 21.0 % 34.0 % State tax, net of federal tax effect — — R&D credit 1.3 1.2 Change in valuation allowance (21.1 ) 18.9 Deferred tax impacts of the Tax Act — (59.1 ) Unrealized (gain) loss on warrant 0.8 3.1 Foreign 1.0 (0.4 ) Other (3.0 ) 2.3 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, 2018 and 2017 were as follows: December 31, 2018 2017 Deferred tax assets: Depreciation and other $ 248 $ 242 Net operating loss carryforwards 36,970 31,590 Unused R& D tax credits 1,769 1,359 Accruals & reserves 480 524 Deferred Revenue 221 253 Stock Compensation 1,888 2,277 Other 55 42 Deferred tax liabilities: Prepaid expenses (49 ) (314 ) Less: Valuation allowance (41,582 ) (35,973 ) 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, 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 Increase of unrecognized tax benefits taken in prior years 51 Increase of unrecognized tax benefits related to current year 90 Balance at December 31, 2018 $ 628 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of contractual obligation, fiscal year maturity | The following table summarizes our outstanding contractual obligations, including interest payments, as of December 31, 2018 and the effect those obligations are expected to have on our liquidity and cash flows in future periods: Payments Due By Period Total Less than one year 1-3 Years 3-5 Years Term loan $ 5,521 $ 2,632 $ 2,889 $ — Facility operating lease 1,923 541 1,382 — Capital lease 59 37 22 — Total $ 7,503 $ 3,210 $ 4,293 $ — |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment reporting information is as follows: EksoHealth EksoWorks Other Total Year ended December 31, 2018 Revenue $ 8,826 $ 2,478 $ 28 $ 11,332 Cost of revenue 4,932 2,055 36 7,023 Gross profit $ 3,894 $ 423 $ (8 ) $ 4,309 Year ended December 31, 2017 Revenue $ 5,831 $ 1,484 $ 38 $ 7,353 Cost of revenue 4,164 1,106 14 5,284 Gross profit $ 1,667 $ 378 $ 24 $ 2,069 |
Schedule of Geographic Information | Geographic revenue information based on location of customer is as follows: Years Ended December 31 2018 2017 United States $ 7,028 $ 4,958 All Other 4,304 2,395 $ 11,332 $ 7,353 |
Organization (Details)
Organization (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Accumulated deficit | $ 171,146 | $ 144,154 | |
Cash | 7,655 | 27,813 | $ 16,846 |
Net cash used in operating activities | 22,165 | $ 31,226 | |
Debt covenant, unrestricted cash | 5,269 | ||
Unrestricted cash | $ 2,386 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Estimates - AOCI (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |
Beginning balance | $ (340) |
Current period other comprehensive income | 248 |
Ending balance | $ (92) |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Estimates - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies [Line Items] | ||
Advertising costs | $ 123 | $ 160 |
Contractual obligation | $ 7,503 | |
Customer Concentration Risk | Accounts Receivable | ||
Significant Accounting Policies [Line Items] | ||
Concentration risk percentage | 19.00% | 10.00% |
Facility operating lease | ||
Significant Accounting Policies [Line Items] | ||
Contractual obligation | $ 1,923 | |
Minimum | ||
Significant Accounting Policies [Line Items] | ||
Estimated life (years) | 3 years | |
Maximum | ||
Significant Accounting Policies [Line Items] | ||
Estimated life (years) | 10 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Estimates - Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Raw materials | $ 2,055 | $ 1,737 |
Work in progress | 331 | 0 |
Finished goods | 1,351 | 1,463 |
Inventory, gross | 3,737 | 3,200 |
Less: inventory reserve | (366) | (175) |
Inventories, net | $ 3,371 | $ 3,025 |
Net Loss Per Share of Common _3
Net Loss Per Share of Common Stock - Schedule of EPS (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | ||
Net loss | $ (26,992) | $ (29,122) |
Adjusted net loss used for dilution calculation | $ (26,992) | $ (29,122) |
Denominator | ||
Weighted-average number of shares outstanding (in shares) | 61,229 | 35,609 |
Dilutive weighted-average number of shares outstanding (in shares) | 61,229 | 35,609 |
Net loss per share | ||
Basic (in dollars per share) | $ (0.44) | $ (0.82) |
Diluted (in dollars per share) | $ (0.44) | $ (0.82) |
Net Loss Per Share of Common _4
Net Loss Per Share of Common Stock - Antidilutive Share (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 10,140 | 7,168 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 6,466 | 3,156 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 278 | 616 |
Warrants for common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 3,396 | 3,396 |
Intangible Assets - Narrative (
Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||
Assets acquired | $ 1,610 | ||
Weighted average useful life | 3 years | ||
Amortization of assets | $ 491 | $ 535 | |
Equipois | |||
Business Acquisition [Line Items] | |||
Initial payment | $ 1,100 |
Intangible Assets - Acquired As
Intangible Assets - Acquired Assets (Details) - Equipois $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Cost | $ 1,610 |
Accumulated Amortization | (1,610) |
Net | 0 |
Developed technology | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Cost | 1,160 |
Accumulated Amortization | (1,160) |
Net | $ 0 |
Estimated Useful Life | 3 years |
Customer relationships | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Cost | $ 70 |
Accumulated Amortization | (70) |
Net | $ 0 |
Estimated Useful Life | 3 years |
Customer trade name | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Cost | $ 380 |
Accumulated Amortization | (380) |
Net | $ 0 |
Estimated Useful Life | 3 years |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liability | $ 585 | $ 1,648 |
Contingent success fee liability | 34 | |
Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liability | 585 | 1,648 |
Contingent consideration liability | 42 | |
Contingent success fee liability | 34 | 39 |
Level 1 | Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liability | 0 | 0 |
Contingent consideration liability | 0 | |
Contingent success fee liability | 0 | 0 |
Level 2 | Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liability | 0 | 0 |
Contingent consideration liability | 0 | |
Contingent success fee liability | 0 | 0 |
Level 3 | Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liability | 585 | 1,648 |
Contingent consideration liability | 42 | |
Contingent success fee liability | $ 34 | $ 39 |
Fair Value Measurements - Chang
Fair Value Measurements - Changes in Level 3 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain on revaluation of 2015 warrants | $ 1,063 | $ 3,909 |
Warrant Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,648 | |
Gain on revaluation of 2015 warrants | (1,063) | |
Gain on revaluation | 0 | |
Reclassification to accrued liabilities | 0 | |
Ending balance | 585 | 1,648 |
Contingent Consideration Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 42 | |
Gain on revaluation | (30) | |
Reclassification to accrued liabilities | (12) | |
Ending balance | 0 | 42 |
Contingent Success Fee Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 39 | |
Gain on revaluation | (5) | |
Reclassification to accrued liabilities | 0 | |
Ending balance | $ 34 | $ 39 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | Mar. 20, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | |||
Change in contingent consideration | $ 0 | $ 0 | |
Gain on contingent consideration | 10 | ||
Consideration transferred | $ 28 | ||
Contingent liability | $ 20 | $ 38 |
Revenue Recognition - Deferred
Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | ||
Deferred extended maintenance and support | $ 2,114 | $ 1,763 |
Deferred royalties | 300 | 0 |
Deferred device revenues | 70 | 31 |
Customer deposits and advances | 62 | 52 |
Deferred rental income | 51 | 73 |
Total deferred revenues | 2,597 | 1,919 |
Less current portion | (1,102) | (1,103) |
Deferred revenues, non-current | $ 1,495 | $ 816 |
Revenue Recognition - Deferre_2
Revenue Recognition - Deferred Revenue Activity (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Change In Contract With Customer, Liability Rollforward [Roll Forward] | |
Beginning balance | $ 1,919 |
Deferral of revenue | 2,230 |
Recognition of deferred revenue | (1,552) |
Ending balance | $ 2,597 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 2,597 | $ 1,919 |
Non-cancellable backlog | 1,000 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation, amount | $ 1,033 | |
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation, amount | $ 738 | |
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation, amount | $ 764 | |
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, period |
Revenue Recognition - Accounts
Revenue Recognition - Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Accounts receivable, net of allowances | $ 3,660 | $ 2,760 |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Payment terms | 30 days | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Payment terms | 60 days |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 11,332 | $ 7,353 |
Device revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,763 | |
Service, support and rentals | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,100 | |
Parts and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 441 | |
Collaborative arrangements | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 28 | |
Medical | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,826 | |
Medical | Device revenue | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 6,403 | |
Medical | Service, support and rentals | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,100 | |
Medical | Parts and other | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 323 | |
Medical | Collaborative arrangements | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | |
Industrial | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,478 | |
Industrial | Device revenue | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,360 | |
Industrial | Service, support and rentals | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | |
Industrial | Parts and other | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 118 | |
Industrial | Collaborative arrangements | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | |
Other | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 28 | $ 38 |
Other | Device revenue | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | |
Other | Service, support and rentals | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | |
Other | Parts and other | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | |
Other | Collaborative arrangements | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 28 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 6,233 | $ 6,417 |
Accumulated depreciation and amortization | (3,868) | (4,168) |
Property and equipment, net | $ 2,365 | 2,249 |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 3 years | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 10 years | |
Company owned fleet | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 3,794 | 2,890 |
Company owned fleet | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 3 years | |
Company owned fleet | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 4 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 289 | 760 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 3 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 7 years | |
Computers and peripherals | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 77 | 572 |
Computers and peripherals | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 3 years | |
Computers and peripherals | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 5 years | |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 818 | 877 |
Computer software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 3 years | |
Computer software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 5 years | |
Leasehold improvement | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 631 | 631 |
Leasehold improvement | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 5 years | |
Leasehold improvement | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 10 years | |
Tools, molds, dies and jigs | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 69 | 50 |
Estimated life (years) | 5 years | |
Furniture, office and leased equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross, Total | $ 555 | $ 637 |
Furniture, office and leased equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 3 years | |
Furniture, office and leased equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life (years) | 7 years |
Property and Equipment, net - N
Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 1,009 | $ 1,197 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $ 2,446 | $ 2,850 |
Device warranty | 307 | 232 |
Severance | 270 | 0 |
Clinical trials | 227 | 136 |
Capital lease obligation | 35 | 34 |
Other | 256 | 251 |
Total | $ 3,541 | $ 3,503 |
Accrued Liabilities - Warranty
Accrued Liabilities - Warranty Costs (Details) - Warranty - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accrued Liabilities, Rollforward [Roll Forward] | ||||
Beginning Balance | $ 232 | $ 204 | ||
Additions for estimated future expense | 362 | 207 | ||
Incurred costs | (287) | (179) | ||
Closing Balance | 307 | 232 | ||
Current portion | $ 295 | $ 232 | ||
Long-term portion | 12 | 0 | ||
Total | $ 232 | $ 204 | $ 307 | $ 232 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Long-term debt, net | $ 4,981,000 | ||
Accretion expense | 152,000 | $ 179,000 | |
Success fee | $ 250,000 | ||
Current share price (in dollars per share) | $ 8 | ||
Contingent success fee liability | 34,000 | ||
Debt covenant, unrestricted cash | 5,269,000 | ||
Cash | $ 7,655,000 | $ 27,813,000 | $ 16,846,000 |
Interest rate | 9.96% | ||
Loan Agreement | |||
Debt Instrument [Line Items] | |||
Borrowing capacity | $ 7,000,000 | ||
Variable rate | 5.41% | ||
Debt term | 36 months | ||
Long-term debt, net | $ 245,000 | ||
Accretion expense | $ 178,000 |
Long-Term Debt - Debt Maturity
Long-Term Debt - Debt Maturity (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 2,333 |
2,020 | 2,333 |
2,021 | 440 |
Total principal payments | 5,106 |
Less final payment fee, discount and issuance cost | 125 |
Long-term debt, net | 4,981 |
Current portion | 2,333 |
Long-term portion | 2,648 |
Long-term debt, net | $ 4,981 |
Lease Obligations - Narrative (
Lease Obligations - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Term of lease | 5 years | ||
Renewal term of lease | 5 years | ||
Selling and marketing expense | $ 175 | ||
Long term debt | 5,106 | ||
Rent expense | 719 | $ 486 | |
Operating leases due in 2019 | 541 | ||
Operating leases due in 2020 | 554 | ||
Operating leases due in 2021 | 566 | ||
Operating leases due in 2022 | 262 | ||
Operating leases due in 2023 | 0 | ||
Total minimum payments | $ 1,923 | ||
Capital lease | |||
Debt Instrument [Line Items] | |||
Long term debt | $ 166 | ||
Interest rate | 4.70% | ||
Minimum monthly payments | $ 3 |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | ||
Maximum annual benefit match percentage | 50.00% | 100.00% |
Employer matching percentage | 50.00% | 100.00% |
Contribution expense | $ 212 | $ 509 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||
Related party transaction amount | $ 81,000 | $ 66,000 |
Amount payable | 57,000 | 31,000 |
Angel Pond Capital LLC | ||
Related Party Transaction [Line Items] | ||
Aggregate payments | 90,000 | $ 2,195,000 |
Expense charged to general and administrative expense | 1,075,000 | |
Accrued related party expense | $ 90 |
Capitalization and Equity Str_3
Capitalization and Equity Structure - Additional Information (Details) | Aug. 21, 2018USD ($) | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017shares |
Class of Warrant or Right [Line Items] | |||
Common Stock, shares authorized (in shares) | 141,429,000 | 141,429,000 | |
Convertible Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | |
Common Stock, shares outstanding (in shares) | 62,963,000 | 59,943,000 | |
Convertible Preferred stock, shares issued (in shares) | 0 | 0 | |
Reverse stock split conversion | 0.1429 | ||
Aggregate proceeds | $ | $ 4,446,000 | ||
Common Stock | At-The-Market Offering | |||
Class of Warrant or Right [Line Items] | |||
Value of aggregate offering | $ | $ 25,000,000 | ||
Number of shares sold (in shares) | 2,032,000 | ||
Sale of shares (in dollars per share) | $ / shares | $ 2.39 | ||
Stock available for issuance | $ | $ 20,134,000 |
Capitalization and Equity Str_4
Capitalization and Equity Structure - 2017 Offerings (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2017USD ($)$ / sharesshares | Apr. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2017$ / sharesshares | Dec. 31, 2015$ / sharesshares | Jan. 15, 2014$ / sharesshares | |
Class of Warrant or Right [Line Items] | |||||||
Class Of Warrant Or Right Issued | shares | 0 | ||||||
Common Stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 | |||||
Number warrants called (in shares) | shares | 2,122 | 89 | |||||
Proceeds from issuance of common stock, net | $ | $ 4,446 | $ 42,463 | |||||
April 2017 equity financing, net of underwriting discount & issuance costs of $662 | $ | $ 34,000 | $ 4,446 | $ 11,058 | ||||
Shares issued (in dollars per share) | $ / shares | $ 1 | ||||||
Shares subscription | 1.1608 | ||||||
Issuance of warrants | $ | $ 131 | ||||||
Common Stock | |||||||
Class of Warrant or Right [Line Items] | |||||||
Issuance of common stock, net of underwriting discount & issuance costs (in shares) | shares | 3,732 | 2,032 | 3,732 | ||||
Common Stock, par value (in dollars per share) | $ / shares | $ 0.001 | ||||||
Number warrants called (in shares) | shares | 1,866 | 88 | |||||
Proceeds from issuance of common stock, net | $ | $ 10,919 | ||||||
April 2017 equity financing, net of underwriting discount & issuance costs of $662 | $ | $ 2 | $ 4 | |||||
Exercise price (in dollars per share) | $ / shares | $ 9.66 | ||||||
Warrants for common stock | |||||||
Class of Warrant or Right [Line Items] | |||||||
Number warrants called (in shares) | shares | 5,151 | ||||||
Payment of issuance costs | $ | $ 185 | ||||||
Exercise price (in dollars per share) | $ / shares | $ 7 | ||||||
Maximum | |||||||
Class of Warrant or Right [Line Items] | |||||||
Percentage of common stock outstanding | 40.00% | ||||||
Minimum | Warrants for common stock | |||||||
Class of Warrant or Right [Line Items] | |||||||
Exercise price (in dollars per share) | $ / shares | $ 3.74 | ||||||
Puissance Cross-Border Opportunities II LLC | |||||||
Class of Warrant or Right [Line Items] | |||||||
Issuance of common stock, net of underwriting discount & issuance costs (in shares) | shares | 20,535 | ||||||
Warrant Repurchase Agreement | |||||||
Class of Warrant or Right [Line Items] | |||||||
Repurchase of shares (in dollars per share) | $ / shares | $ 1.23 | $ 1.23 | |||||
Number of warrants repurchased (in shares) | shares | 1,866 | ||||||
Payments for repurchase of warrants | $ | $ 2,245 | ||||||
Rights Offering | |||||||
Class of Warrant or Right [Line Items] | |||||||
Issuance of common stock, net of underwriting discount & issuance costs (in shares) | shares | 13,465 | ||||||
Proceeds from issuance of common stock, net | $ | $ 13,179 | ||||||
April 2017 equity financing, net of underwriting discount & issuance costs of $662 | $ | 13,465 | ||||||
Payment of issuance costs | $ | 286 | ||||||
Backstop Investor Offering | |||||||
Class of Warrant or Right [Line Items] | |||||||
April 2017 equity financing, net of underwriting discount & issuance costs of $662 | $ | $ 20,535 | ||||||
Information Agent Warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Class Of Warrant Or Right Issued | shares | 0 | ||||||
Number warrants called (in shares) | shares | 200 | ||||||
Exercise price (in dollars per share) | $ / shares | $ 1.5 | $ 1.50 | |||||
Term (Years) | 3 years | ||||||
2017 Warrants | |||||||
Class of Warrant or Right [Line Items] | |||||||
Class Of Warrant Or Right Issued | shares | 1,866 | ||||||
Exercise price (in dollars per share) | $ / shares | $ 4.10 | ||||||
Term (Years) | 5 years |
Capitalization and Equity Str_5
Capitalization and Equity Structure - Warrant Share Activity (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | |
Class Of Warrant Or Right, Outstanding [Roll Forward] | ||||
Merger/PPO Warrant Shares Outstanding (in shares) | 3,396,000 | |||
Merger/PPO Warrant Shares Issued (in shares) | 0 | |||
Merger/PPO Warrant Shares Expired (in shares) | 0 | |||
Merger/PPO Warrant Shares Exercised (in shares) | 0 | |||
Merger/PPO Warrant Shares Outstanding (in shares) | 3,396,000 | 3,396,000 | ||
Information Agent Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Exercise price (in dollars per share) | $ 1.5 | $ 1.50 | ||
Term (Years) | 3 years | |||
Class Of Warrant Or Right, Outstanding [Roll Forward] | ||||
Merger/PPO Warrant Shares Outstanding (in shares) | 200,000 | |||
Merger/PPO Warrant Shares Issued (in shares) | 0 | |||
Merger/PPO Warrant Shares Expired (in shares) | 0 | |||
Merger/PPO Warrant Shares Exercised (in shares) | 0 | |||
Merger/PPO Warrant Shares Outstanding (in shares) | 200,000 | 200,000 | ||
2015 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Exercise price (in dollars per share) | $ 3.74 | |||
Term (Years) | 5 years | |||
Class Of Warrant Or Right, Outstanding [Roll Forward] | ||||
Merger/PPO Warrant Shares Outstanding (in shares) | 1,604,000 | |||
Merger/PPO Warrant Shares Issued (in shares) | 0 | |||
Merger/PPO Warrant Shares Expired (in shares) | 0 | |||
Merger/PPO Warrant Shares Exercised (in shares) | 0 | 30,000 | 488,000 | |
Merger/PPO Warrant Shares Outstanding (in shares) | 1,604,000 | 1,604,000 | ||
Placement agent warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Exercise price (in dollars per share) | $ 7 | |||
Term (Years) | 5 years | |||
Class Of Warrant Or Right, Outstanding [Roll Forward] | ||||
Merger/PPO Warrant Shares Outstanding (in shares) | 426,000 | |||
Merger/PPO Warrant Shares Issued (in shares) | 0 | |||
Merger/PPO Warrant Shares Expired (in shares) | 0 | |||
Merger/PPO Warrant Shares Exercised (in shares) | 0 | |||
Merger/PPO Warrant Shares Outstanding (in shares) | 426,000 | 426,000 | ||
PPO warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Exercise price (in dollars per share) | $ 14 | |||
Term (Years) | 5 years | |||
Class Of Warrant Or Right, Outstanding [Roll Forward] | ||||
Merger/PPO Warrant Shares Outstanding (in shares) | 1,078,000 | |||
Merger/PPO Warrant Shares Issued (in shares) | 0 | |||
Merger/PPO Warrant Shares Expired (in shares) | 0 | |||
Merger/PPO Warrant Shares Exercised (in shares) | 0 | |||
Merger/PPO Warrant Shares Outstanding (in shares) | 1,078,000 | 1,078,000 | ||
Pre 2014 warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Exercise price (in dollars per share) | $ 9.66 | |||
Class Of Warrant Or Right, Outstanding [Roll Forward] | ||||
Merger/PPO Warrant Shares Outstanding (in shares) | 88,000 | |||
Merger/PPO Warrant Shares Issued (in shares) | 0 | |||
Merger/PPO Warrant Shares Expired (in shares) | 0 | |||
Merger/PPO Warrant Shares Exercised (in shares) | 0 | |||
Merger/PPO Warrant Shares Outstanding (in shares) | 88,000 | 88,000 | ||
Pre 2014 warrants | Minimum | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Term (Years) | 9 years | |||
Pre 2014 warrants | Maximum | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Term (Years) | 10 years |
Capitalization and Equity Str_6
Capitalization and Equity Structure - Fair Values of Warrant Liability (Details) | 12 Months Ended | ||
Dec. 31, 2018year$ / shares | Dec. 31, 2017$ / shares | Dec. 31, 2016$ / shares | |
Schedule of Capitalization, Equity [Line Items] | |||
Current share price (in dollars per share) | $ 8 | ||
Black-Scholes Option Pricing Model | Warrants for common stock | |||
Schedule of Capitalization, Equity [Line Items] | |||
Current share price (in dollars per share) | $ 1.24 | $ 2.13 | |
Conversion price (in dollars per share) | $ 3.74 | $ 3.74 | |
Risk-free interest rate | Black-Scholes Option Pricing Model | Warrants for common stock | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input | 0.0248 | 0.0198 | |
Expected term (years) | Black-Scholes Option Pricing Model | Warrants for common stock | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input | 1.99 | 2.99 | |
Volatility of stock | Black-Scholes Option Pricing Model | Warrants for common stock | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input | 1.04 | 0.95 |
Capitalization and Equity Str_7
Capitalization and Equity Structure - 2014 PPO and Merger Warrants and Pre-Merger Warrants (Details) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 30, 2017 | Dec. 31, 2015 | Jan. 15, 2014 | |
Class of Warrant or Right [Line Items] | ||||||
Number warrants called (in shares) | 2,122,000 | 89,000 | ||||
Merger/PPO Warrant Shares Exercised (in shares) | 0 | |||||
2015 Warrants | ||||||
Class of Warrant or Right [Line Items] | ||||||
Exercise price (in dollars per share) | $ 3.74 | |||||
Merger/PPO Warrant Shares Exercised (in shares) | 0 | 30,000 | 488,000 | |||
Warrants for common stock | ||||||
Class of Warrant or Right [Line Items] | ||||||
Number warrants called (in shares) | 5,151,000 | |||||
Exercise price (in dollars per share) | $ 7 | |||||
Warrants for common stock | Merger and PPO | ||||||
Class of Warrant or Right [Line Items] | ||||||
Number warrants called (in shares) | 4,329,000 | |||||
Exercise price (in dollars per share) | $ 14 | |||||
Common Stock | ||||||
Class of Warrant or Right [Line Items] | ||||||
Number warrants called (in shares) | 88,000 | 1,866,000 | ||||
Exercise price (in dollars per share) | $ 9.66 |
Stock-based Compensation - 2014
Stock-based Compensation - 2014 Equity Incentive Plan (Details) - shares shares in Thousands | 1 Months Ended | ||||
Dec. 31, 2017 | Jun. 20, 2017 | Jun. 30, 2015 | Dec. 31, 2018 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for grant (in shares) | 4,838 | 1,267 | |||
2014 Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares reserved for future issuance (in shares) | 2,058 | ||||
Additional shares authorized (in shares) | 4,400 | 1,000 | 1,656 | ||
Number of shares authorized (in shares) | 4,714 | 3,714 | 9,114 | ||
Shares available for grant (in shares) | 1,267 |
Stock-based Compensation - Shar
Stock-based Compensation - Shares Available for Future Grant (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | 4,838 |
Granted (in shares) | (4,279) |
Forfeited (in shares) | 523 |
Expired (in shares) | 185 |
Ending balance (in shares) | 1,267 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Narrative (Details) - 2014 Plan | 12 Months Ended |
Dec. 31, 2018 | |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Purchase price of common stock percentage | 100.00% |
Expiration period | 4 years |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration period | 10 years |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Activity (Details) - 2014 Plan $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Options Outstanding | |
Outstanding at beginning of year (in shares) | shares | 3,156 |
Granted (in shares) | shares | 3,925 |
Exercised (in shares) | shares | (1) |
Forfeited (in shares) | shares | (429) |
Expired (in shares) | shares | (185) |
Outstanding at end of year (in shares) | shares | 6,466 |
Vested and expected to vest (in shares) | shares | 6,466 |
Exercisable at year end (in shares) | shares | 2,149 |
Weighted Average Exercise Price | |
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 4.96 |
Granted (in dollars per share) | $ / shares | 1.93 |
Exercised (in dollars per share) | $ / shares | 1.13 |
Forfeited (in dollars per share) | $ / shares | 4.67 |
Expired (in dollars per share) | $ / shares | 7.91 |
Outstanding at end of year (in dollars per share) | $ / shares | 3.05 |
Vested and expected to vest (in dollars per share) | $ / shares | 3.05 |
Exercisable at year end (in dollars per share) | $ / shares | $ 5.22 |
Weighted Average Remaining Contractual Life (Years), Ending Balance | 8 years 4 months 2 days |
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest | 8 years 4 months 2 days |
Weighted Average Remaining Contractual Life (Years), Exercisable | 6 years 26 days |
Aggregate Intrinsic Value, Ending Balance | $ | $ 58 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 58 |
Aggregate Intrinsic Value, Exercisable | $ | $ 37 |
Stock-based Compensation - St_2
Stock-based Compensation - Stock Options Outstanding (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Option Outstanding, Number of Shares (in shares) | shares | 6,466 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 8 years 4 months 2 days |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 3.05 |
Options Exercisable, Number of Shares (in shares) | shares | 2,149 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 5.22 |
$0.49 - $1.59 | |
Range of Exercise Prices, Lower (in dollars per share) | 0.49 |
Range of Exercise Prices, Upper (in dollars per share) | $ 1.59 |
Option Outstanding, Number of Shares (in shares) | shares | 688 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 8 years 5 months 9 days |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 1.17 |
Options Exercisable, Number of Shares (in shares) | shares | 272 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 1.13 |
$1.76 - $1.79 | |
Range of Exercise Prices, Lower (in dollars per share) | 1.76 |
Range of Exercise Prices, Upper (in dollars per share) | $ 1.79 |
Option Outstanding, Number of Shares (in shares) | shares | 1,824 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 9 years 6 months |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 1.76 |
Options Exercisable, Number of Shares (in shares) | shares | 68 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 1.79 |
$1.82 - $2.85 | |
Range of Exercise Prices, Lower (in dollars per share) | 1.82 |
Range of Exercise Prices, Upper (in dollars per share) | $ 2.85 |
Option Outstanding, Number of Shares (in shares) | shares | 2,422 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 9 years 1 month 2 days |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 2.16 |
Options Exercisable, Number of Shares (in shares) | shares | 381 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 2.54 |
$3.22 - $15.33 | |
Range of Exercise Prices, Lower (in dollars per share) | 3.22 |
Range of Exercise Prices, Upper (in dollars per share) | $ 15.33 |
Option Outstanding, Number of Shares (in shares) | shares | 1,532 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 5 years 9 months 18 days |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 6.85 |
Options Exercisable, Number of Shares (in shares) | shares | 1,428 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 6.89 |
Stock-based Compensation - Exer
Stock-based Compensation - Exercised Options Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from exercise of stock options | $ 1 | $ 46 |
Options to purchase common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from exercise of stock options | 1 | |
Aggregate intrinsic value | $ 1 | $ 86 |
Granted (in dollars per share) | $ 1.57 | $ 1.26 |
Fair value of vested shares | $ 1,725 | $ 2,192 |
Unrecognized compensation expense | $ 6,007 | |
Period of unrecognized compensation expense | 2 years 10 months 24 days |
Stock-based Compensation - St_3
Stock-based Compensation - Stock Option Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate, minimum | 2.68% | 1.83% |
Risk-free interest rate, maximum | 3.00% | 2.37% |
Volatility, minimum | 88.00% | 77.00% |
Volatility, maximum | 106.00% | 88.00% |
Minimum | ||
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 |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 10 years | 9 years 2 months 23 days |
Stock-based Compensation - RSU
Stock-based Compensation - RSU Activity (Details) - RSUs $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)$ / sharesshares | |
Number of Shares | |
Unvested, beginning balance (in shares) | shares | 617 |
Granted (in shares) | shares | 354 |
Vested (in shares) | shares | (599) |
Forfeited (in shares) | shares | (94) |
Unvested, ending balance (in shares) | shares | 278 |
Weighted Average Grant- Date Fair Value | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 1.65 |
Granted (in dollars per share) | $ / shares | 1.78 |
Vested (in dollars per share) | $ / shares | 1.46 |
Forfeited (in dollars per share) | $ / shares | 2.78 |
Unvested, ending balance (in dollars per share) | $ / shares | $ 1.83 |
Fair value of vested shares | $ | $ 1,026 |
Unrecognized compensation expense | $ | $ 442 |
Period of unrecognized compensation expense | 3 years 5 months 5 days |
Stock-based Compensation - Comp
Stock-based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expense | $ 2,868 | $ 2,414 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expense | 611 | 485 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expense | 426 | 439 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expense | 1,831 | 1,304 |
Restructuring | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expense | $ 0 | $ 186 |
Stock-based Compensation - Empl
Stock-based Compensation - Employee Stock Purchase Plan (Details) - shares shares in Thousands | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employer matching percentage | 50.00% | 100.00% | |
ESPP | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (in shares) | 500 | ||
Employer matching percentage | 25.00% | ||
Maximum annual contribution percentage | 85.00% |
Income Taxes - Component of Inc
Income Taxes - Component of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ (24,787) | $ (26,434) |
Foreign | (2,205) | (2,688) |
Loss before income taxes | $ (26,992) | $ (29,122) |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Federal tax at statutory rate | 21.00% | 34.00% |
State tax, net of federal tax effect | 0.00% | 0.00% |
R&D credit | 1.30% | 1.20% |
Change in valuation allowance | (21.10%) | 18.90% |
Deferred tax impacts of the Tax Act | 0.00% | (59.10%) |
Unrealized (gain) loss on warrant | 0.80% | 3.10% |
Foreign | 1.00% | (0.40%) |
Other | (3.00%) | 2.30% |
Total tax expense | 0.00% | 0.00% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Depreciation and other | $ 248 | $ 242 |
Net operating loss carryforwards | 36,970 | 31,590 |
Unused R& D tax credits | 1,769 | 1,359 |
Accruals & reserves | 480 | 524 |
Deferred Revenue | 221 | 253 |
Stock Compensation | 1,888 | 2,277 |
Other | 55 | 42 |
Deferred tax liabilities: | ||
Prepaid expenses | (49) | (314) |
Less: Valuation allowance | (41,582) | (35,973) |
Net deferred tax asset (liability) | $ 0 | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Increase (decrease) in valuation allowance | $ (5,608) | $ 4,153 |
Remeasurement of deferred tax assets | 17,220 | |
Federal | ||
Operating loss carryforwards | 142,076 | |
Federal | Options to purchase common stock | ||
Deferred Tax Assets, Net of Valuation Allowance | 1,749 | |
Federal | Research and Development Tax Credit | ||
Operating loss carryforwards | 1,776 | |
State | ||
Operating loss carryforwards | 87,803 | |
State | Options to purchase common stock | ||
Deferred Tax Assets, Net of Valuation Allowance | 689 | |
State | Research and Development Tax Credit | ||
Operating loss carryforwards | 738 | |
Foreign | ||
Operating loss carryforwards | 7,537 | |
Generated Before 2018, Expire 2027 | Federal | ||
Operating loss carryforwards | 120,792 | |
Generated Before 2018, Carryforward Indefinitely | Federal | ||
Operating loss carryforwards | $ 21,284 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Beginning balance | $ 487 |
Increase of unrecognized tax benefits taken in prior years | 51 |
Increase of unrecognized tax benefits related to current year | 90 |
Ending balance | $ 628 |
Contingencies and Commitments -
Contingencies and Commitments - Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($)license_agreement | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Number of license agreements | license_agreement | 2 |
Obligation due in less than one year | $ 3,210 |
Purchase obligation | 1,459 |
Royalty Agreement Terms | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Obligation due in less than one year | $ 50 |
Royalty Agreement Terms | Net sales | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Royalty percentage | 1.00% |
Royalty Agreement Terms | License fees | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Royalty percentage | 21.00% |
Contingencies and Commitments_2
Contingencies and Commitments - Contractual Obligations (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Total | $ 7,503 |
Less than one year | 3,210 |
1-3 Years | 4,293 |
3-5 Years | 0 |
Facility operating lease | |
Total | 1,923 |
Less than one year | 541 |
1-3 Years | 1,382 |
3-5 Years | 0 |
Term loan | |
Total | 5,521 |
Less than one year | 2,632 |
1-3 Years | 2,889 |
3-5 Years | 0 |
Capital lease | |
Total | 59 |
Less than one year | 37 |
1-3 Years | 22 |
3-5 Years | $ 0 |
Segment Disclosures - Segment R
Segment Disclosures - Segment Reporting Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018USD ($)segment | Dec. 31, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 2 | |
Revenue | $ 11,332 | $ 7,353 |
Cost of revenue | 7,023 | 5,284 |
Gross profit | 4,309 | 2,069 |
EksoHealth | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 8,826 | 5,831 |
Cost of revenue | 4,932 | 4,164 |
Gross profit | 3,894 | 1,667 |
EksoWorks | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,478 | 1,484 |
Cost of revenue | 2,055 | 1,106 |
Gross profit | 423 | 378 |
Other | Operating segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 28 | 38 |
Cost of revenue | 36 | 14 |
Gross profit | $ (8) | $ 24 |
Segment Disclosures - Geographi
Segment Disclosures - Geographic Revenue Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 11,332 | $ 7,353 |
United States | ||
Segment Reporting Information [Line Items] | ||
Revenue | 7,028 | 4,958 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 4,304 | $ 2,395 |
Subsequent events (Details)
Subsequent events (Details) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 2 Months Ended | |
Jan. 31, 2019 | Feb. 28, 2019 | Dec. 31, 2018 | |
Common Stock | Subsequent event | |||
Subsequent Event [Line Items] | |||
Number of shares sold (in shares) | 1,294 | ||
Value of shares sold | $ 2,328,000 | ||
Sale of shares (in dollars per share) | $ 1.85 | ||
Joint Venture | Subsequent event | |||
Subsequent Event [Line Items] | |||
Ownership percentage | 20.00% | ||
Amount capitalized | $ 100,000,000 | ||
Zhejiang Youchuang Venture Capital Investment Co., Ltd | Joint Venture | Subsequent event | |||
Subsequent Event [Line Items] | |||
Ownership percentage | 80.00% | ||
Payment for investment | $ 90,000,000 | ||
Zhejiang Youchuang Venture Capital Investment Co., Ltd | Ekso Bionics Holdings, Inc | Subsequent event | |||
Subsequent Event [Line Items] | |||
Payment for investment | 5,000,000 | ||
Equity investments | 10,000,000 | ||
Zhejiang Youchuang Venture Capital Investment Co., Ltd | Subsequent event | |||
Subsequent Event [Line Items] | |||
Financing receivable | 5,000,000 | ||
Angel Pond Capital LLC | |||
Subsequent Event [Line Items] | |||
Payment to related party | $ 90 | ||
Angel Pond Capital LLC | Subsequent event | |||
Subsequent Event [Line Items] | |||
Payment to related party | $ 1,000,000 |