Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 29, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | EKSO BIONICS HOLDINGS, INC. | |
Entity Central Index Key | 0001549084 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 74,918,393 | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash | $ 13,262 | $ 7,655 |
Accounts receivable, net of allowances of $119 and $128, respectively | 4,541 | 3,660 |
Inventories, net | 3,724 | 3,371 |
Prepaid expenses and other current assets | 606 | 281 |
Total current assets | 22,133 | 14,967 |
Property and equipment, net | 1,816 | 2,365 |
Right-of-use assets | 1,277 | 0 |
Goodwill | 189 | 189 |
Other assets | 168 | 134 |
Total assets | 25,583 | 17,655 |
Current liabilities: | ||
Accounts payable | 2,480 | 3,156 |
Accrued liabilities | 2,768 | 3,541 |
Deferred revenues, current | 1,369 | 1,102 |
Note payable, current | 2,333 | 2,333 |
Lease liabilities, current | 393 | 0 |
Total current liabilities | 9,343 | 10,132 |
Deferred revenues | 1,761 | 1,495 |
Note payable, net | 1,535 | 2,648 |
Lease liabilities | 934 | 0 |
Warrant liabilities | 6,561 | 585 |
Other non-current liabilities | 45 | 67 |
Total liabilities | 20,179 | 14,927 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity: | ||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding at June 30, 2019 and December 31, 2018 | 0 | 0 |
Common stock, $0.001 par value; 141,429 shares authorized; 74,895 and 62,963, shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively | 75 | 63 |
Additional paid-in capital | 186,142 | 173,903 |
Accumulated other comprehensive loss | (50) | (92) |
Accumulated deficit | (180,763) | (171,146) |
Total stockholders’ equity | 5,404 | 2,728 |
Total liabilities and stockholders’ equity | $ 25,583 | $ 17,655 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 119 | $ 128 |
Convertible Preferred stock, par value per share (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 per share (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) | 74,895,000 | 62,963,000 |
Common stock, shares outstanding (in shares) | 74,895,000 | 62,963,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 3,262 | $ 2,967 | $ 6,878 | $ 5,486 |
Cost of revenue | 1,702 | 2,000 | 3,719 | 3,750 |
Gross profit | 1,560 | 967 | 3,159 | 1,736 |
Operating expenses: | ||||
Sales and marketing | 3,039 | 3,933 | 5,848 | 7,786 |
Research and development | 1,499 | 1,389 | 2,883 | 3,197 |
General and administrative | 2,120 | 2,827 | 4,437 | 6,564 |
Change in fair value, contingent consideration | 0 | 3 | 1 | (15) |
Total operating expenses | 6,658 | 8,152 | 13,169 | 17,532 |
Loss from operations | (5,098) | (7,185) | (10,010) | (15,796) |
Other income (expense), net: | ||||
Interest expense | (107) | (160) | (228) | (324) |
Gain (loss) on revaluation of warrant liabilities | 2,737 | (213) | 1,615 | 520 |
Loss on modification of warrant | 0 | 0 | (257) | 0 |
Warrant issuance expense | (706) | 0 | (706) | 0 |
Other income (expense), net | 108 | (420) | (31) | (277) |
Total other income (expense), net | 2,032 | (793) | 393 | (81) |
Net loss | (3,066) | (7,978) | (9,617) | (15,877) |
Other comprehensive (loss) income | (106) | 320 | 42 | 113 |
Comprehensive loss | $ (3,172) | $ (7,658) | $ (9,575) | $ (15,764) |
Basic and diluted net loss per share (in dollars per share) | $ (0.04) | $ (0.13) | $ (0.14) | $ (0.26) |
Weighted average number of shares of common stock outstanding, basic and diluted (in shares) | 70,702 | 60,621 | 67,886 | 60,386 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning Balance at Dec. 31, 2017 | $ 21,391 | $ 60 | $ 165,825 | $ (340) | $ (144,154) |
Balance (in shares) at Dec. 31, 2017 | 59,943 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (7,899) | (7,899) | |||
Equipois supply and sales earn-outs | 28 | 28 | |||
Equipois supply and sales earn-outs (in shares) | 18 | ||||
Equity incentive plan | (62) | (62) | |||
Equity incentive plan (in shares) | 52 | ||||
Matching contribution to 401(k) plan | 508 | 508 | |||
Matching contribution to 401(k) plan (in shares) | 221 | ||||
In lieu of employee cash bonus | 190 | 190 | |||
In lieu of employee cash bonus (in shares) | 121 | ||||
Stock-based compensation expense | 892 | 892 | |||
Foreign currency translation adjustments | (207) | (207) | |||
Ending Balance at Mar. 31, 2018 | 14,841 | $ 60 | 167,381 | (547) | (152,053) |
Balance (in shares) at Mar. 31, 2018 | 60,355 | ||||
Beginning Balance at Dec. 31, 2017 | 21,391 | $ 60 | 165,825 | (340) | (144,154) |
Balance (in shares) at Dec. 31, 2017 | 59,943 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (15,877) | ||||
Ending Balance at Jun. 30, 2018 | 7,626 | $ 61 | 167,823 | (227) | (160,031) |
Balance (in shares) at Jun. 30, 2018 | 60,832 | ||||
Beginning Balance at Mar. 31, 2018 | 14,841 | $ 60 | 167,381 | (547) | (152,053) |
Balance (in shares) at Mar. 31, 2018 | 60,355 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (7,978) | (7,978) | |||
Equity incentive plan | 1 | $ 1 | |||
Equity incentive plan (in shares) | 454 | ||||
In lieu of employee cash bonus | 40 | 40 | |||
In lieu of employee cash bonus (in shares) | 23 | ||||
Stock-based compensation expense | 402 | 402 | |||
Foreign currency translation adjustments | 320 | 320 | |||
Ending Balance at Jun. 30, 2018 | 7,626 | $ 61 | 167,823 | (227) | (160,031) |
Balance (in shares) at Jun. 30, 2018 | 60,832 | ||||
Beginning Balance at Dec. 31, 2018 | 2,728 | $ 63 | 173,903 | (92) | (171,146) |
Balance (in shares) at Dec. 31, 2018 | 62,963 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (6,551) | (6,551) | |||
Equity financing, net | 7,305 | $ 5 | 7,300 | ||
Equity financing, net (in shares) | 4,362 | ||||
Equipois supply and sales earn-outs | 22 | 22 | |||
Equipois supply and sales earn-outs (in shares) | 18 | ||||
Equity incentive plan | 55 | 55 | |||
Equity incentive plan (in shares) | 45 | ||||
Matching contribution to 401(k) plan | 191 | 191 | |||
Matching contribution to 401(k) plan (in shares) | 141 | ||||
Stock-based compensation expense | 636 | 636 | |||
Foreign currency translation adjustments | 148 | 148 | |||
Ending Balance at Mar. 31, 2019 | 4,534 | $ 68 | 182,107 | 56 | (177,697) |
Balance (in shares) at Mar. 31, 2019 | 67,529 | ||||
Beginning Balance at Dec. 31, 2018 | 2,728 | $ 63 | 173,903 | (92) | (171,146) |
Balance (in shares) at Dec. 31, 2018 | 62,963 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (9,617) | ||||
Ending Balance at Jun. 30, 2019 | 5,404 | $ 75 | 186,142 | (50) | (180,763) |
Balance (in shares) at Jun. 30, 2019 | 74,895 | ||||
Beginning Balance at Mar. 31, 2019 | 4,534 | $ 68 | 182,107 | 56 | (177,697) |
Balance (in shares) at Mar. 31, 2019 | 67,529 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (3,066) | (3,066) | |||
Equity financing, net | 2,393 | $ 6 | 2,387 | ||
Equity financing, net (in shares) | 6,667 | ||||
Equity incentive plan | 173 | 173 | |||
Equity incentive plan (in shares) | 141 | ||||
In lieu of employee cash bonus | 919 | $ 1 | 918 | ||
In lieu of employee cash bonus (in shares) | 558 | ||||
Stock-based compensation expense | 557 | 557 | |||
Foreign currency translation adjustments | (106) | (106) | |||
Ending Balance at Jun. 30, 2019 | $ 5,404 | $ 75 | $ 186,142 | $ (50) | $ (180,763) |
Balance (in shares) at Jun. 30, 2019 | 74,895 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities: | ||
Net loss | $ (9,617) | $ (15,877) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 493 | 888 |
Provision for excess and obsolete inventories | 24 | 157 |
Changes in allowance for doubtful accounts | 50 | (109) |
Loss on disposal of property and equipment | 0 | 54 |
Gain on revaluation of warrant liabilities | (1,615) | (520) |
Finance cost attributable to issuance of warrants | 706 | 0 |
Stock-based compensation expense | 1,193 | 1,294 |
Amortization of debt discount and accretion of final payment fee | 55 | 84 |
Change in fair value of contingent liabilities | 1 | (17) |
Common stock contribution to 401(k) plan | 103 | 118 |
Loss on modification of warrants | 257 | 0 |
Loss on foreign currency transactions | 34 | 234 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (931) | (678) |
Inventories | (260) | (198) |
Prepaid expenses, operating lease right-of-use assets, and other assets current and noncurrent | (182) | 757 |
Accounts payable | (654) | 210 |
Accrued and lease liabilities | 102 | 215 |
Deferred revenues | 533 | 584 |
Net cash used in operating activities | (9,708) | (12,804) |
Investing activities: | ||
Acquisition of property and equipment | (60) | (31) |
Net cash used in investing activities | (60) | (31) |
Financing activities: | ||
Proceeds from issuance of common stock and warrants, net | 16,325 | 0 |
Principal payments on note payable | (1,185) | (994) |
Proceeds from exercise of stock options | 228 | 0 |
Net cash provided by (used in) financing activities | 15,368 | (994) |
Effect of exchange rate changes on cash | 7 | (94) |
Net increase (decrease) in cash | 5,607 | (13,923) |
Cash at beginning of period | 7,655 | 27,813 |
Cash at end of period | 13,262 | 13,890 |
Supplemental disclosure of cash flow activities | ||
Cash paid for interest | 183 | 238 |
Cash paid for income taxes | 8 | 0 |
Supplemental disclosure of non-cash activities | ||
Initial recognition of operating lease right-of-use assets | 1,454 | |
Initial recognition of operating lease liabilities | 1,498 | |
Transfer of inventory to (from) property and equipment | (117) | 684 |
Share issuance for common stock contribution to 401(k) plan | 191 | 508 |
Share issuance for employee bonuses | 919 | 230 |
Equipois sales earn-out | $ 22 | $ 28 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Description of Business Ekso Bionics Holdings, Inc. (the “Company”) designs, develops and sells exoskeleton technology to augment human strength, endurance and mobility. The Company’s exoskeleton technology serves multiple markets and can be used both by able-bodied users as well as by persons with physical disabilities. The Company has sold or leased devices that (a) enable individuals with neurological conditions affecting gait (stroke and spinal cord injury) to rehabilitate and to walk again and (b) allow industrial workers to perform heavy duty work for extended periods. Founded in 2005, the Company is headquartered in the Bay Area and is listed on the Nasdaq Capital Market under the symbol “EKSO”. Liquidity and Going Concern As of June 30, 2019 , the Company had an accumulated deficit of $180,763 . Largely as a result of significant research and development activities related to the development of the Company’s advanced technology and commercialization of this technology into its medical device business, the Company has incurred significant operating losses and negative cash flows from operations since inception. In the six months ended June 30, 2019 , the Company used $9,708 of cash in its operations. On May 22, 2019, the Company entered into an underwriting agreement (“Underwriting Agreement”) with Cantor Fitzgerald & Co. and SunTrust Robinson Humphrey, Inc., (the “Underwriters”) for the underwritten public offering of its common stock and warrants to purchase common stock with an exercise price of $2.00 per share, pursuant to which on May 24, 2019, the Company sold 6,667 shares of its common stock with accompanying warrants to purchase 6,667 shares of common stock, at a combined price to the public of $1.50 per share of common stock and accompanying warrant, for net proceeds of $9,037 . Refer to Note 11 Capitalization and Equity Structure. Cash on hand at June 30, 2019 was $13,262 , compared to $7,655 at December 31, 2018 . As noted in Note 9 Long-Term Debt , borrowings under the Company’s long-term debt agreement have a requirement of minimum cash on hand equivalent to three months of cash burn. As of June 30, 2019 , the most recent determination of this restriction, $ 4,546 of cash must remain as restricted, with such amounts to be re-computed at each month end period. After considering cash restrictions, effective unrestricted cash as of June 30, 2019 is estimated to be $ 8,716 . 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 condensed 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 fourth quarter of 2019. While 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. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies and Estimates | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies and Estimates | Basis of Presentation and Summary of Significant Accounting Policies and Estimates Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements for the fiscal year ended December 31, 2018 , which included an explanatory paragraph expressing substantial doubt about the Company’s ability to continue as a going concern in the report of the Company’s independent registered public accounting firm, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. Certain reclassifications have been made to conform to the current period’s presentation. The Company’s investment in a variable interest entity (“VIE”) in which it exercises significant influence, but does not control and is not the primary beneficiary, is accounted for using the equity method. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), and therefore, omit certain information and footnote disclosure necessary to present the financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 , which was filed with the SEC on February 28, 2019. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the entire fiscal year or any future periods. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to, revenue recognition, deferred revenue and the deferral of the associated costs, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, the valuation of employee stock options and warrants, and contingencies. Actual results could differ from those estimates. Foreign Currency The assets and liabilities of foreign subsidiaries and equity investments, 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 income (expense), net in the accompanying consolidated statements of operations and comprehensive loss. Investment in Unconsolidated Affiliate Equity investments in which the Company exercises significant influence, but does not control and is not the primary beneficiary, are accounted for using the equity method. Investments accounted for under the equity method of accounting are recorded at cost within other assets on the consolidated balance sheets and subsequently increased or decreased by the Company’s proportionate share of the net income or loss of the investee. The Company records its proportionate share of net income or loss of the investee in net investment income. The Company records its proportionate share of other comprehensive income or loss of the investee as a component of other comprehensive income. Dividends or other equity distributions in excess of the Company’s cumulative equity in earnings of the investee are recorded as a reduction of the investment. Differences in the basis of the investments and the separate net asset values of the investees, if any, are amortized into net income over the remaining useful lives of the underlying assets and liabilities, except for the excess related to goodwill, if any. The Company believes the equity method is an appropriate means for it to recognize increases or decreases measured by U.S. GAAP in the economic resources underlying the investments. Regular evaluation of these investments is appropriate to evaluate any potential need for impairment. The Company uses evidence of a loss in value to identify if an investment has an other-than-temporary decline in value. Variable Interest Entities The Company determines whether it has relationships with entities defined as variable interest entities (“VIEs”) in accordance with Accounting Standards Codification ("ASC") 810, Consolidation . Under this guidance, a VIE is consolidated by the variable interest holder that is determined to be the primary beneficiary. An entity in which the Company holds a variable interest is a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of equity investment at risk lack either the direct or indirect ability through voting rights or similar rights to make decisions about an entity’s activities that most significantly impact the entity’s economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (a) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether an entity is a VIE at the inception of its variable interest in the entity and upon the occurrence of certain reconsideration events. The Company continually reassesses whether it is the primary beneficiary of VIEs in which it holds a variable interest. Inventory Inventories are recorded at the lower of cost or net realizable value. Cost is computed using the standard cost method, 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 (“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. The Company’s estimate of write-downs for excess and obsolete inventory is based on a detailed analysis of on-hand inventory and purchase commitments in excess of forecasted demand. Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“ASU”), No. 2016-02, Leases (Topic 842), to enhance the transparency and comparability of financial reporting related to leasing arrangements. The Company adopted the standard effective January 1, 2019. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items, such as initial direct costs paid or incentives received. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term. Lease expense is recognized over the expected term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, lease liabilities current and lease liabilities non-current. As a result, the Company no longer recognizes deferred rent on the balance sheet. 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 (EksoHealth) 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 (EksoWorks) 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. Refer to Note 6 – Revenue Recognition for further information, including revenue disaggregated by source. Government Grants The Company accounts for nonreciprocal government grants by applying the contributions received guidance in ASC Topic 958-605 by analogy. To determine if a grant is non-reciprocal or reciprocal and whether the application of ASC 606 is required, the Company considers whether the transfer of resources is one in which commensurate value is exchanged. If commensurate value is not exchanged for the goods or services provided, the Company assesses whether the grant is conditional or unconditional. Grants that contain both a barrier and right to return are considered conditional and revenue is deferred until such conditions are satisfied. In January 2019, the Company received a government grant from the Singapore Economic Development Board (“SEDB”) in the amount of approximately $1,500 . The receipt of the funds is conditional upon certain operational milestones that must be met and maintained through December 31, 2021. Therefore, the Company has not recognized revenue related to the government grant from the SEBD nor received cash from the SEBD during the six months ended June 30, 2019. The Company does not expect to recognize revenue until December 31, 2021. Going Concern The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with ASC 205-40. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains its cash accounts in excess of federally insured limits. However, the Company believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. The Company extends credit to customers, most of which are hospitals or other large nationally recognizable institutions, in the normal course of business. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the condensed consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable. Accounts receivable are derived from the sale of products shipped to and services performed for customers. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and records an allowance for credit losses, as needed. The Company has not experienced any material losses related to accounts receivable as of June 30, 2019 and December 31, 2018 . Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency. 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 currency denominated accounts receivable. As of June 30, 2019 , the Company had no customers with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable compared with one customer as of December 31, 2018 ( 19% ). In the three months ended June 30, 2019 , the Company had one customer with sales of 10% or more of the Company’s total revenue ( 31% ), compared with no customers in the three months ended June 30, 2018 . In the six months ended June 30, 2019 , the Company had one customer with sales of 10% or more of the Company’s total revenue ( 21% ), compared with no customers in the six months ended June 30, 2018 . Recent Accounting Pronouncements 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 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. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05, which amends the current approach to estimate credit losses on certain financial assets, including trade and other receivables. Generally, this amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Upon the initial recognition of such assets, which will be based on, among other things, historical information, current conditions, and reasonable supportable forecasts. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Currently, U.S. GAAP requires entities to write down credit losses only when losses are probable and loss reversals are not permitted. The update is effective for the Company in the first quarter of 2020. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Standards 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) which superseded 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 became effective for the Company in the first quarter of 2019. The Company used the modified retrospective transition method, under which the Company applied the standard to each lease that had commenced as of the beginning of January 1, 2019. In addition, the Company elected to apply the package of practical expedients permitted under the transition guidance, which among other things, allowed the Company to carry forward the historical lease classification. Upon adoption of this standard on January 1, 2019, the Company recorded right–of–use assets and corresponding lease liabilities of $1,454 and $1,498 , respectively. As of June 30, 2019 , the right–of–use assets and corresponding lease liabilities in the Company’s condensed consolidated balance sheets were $1,277 and $1,327 , respectively. The adoption of this standard did not have a material impact on the Company’s condensed consolidated statements of operations or cash flows, nor did it have a material impact on the financial covenants set forth in the Company’s long-term debt agreement. The Company has provided detailed disclosures as required by the new standard (Refer to Note 10 Lease Obligations ). In August 2018, the SEC published Release No. 33-10532, Disclosure Update and Simplification (“DUSTR”), which adopted amendments to certain disclosure requirements that have become redundant, duplicative, overlapping, outdated or superseded, in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. While most of the DUSTR amendments eliminate outdated or duplicative disclosure requirements, the final rule amends the interim financial statement requirements to include a reconciliation of changes in stockholders’ equity (deficit) in the notes or as a separate statement for each period for which a statement of comprehensive income (loss) is required to be filed. The new interim reconciliation of changes in stockholders’ equity (deficit) is included herein as a separate statement. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table sets forth the changes to accumulated comprehensive income (loss), net of tax, by component for the six months ended June 30, 2019 : Foreign Currency Translation Balance at December 31, 2018 $ (92 ) Current period other comprehensive income 42 Balance at June 30, 2019 $ (50 ) |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
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, are as follows: Total Level 1 Level 2 Level 3 June 30, 2019 Liabilities Warrant liabilities $ 6,561 $ — $ — $ 6,561 Contingent success fee liability $ 35 $ — $ — $ 35 December 31, 2018 Liabilities Warrant liability $ 585 $ — $ — $ 585 Contingent success fee liability $ 34 $ — $ — $ 34 The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the period ended June 30, 2019 , which were measured at fair value on a recurring basis: Warrant Liability Contingent Success Fee Liability Balance at December 31, 2018 $ 585 $ 34 Initial fair value of warrants issued in conjunction with May 2019 financing 7,334 — Gain on revaluation of warrants issued in May 2019 financing and December 2015 financing (1,615 ) — Loss on modification of December 2015 warrants 257 — Loss on revaluation of contingent liabilities — 1 Balance at June 30, 2019 $ 6,561 $ 35 Refer to Note 11 Capitalization and Equity Structure – Warrants for additional information regarding the valuation of warrants. |
Inventories, net
Inventories, net | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Inventories, net Inventories consisted of the following: June 30, December 31, Raw materials $ 2,800 $ 2,676 Work in progress 446 331 Finished goods 673 730 3,919 3,737 Less: inventory reserve (195 ) (366 ) Inventories, net $ 3,724 $ 3,371 |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
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. 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: June 30, December 31, Deferred extended maintenance and support $ 2,705 $ 2,114 Deferred royalties 300 300 Deferred rental income 18 51 Customer deposits and advances 73 62 Deferred device revenues 34 70 Total deferred revenues 3,130 2,597 Less current portion (1,369 ) (1,102 ) Deferred revenues, non-current $ 1,761 $ 1,495 Deferred revenue activity consisted of the following: Six months ended June 30, 2019 Beginning balance $ 2,597 Deferral of revenue 1,346 Recognition of deferred revenue (813 ) Ending balance $ 3,130 At June 30, 2019 , the Company’s deferred revenue was $3,130 . Excluding customer deposits, the Company expects to recognize approximately $633 of the deferred revenue in the remainder of 2019 , $998 in 2020 , and $1,426 thereafter. In addition to deferred revenue, the Company has non-cancellable backlog of $642 related to its contracts for rental units with its customers. These rental contracts are classified as operating leases, typically with 12 -month lease terms, and rental income is recognized on a straight-line basis over the lease term. As of June 30, 2019 , and December 31, 2018 , accounts receivable, net of allowance for doubtful accounts, were $4,541 and $3,660 , respectively, and are included in current assets on the Company’s condensed 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 three months ended June 30, 2019 : EksoHealth EksoWorks Other Total Device revenue $ 2,164 $ 359 $ — $ 2,523 Service, support and rentals 671 — — 671 Parts and other 5 55 — 60 Collaborative arrangements — — 8 8 $ 2,840 $ 414 $ 8 $ 3,262 The following table disaggregates the Company’s revenue by major source for the six months ended June 30, 2019 : EksoHealth EksoWorks Other Total Device revenue $ 4,239 $ 1,076 $ — $ 5,315 Service, support and rentals 1,375 — — 1,375 Parts and other 40 140 — 180 Collaborative arrangements — — 8 8 $ 5,654 $ 1,216 $ 8 $ 6,878 |
Investment in Unconsolidated Af
Investment in Unconsolidated Affiliate | 6 Months Ended |
Jun. 30, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Affiliate | Investment in Unconsolidated Affiliate On January 30, 2019, the Company and its wholly-owned subsidiary, Ekso Bionics, Inc. (“Ekso US”), entered into an agreement (the “JV Agreement”) with Zhejiang Youchuang Venture Capital Investment Co., Ltd (“ZYVC”) and another partner (collectively, the “JV Partners”) to establish Exoskeleton Intelligent Robotics Co. Limited (the “Investee”), a Chinese limited liability company designed to develop and serve the exoskeleton market in China and other Asian markets and to create a global exoskeleton manufacturing center in the Zhejiang Province of China. The Company has the right to receive a 20% ownership interest in the Investee in exchange for the successful transfer of licenses for its manufacturing technology and relevant Chinese patent rights (the “IP”). The Company will also be entitled to receive royalties on the Investee’s medical and industrial product sales in China, including Hong Kong, Malaysia and Singapore. The Company has one year from the date of the Investee’s formation to complete the transfer of the IP. Since the transferred IP was developed internally by the Company, all previous expenditures to develop the technology were recognized as expense in the period incurred and there was no carrying value on the Company’s consolidated balance sheet. The Company expects that it will recognize a gain on the technology license agreement to be entered into related to the IP transfer based on the fair value of the Company’s equity interest in the Investee once control of the IP is transferred. The Investee is a VIE for which the Company is not the primary beneficiary as the Company does not have the power to direct the activities that most significantly influence the economic performance of the entity. In addition to the Company’s exchange of license rights for the manufacturing technology, the Investee will be capitalized through cash investments of up to approximately $92,000 by the JV Partners over the initial ten -year term of the JV Agreement. The investment in the Investee is accounted for under the equity method of accounting because the Company has significant influence over the Investee through its ownership interest, technology license and manufacturing service agreements and representation on the board of directors. As of June 30, 2019 , there was no impact to the Company’s consolidated balance sheet except for the direct transaction costs which have been capitalized and will be included as part of the investment balance when the IP is transferred. Direct costs of $36 are included in other assets in the Company’s condensed consolidated balance sheets as of June 30, 2019 . In addition to contributing the licensed IP, the Company’s obligations to the Investee include assisting the Investee to become proficient in using the IP to manufacture products that meet regulatory standards, and providing supervision of appointed directors. The primary risks that the Company is exposed to from its involvement with the VIE include operational risk, foreign currency exposure risk and foreign regulatory risk. As of June 30, 2019 , the Company has no other implied or unfunded commitments related to the Investee and its maximum exposure to risk of loss will be limited to the carrying value of the investment. On April 30, 2019, Ekso US, the Company and the JV Partners entered into an amendment to the JV Agreement (the “JV Amendment”). Among certain other clarifying changes, the JV Amendment reduces the amount of capital contributions required to be made by the JV Partners within 90 days of the formation of the China JV from 30% (or RMB 187.2 million ) to 10% (or RMB 62.4 million ) and requires that the JV Partners contribute RMB 124.8 million of their capital contributions upon notice by the China JV based on the China JV’s then-current operating plan. The remaining RMB 436.8 million capital contribution of the JV Partners will be paid by them within the 10 years after the formation of the China JV as previously contemplated under the JV Agreement. Equity Investments Concurrent with the signing of the JV Agreement, ZYVC or its designees agreed to invest an aggregate of $10,000 in equity investments in the Company, taking place in two tranches. On January 30, 2019, the Company executed a Share Purchase Agreement (the “SPA”) under which the Company sold 3,067 shares of its common stock for $5,000 at a purchase price of $1.63 per share. The SPA contains an anti-dilution right for a 60 -day period after closing, under which the investors were entitled to receive additional common shares if the Company had issued shares at a price below $1.63 during that period. This provision expired unexercised for all investors in April 2019. The Company recorded $8 in direct issuance costs as a reduction to the gross equity proceeds. The remaining $5,000 investment by ZYVC or its designees in the Company’s common stock is contingent upon the shipment of the first products from the manufacturing facility. The equity investment price will be the volume weighted average price of 20 trading days before the issuing date, but with a collar so that the equity price will be no greater than 20% higher than the first investment price and lower than 80% of the first investment price. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following: June 30, December 31, 2018 Salaries, benefits and related expenses $ 1,865 $ 2,446 Device warranty 294 307 Clinical trials 307 227 Severance 46 270 Financing lease liability 36 35 Other 220 256 Total $ 2,768 $ 3,541 A reconciliation of the changes in the current portion of the device warranty liability for the six -month period ended June 30, 2019 is as follows: Warranty Balance at December 31, 2018 $ 307 Additions for estimated future expense 180 Incurred costs (193 ) Balance at June 30, 2019 $ 294 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. 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 was 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 $207 was accreted as of June 30, 2019 , to be paid in 2021 and is included as a component of note payable on the Company’s condensed consolidated balance sheets. In December 2016, and pursuant to the loan agreement, the Company entered into a success fee agreement with the lender under which the Company agreed to pay the lender a $250 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 condensed consolidated statements of operations and comprehensive loss. The success fee is classified as a liability on the condensed consolidated balance sheets. At June 30, 2019 , the fair value of the contingent success fee liability was $35 . The loan agreement includes a liquidity covenant requiring that the Company maintain unrestricted cash and cash equivalents in accounts of the lender or subject to control agreements in favor of the lender in an amount equal to at least three months of “Monthly Cash Burn,” which is the Company’s average monthly net income (loss) for the trailing six-month period plus certain expenses and plus the average monthly principal due and payable on interest-bearing liabilities in the immediately succeeding three-month period. Such amount was determined to be $ 4,546 as of June 30, 2019 , the most current determination, with the amount subject to change on a month-to-month basis. At June 30, 2019 , with cash on hand of $13,262 , 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 10.44% for the three months ended June 30, 2019 and 10.45% for the six months ended June 30, 2019 . The final payment fee, initial fair value of the success fee and 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 the Company’s long-term debt and final payment fee as of June 30, 2019 : Period Amount 2019 - remainder $ 1,167 2020 2,333 2021 440 Total principal payments 3,940 Less accreted portion of final payment fee, net of issuance cost and success fee discounts 72 Long-term debt, net $ 3,868 Current portion $ 2,333 Long-term portion 1,535 Long-term debt, net $ 3,868 |
Lease Obligations
Lease Obligations | 6 Months Ended |
Jun. 30, 2019 | |
Leases [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, with no further options to extend or terminate. During the renewal period, the base rent is approximately $32 per month during the first year, with incremental 3% increases per annum thereafter. The lease includes non-lease components (i.e. common area maintenance costs) that are paid separately from rent based on actual costs incurred, and therefore, were not included in the right-of-use asset and lease liability but are reflected as an expense in the period incurred. 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. Until April 2019, the Company had an unoccupied leased sales office in Freiburg, which had an original lease term expiring in December 2020. In April 2019, the Company entered an agreement with the lessor of the Freiburg office releasing the Company from future lease payments after April 30, 2019. As a result, the Company recorded a credit of $125 for the six months ended June 30, 2019 to sales and marketing expenses in the condensed consolidated statements of operations and comprehensive loss relating to the remaining obligation of the lease. The Company’s future lease payments as of June 30, 2019 are as follows, which are presented as lease liabilities, current and lease liabilities on the Company’s condensed consolidated balance sheets: Period Operating Leases 2019 - remainder $ 273 2020 553 2021 565 2022 262 2023 — Total lease payments 1,653 Less: imputed interest (326 ) Present value of lease liabilities $ 1,327 Lease liabilities, current $ 393 Lease liabilities, noncurrent 934 Total lease liabilities $ 1,327 Weighted-average remaining lease term (in years) 2.94 Weighted-average discount rate 10.5 % Lease expense under the Company’s operating leases was $130 and $317 for the three months ended June 30, 2019 and 2018 , respectively, and $270 and $460 for the six months ended June 30, 2019 and 2018 , respectively. Practical Expedients Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term. The Company has elected to account for lease (e.g., fixed payments including rent) and non-lease components (e.g., common-area maintenance costs) as a single combined lease component under ASC 842 as the lease components are the predominant elements of the combined components. As part of the transition to ASC 842, the Company elected to use the modified retrospective transition method with the new standard being applied as of the January 1, 2019 adoption date. Additionally, the Company has elected, as of the adoption date, not to reassess whether expired or existing contracts contain leases under the new definition of a lease, the lease classification for expired or existing leases, or whether previously capitalized initial direct costs would qualify for capitalization under ASC 842. |
Capitalization and Equity Struc
Capitalization and Equity Structure | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Capitalization and Equity Structure | Capitalization and Equity Structure Summary The Company’s authorized capital stock at June 30, 2019 consisted of 141,429 shares of common stock and 10,000 shares of preferred stock. At June 30, 2019 , 74,895 shares of common stock were issued and outstanding and no shares of preferred stock were issued and outstanding. Common Stock On August 21, 2018, the Company entered into a Controlled Equity Offering SM Sales Agreement (“ATM Agreement”) with Cantor Fitzgerald & Co. (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 b e offered pursuant to a prospectus dated August 21, 2018 (the “ATM Prospectus”) under the Company’s previously filed and currently effective shelf registration statement on Form S-3 (Registration No. 333-218517). For the three and six months ended June 30, 2019 , the Company sold 1,294 shares of common stock under the ATM Agreement at an average price of $1.85 per share, for aggregate proceeds of $ 2,313 , net of commission and issuance costs. As of June 30, 2019 , approximately $17,734 aggregate offering price of the Company’s common stock remained available for issuance pursuant to the ATM Prospectus. On January 30, 2019, the Company sold 3,067 shares of its common stock for $5,000 at a purchase price of $1.63 per share under the SPA, in connection with the JV Agreement. Refer to Note 7 Investment in Unconsolidated Affiliate – Equity Investments for additional information . On May 22, 2019, the Company entered into the Underwriting Agreement with the Underwriters for the underwritten public offering of its common stock and warrants to purchase common stock with an exercise price of $2.00 per share, pursuant to which, on May 24, 2019, the Company sold 6,667 shares of its common stock, and accompanying warrants to purchase 6,667 of common stock (see below under the heading “- 2019 Warrants”) at a combined price to the public of $1.50 per share of common stock and accompanying warrant, for gross proceeds of $10,000 , $7,334 of which was allocated to the warrants based on the fair value method and the remaining proceeds of $2,666 allocated to the common stock shares. In connection with the financing the Company incurred approximately $963 in direct financing costs which have been allocated on the fair value basis between the common stock shares and the warrants. The costs of $706 allocated to the warrants were expensed immediately as financing costs in other income (expense), net in the accompanying condensed consolidated statements of operations and comprehensive loss and the costs of $257 allocated to the common stock shares were recorded as a reduction to additional paid in capital. Warrants Warrant shares outstanding as of December 31, 2018 and June 30, 2019 were as follows: Source Exercise Price Term (Years) December 31, Issued Expired June 30, 2019 2019 Warrants $ 2.00 5 — 6,667 — 6,667 Information Agent Warrants $ 1.50 3 200 — — 200 2015 Warrants $ 2.75 5 1,604 — — 1,604 2014 PPO and Merger Placement agent warrants $ 7.00 5 426 — (426 ) — PPO warrants $ 14.00 5 1,078 — (1,078 ) — Pre-2014 warrants $ 9.66 9-10 88 — — 88 3,396 6,667 (1,504 ) 8,559 2019 Warrants In May 2019, pursuant to the Underwriting Agreement the Company issued warrants to purchase 6,667 shares of common stock with an exercise price of $2.00 per share (the “2019 Warrants”), which subject to certain exceptions, may be exercised prior to May 24, 2024. The 2019 Warrants contain a price protection feature, pursuant to which, subject to certain exceptions, if shares of common stock are sold or issued in the future, or securities convertible or exercisable for shares of the Company’s common stock are sold or issued in the future, for consideration, or with an exercise price or conversion price, as applicable, per share less than the exercise price per share then in effect for the 2019 Warrants, the exercise price of the 2019 Warrants is reduced to the consideration paid for, or the exercise price or conversion price of, as the case may be, the securities issued in such offering. In addition, if the Company effects or enters into any issuance of common stock or options or convertible securities exercisable for or convertible into common stock at a price which varies or may vary with the market price of the shares of our common stock, subject to certain exceptions, a 2019 Warrant holder may, at the time of exercise of the holder’s warrant, elect to exercise the warrant at such variable price. In addition, the 2019 Warrants contain a put-option, cashless exercise provision and could require cash payments in the event of a failure to timely deliver securities or in the event of insufficient authorized shares. While the 2019 Warrants are outstanding, if the Company enters into a Change of Control (as defined in the 2019 Warrants) transaction and triggers the put-option, the Company or any successor entity will, at the option of each 2019 Warrant holder, purchase such warrant from the holder exercising such option by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s warrant on the date of later of consummation of the Change of Control transaction or two days after the notice of such request. Because of this put-option provision, the 2019 Warrants are classified as a liability and are marked to market at each reporting date. The warrant liability related to the 2019 Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in a combination of the Black Scholes option pricing model and the Binomial Lattice option pricing model to measure the fair value of the 2019 Warrants: June 30, 2019 May 24, 2019 Current share price $ 1.27 $ 1.49 Conversion price $ 2.00 $ 2.00 Risk-free interest rate 1.76 % 2.12 % Term (years) 4.9 5.0 Volatility of stock 96.7 % 98.0 % Management has assessed that the likelihood of a Change of Control occurring during the term of the warrants is low, and that if such an event were to occur, the difference between the cashless exercise value and the 2019 Warrants fair value is nominal. Information Agent Warrants In September 2017, in connection with the Rights Offering in August 2017, the Company issued warrants to purchase 200 shares of the Company’s common stock with an exercise price of $1.50 per share to an information agent (the “Information Agent Warrants”). The Information Agent Warrants became exercisable immediately upon issuance. These warrants were recorded in stockholders’ equity on the Company’s condensed consolidated balance sheet. 2015 Warrants In December 2015, the Company issued warrants to purchase 2,122 shares with an exercise price of $3.74 per share (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 Black-Scholes value of the remaining unexercised portion of such holder’s warrant on the date of the consummation of the Fundamental Transaction. 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. On March 8, 2019, the Company entered into an amendment to the 2015 Purchase Agreement (the “Amendment”) to retroactively remove a provision prohibiting the Company from effecting or entering into an agreement to effect any issuance by the Company of its common stock at a price determined based on the trading price of the Company’s common stock or otherwise at a future determined price and reduced the exercise price of each such warrant from $3.74 per share to $2.75 per share, subject to further adjustments pursuant to the existing terms of such warrant. In the six months ended June 30, 2019 , the Company recorded a $257 loss on the modification of these warrants. The warrant liability related to the 2015 Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black Scholes Option Pricing Model to measure the fair value of the 2015 warrants as of June 30, 2019 : Current share price $ 1.27 Conversion price $ 2.75 Risk-free interest rate 1.84% Term (years) 1.5 Volatility of stock 102.0% |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | Stock-based Compensation In June 2019, the Company’s stockholders approved an amendment to the Company’s Amended and Restated 2014 Equity Incentive Plan (the “2014 Plan”), to increase the number of shares available for grant by 3,500 shares. As of June 30, 2019 , the total shares authorized for grant under the 2014 Plan was 12,614 , of which 4,015 were available for future grants. Stock Options The following table summarizes information about the Company’s stock options outstanding as of June 30, 2019 , and activity during the six months then ended: Stock Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Balance as of December 31, 2018 6,466 $ 3.05 Options granted 674 1.45 Options exercised (186 ) 1.23 Options forfeited (451 ) 2.12 Options cancelled (180 ) 3.75 Balance as of June 30, 2019 6,323 $ 2.98 7.93 $ 65 Vested and expected to vest at June 30, 2019 6,323 $ 2.98 7.93 $ 65 Exercisable as of June 30, 2019 2,554 $ 4.61 6.08 $ 42 As of June 30, 2019 , total unrecognized compensation cost related to unvested stock options was $4,849 . This amount is expected to be recognized as stock-based compensation expense in the Company’s condensed consolidated statements of operations and comprehensive income over the remaining weighted average vesting period of 2.84 years. The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes option pricing model using the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Dividend yield — — — — Risk-free interest rate 2.09 % 2.85 % 2.12 % 2.70%-2.97% Expected term (in years) 6 6-10 6 6-10 Volatility 102 % 89 % 102 % 89 % Restricted Stock Units The Company issues restricted stock units (“RSUs”) to employees and non-employee service providers as permitted by the 2014 Plan. Each RSU represents the right to receive one share of the Company’s common stock upon vesting and subsequent settlement. 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 period ended June 30, 2019 is summarized below: Number of Shares Weighted- Average Grant Date Fair Value Unvested as of December 31, 2018 278 $ 1.83 Granted 560 1.64 Vested (563 ) 1.65 Forfeited (36 ) 2.02 Unvested at June 30, 2019 239 $ 1.78 As of June 30, 2019 , $326 of total unrecognized compensation expense related to unvested RSUs was expected to be recognized over a weighted average period of 2.98 years. Compensation Expense Total stock-based compensation expense related to options and RSUs granted to employees and non-employees is included in the condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Sales and marketing $ 156 $ 166 $ 379 $ 275 Research and development 73 47 118 225 General and administrative 328 189 696 794 $ 557 $ 402 $ 1,193 $ 1,294 401(k) Plan Share Match In August 2017, the Company’s Board of Directors approved a match benefit to the Ekso Bionics 401(k) plan (the “401(k) Plan”) in the form of shares of the Company’s common stock. During the six months ended June 30, 2019 , the Company issued 141 shares of common stock to eligible employees’ deferral accounts for the 401(k) Plan matching contribution representing 50% of each eligible employee’s elected deferral (up to the statutory limit) for the fiscal year ended December 31, 2018. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes There were no material changes to the unrecognized tax benefits in the six months ended June 30, 2019 , and the Company does not expect significant changes to unrecognized tax benefits through the end of the fiscal year. Because of the Company’s history of tax losses, all years remain open to tax examination. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Material Contracts The Company enters various license, research collaboration and development agreements, which provide for payments to the Company primarily for technology transfer and license fees, and royalty payments on sales. The Company has two license agreements with the Regents of the University of California to maintain exclusive rights to certain patents. Pursuant to those license agreements, the Company is required to pay 1% of net sales of products sold to entities other than the U.S. government and, in the event of a sub-license, the Company owes 21% of license fees and must pass through 1% of the sub-licensee’s net sales of products sold to entities other than the U.S. government. The agreements also stipulate minimum annual royalties of $50 . In connection with acquisition of Equipois, the Company assumed the rights and obligations of Equipois under a license agreement with the developer of certain intellectual property related to mechanical balance and support arm technologies, which grants the Company an exclusive license with respect to the technology and patent rights for certain fields of use. Pursuant to the terms of the license agreement, the Company pays the developer a single-digit royalty on net receipts, subject to a $50 annual minimum royalty requirement. 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 $803 as of June 30, 2019 , 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. Contingencies In the normal course of business, the Company is subject to various legal matters. In the opinion of management, the resolution of such matters will not have a material adverse effect on the Company’s condensed consolidated financial statements. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended Six Months Ended 2019 2018 2019 2018 Numerator: Net loss applicable to common stockholders, basic and diluted $ (3,066 ) $ (7,978 ) $ (9,617 ) $ (15,877 ) Denominator: Weighted-average number of shares, basic and diluted 70,702 60,621 67,886 60,386 Net loss per share, basic and diluted $ (0.04 ) $ (0.13 ) $ (0.14 ) $ (0.26 ) The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: Three Months Ended Six Months Ended 2019 2018 2019 2018 Options to purchase common stock 6,323 2,916 6,323 2,916 Restricted stock units 239 78 239 78 Warrants for common stock 8,559 3,396 8,559 3,396 Total common stock equivalents 15,121 6,390 15,121 6,390 |
Segment Disclosures
Segment Disclosures | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Segment Disclosures The Company has two reportable segments: EksoHealth (also referred to as the medical devices segment) and EksoWorks (also referred to as the industrial devices segment). 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 reportable segments are each managed separately because they serve distinct markets. The Company evaluates performance and allocates resources based on segment gross profit margin. 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 Three months ended June 30, 2019 Revenue $ 2,840 $ 414 $ 8 $ 3,262 Cost of revenue 1,327 368 7 1,702 Gross profit $ 1,513 $ 46 $ 1 $ 1,560 Three months ended June 30, 2018 Revenue $ 2,399 $ 557 $ 11 $ 2,967 Cost of revenue 1,486 500 14 2,000 Gross profit $ 913 $ 57 $ (3 ) $ 967 EksoHealth EksoWorks Other Total Six Months Ended June 30, 2019 Revenue $ 5,654 $ 1,216 $ 8 $ 6,878 Cost of revenue 2,627 1,085 7 3,719 Gross profit $ 3,027 $ 131 $ 1 $ 3,159 Six Months Ended June 30, 2018 Revenue $ 4,521 $ 954 $ 11 $ 5,486 Cost of revenue 2,872 864 14 3,750 Gross profit $ 1,649 $ 90 $ (3 ) $ 1,736 Geographic information for revenue based on location of customers is as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 United States $ 2,357 $ 1,777 $ 4,728 $ 3,131 All Other 905 1,190 2,150 2,355 $ 3,262 $ 2,967 $ 6,878 $ 5,486 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
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 (“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 September 2017, the Company entered into a one -year consulting agreement with Angel Pond Capital LLC (“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 six months ended June 30, 2019 , Angel Pond provided consulting services amounting to $30 , which was expensed in the condensed consolidated statement of operations and comprehensive loss. In connection with the consulting agreement with Angel Pond, the Company is required to make a payment of $1,000 to Angel Pond when a China joint venture is consummated in China. This amount has not yet been recorded in the Company’s condensed consolidated financial statements as the joint venture has not successfully completed registration in China and therefore has not achieved consummation. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements for the fiscal year ended December 31, 2018 , which included an explanatory paragraph expressing substantial doubt about the Company’s ability to continue as a going concern in the report of the Company’s independent registered public accounting firm, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. Certain reclassifications have been made to conform to the current period’s presentation. The Company’s investment in a variable interest entity (“VIE”) in which it exercises significant influence, but does not control and is not the primary beneficiary, is accounted for using the equity method. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”), and therefore, omit certain information and footnote disclosure necessary to present the financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 , which was filed with the SEC on February 28, 2019. The results of operations for the three and six months ended June 30, 2019 are not necessarily indicative of the results to be expected for the entire fiscal year or any future periods. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to, revenue recognition, deferred revenue and the deferral of the associated costs, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, the valuation of employee stock options and warrants, and contingencies. Actual results could differ from those estimates. |
Foreign Currency | Foreign Currency The assets and liabilities of foreign subsidiaries and equity investments, 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 income (expense), net in the accompanying consolidated statements of operations and comprehensive loss. |
Investment in Unconsolidated Affiliate | Investment in Unconsolidated Affiliate Equity investments in which the Company exercises significant influence, but does not control and is not the primary beneficiary, are accounted for using the equity method. Investments accounted for under the equity method of accounting are recorded at cost within other assets on the consolidated balance sheets and subsequently increased or decreased by the Company’s proportionate share of the net income or loss of the investee. The Company records its proportionate share of net income or loss of the investee in net investment income. The Company records its proportionate share of other comprehensive income or loss of the investee as a component of other comprehensive income. Dividends or other equity distributions in excess of the Company’s cumulative equity in earnings of the investee are recorded as a reduction of the investment. Differences in the basis of the investments and the separate net asset values of the investees, if any, are amortized into net income over the remaining useful lives of the underlying assets and liabilities, except for the excess related to goodwill, if any. The Company believes the equity method is an appropriate means for it to recognize increases or decreases measured by U.S. GAAP in the economic resources underlying the investments. Regular evaluation of these investments is appropriate to evaluate any potential need for impairment. The Company uses evidence of a loss in value to identify if an investment has an other-than-temporary decline in value. |
Variable Interest Entities | Variable Interest Entities The Company determines whether it has relationships with entities defined as variable interest entities (“VIEs”) in accordance with Accounting Standards Codification ("ASC") 810, Consolidation . Under this guidance, a VIE is consolidated by the variable interest holder that is determined to be the primary beneficiary. An entity in which the Company holds a variable interest is a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of equity investment at risk lack either the direct or indirect ability through voting rights or similar rights to make decisions about an entity’s activities that most significantly impact the entity’s economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity’s activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (a) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether an entity is a VIE at the inception of its variable interest in the entity and upon the occurrence of certain reconsideration events. The Company continually reassesses whether it is the primary beneficiary of VIEs in which it holds a variable interest. |
Inventory | Inventory Inventories are recorded at the lower of cost or net realizable value. Cost is computed using the standard cost method, 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 (“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. The Company’s estimate of write-downs for excess and obsolete inventory is based on a detailed analysis of on-hand inventory and purchase commitments in excess of forecasted demand. |
Leases | Leases In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update (“ASU”), No. 2016-02, Leases (Topic 842), to enhance the transparency and comparability of financial reporting related to leasing arrangements. The Company adopted the standard effective January 1, 2019. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items, such as initial direct costs paid or incentives received. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term. Lease expense is recognized over the expected term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, lease liabilities current and lease liabilities non-current. As a result, the Company no longer recognizes deferred rent on the balance sheet. |
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 (EksoHealth) 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 (EksoWorks) 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. Refer to Note 6 – Revenue Recognition for further information, including revenue disaggregated by source. |
Government Grants | Government Grants The Company accounts for nonreciprocal government grants by applying the contributions received guidance in ASC Topic 958-605 by analogy. To determine if a grant is non-reciprocal or reciprocal and whether the application of ASC 606 is required, the Company considers whether the transfer of resources is one in which commensurate value is exchanged. If commensurate value is not exchanged for the goods or services provided, the Company assesses whether the grant is conditional or unconditional. Grants that contain both a barrier and right to return are considered conditional and revenue is deferred until such conditions are satisfied. In January 2019, the Company received a government grant from the Singapore Economic Development Board (“SEDB”) in the amount of approximately $1,500 . The receipt of the funds is conditional upon certain operational milestones that must be met and maintained through December 31, 2021. Therefore, the Company has not recognized revenue related to the government grant from the SEBD nor received cash from the SEBD during the six months ended June 30, 2019. The Company does not expect to recognize revenue until December 31, 2021. |
Going Concern | Going Concern The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with ASC 205-40. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains its cash accounts in excess of federally insured limits. However, the Company believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. The Company extends credit to customers, most of which are hospitals or other large nationally recognizable institutions, in the normal course of business. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the condensed consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable. Accounts receivable are derived from the sale of products shipped to and services performed for customers. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and records an allowance for credit losses, as needed. The Company has not experienced any material losses related to accounts receivable as of June 30, 2019 and December 31, 2018 . Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency. 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 currency denominated accounts receivable. As of June 30, 2019 , the Company had no customers with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable compared with one customer as of December 31, 2018 ( 19% ). In the three months ended June 30, 2019 , the Company had one customer with sales of 10% or more of the Company’s total revenue ( 31% ), compared with no customers in the three months ended June 30, 2018 . In the six months ended June 30, 2019 , the Company had one customer with sales of 10% or more of the Company’s total revenue ( 21% ), compared with no customers in the six months ended June 30, 2018 . |
Recent Accounting Pronouncements/Recently Adopted Accounting Standards | Recent Accounting Pronouncements 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 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. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04 and ASU 2019-05, which amends the current approach to estimate credit losses on certain financial assets, including trade and other receivables. Generally, this amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Upon the initial recognition of such assets, which will be based on, among other things, historical information, current conditions, and reasonable supportable forecasts. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Currently, U.S. GAAP requires entities to write down credit losses only when losses are probable and loss reversals are not permitted. The update is effective for the Company in the first quarter of 2020. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Standards 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) which superseded 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 became effective for the Company in the first quarter of 2019. The Company used the modified retrospective transition method, under which the Company applied the standard to each lease that had commenced as of the beginning of January 1, 2019. In addition, the Company elected to apply the package of practical expedients permitted under the transition guidance, which among other things, allowed the Company to carry forward the historical lease classification. Upon adoption of this standard on January 1, 2019, the Company recorded right–of–use assets and corresponding lease liabilities of $1,454 and $1,498 , respectively. As of June 30, 2019 , the right–of–use assets and corresponding lease liabilities in the Company’s condensed consolidated balance sheets were $1,277 and $1,327 , respectively. The adoption of this standard did not have a material impact on the Company’s condensed consolidated statements of operations or cash flows, nor did it have a material impact on the financial covenants set forth in the Company’s long-term debt agreement. The Company has provided detailed disclosures as required by the new standard (Refer to Note 10 Lease Obligations ). In August 2018, the SEC published Release No. 33-10532, Disclosure Update and Simplification (“DUSTR”), which adopted amendments to certain disclosure requirements that have become redundant, duplicative, overlapping, outdated or superseded, in light of other SEC disclosure requirements, U.S. GAAP, or changes in the information environment. While most of the DUSTR amendments eliminate outdated or duplicative disclosure requirements, the final rule amends the interim financial statement requirements to include a reconciliation of changes in stockholders’ equity (deficit) in the notes or as a separate statement for each period for which a statement of comprehensive income (loss) is required to be filed. The new interim reconciliation of changes in stockholders’ equity (deficit) is included herein as a separate statement. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The following table sets forth the changes to accumulated comprehensive income (loss), net of tax, by component for the six months ended June 30, 2019 : Foreign Currency Translation Balance at December 31, 2018 $ (92 ) Current period other comprehensive income 42 Balance at June 30, 2019 $ (50 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s fair value hierarchies for its financial assets and liabilities, which require fair value measurement, are as follows: Total Level 1 Level 2 Level 3 June 30, 2019 Liabilities Warrant liabilities $ 6,561 $ — $ — $ 6,561 Contingent success fee liability $ 35 $ — $ — $ 35 December 31, 2018 Liabilities Warrant liability $ 585 $ — $ — $ 585 Contingent success fee liability $ 34 $ — $ — $ 34 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the period ended June 30, 2019 , which were measured at fair value on a recurring basis: Warrant Liability Contingent Success Fee Liability Balance at December 31, 2018 $ 585 $ 34 Initial fair value of warrants issued in conjunction with May 2019 financing 7,334 — Gain on revaluation of warrants issued in May 2019 financing and December 2015 financing (1,615 ) — Loss on modification of December 2015 warrants 257 — Loss on revaluation of contingent liabilities — 1 Balance at June 30, 2019 $ 6,561 $ 35 |
Inventories, net (Tables)
Inventories, net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, net | Inventories consisted of the following: June 30, December 31, Raw materials $ 2,800 $ 2,676 Work in progress 446 331 Finished goods 673 730 3,919 3,737 Less: inventory reserve (195 ) (366 ) Inventories, net $ 3,724 $ 3,371 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Contracts with Customer, Assets and Liabilities | Deferred revenue activity consisted of the following: Six months ended June 30, 2019 Beginning balance $ 2,597 Deferral of revenue 1,346 Recognition of deferred revenue (813 ) Ending balance $ 3,130 Deferred revenues consisted of the following: June 30, December 31, Deferred extended maintenance and support $ 2,705 $ 2,114 Deferred royalties 300 300 Deferred rental income 18 51 Customer deposits and advances 73 62 Deferred device revenues 34 70 Total deferred revenues 3,130 2,597 Less current portion (1,369 ) (1,102 ) Deferred revenues, non-current $ 1,761 $ 1,495 |
Disaggregation of Revenue | The following table disaggregates the Company’s revenue by major source for the three months ended June 30, 2019 : EksoHealth EksoWorks Other Total Device revenue $ 2,164 $ 359 $ — $ 2,523 Service, support and rentals 671 — — 671 Parts and other 5 55 — 60 Collaborative arrangements — — 8 8 $ 2,840 $ 414 $ 8 $ 3,262 The following table disaggregates the Company’s revenue by major source for the six months ended June 30, 2019 : EksoHealth EksoWorks Other Total Device revenue $ 4,239 $ 1,076 $ — $ 5,315 Service, support and rentals 1,375 — — 1,375 Parts and other 40 140 — 180 Collaborative arrangements — — 8 8 $ 5,654 $ 1,216 $ 8 $ 6,878 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: June 30, December 31, 2018 Salaries, benefits and related expenses $ 1,865 $ 2,446 Device warranty 294 307 Clinical trials 307 227 Severance 46 270 Financing lease liability 36 35 Other 220 256 Total $ 2,768 $ 3,541 |
Product Maintenance And Warranty | A reconciliation of the changes in the current portion of the device warranty liability for the six -month period ended June 30, 2019 is as follows: Warranty Balance at December 31, 2018 $ 307 Additions for estimated future expense 180 Incurred costs (193 ) Balance at June 30, 2019 $ 294 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | The following table presents scheduled principal payments of the Company’s long-term debt and final payment fee as of June 30, 2019 : Period Amount 2019 - remainder $ 1,167 2020 2,333 2021 440 Total principal payments 3,940 Less accreted portion of final payment fee, net of issuance cost and success fee discounts 72 Long-term debt, net $ 3,868 Current portion $ 2,333 Long-term portion 1,535 Long-term debt, net $ 3,868 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Maturities of Future Obligations | The Company’s future lease payments as of June 30, 2019 are as follows, which are presented as lease liabilities, current and lease liabilities on the Company’s condensed consolidated balance sheets: Period Operating Leases 2019 - remainder $ 273 2020 553 2021 565 2022 262 2023 — Total lease payments 1,653 Less: imputed interest (326 ) Present value of lease liabilities $ 1,327 Lease liabilities, current $ 393 Lease liabilities, noncurrent 934 Total lease liabilities $ 1,327 Weighted-average remaining lease term (in years) 2.94 Weighted-average discount rate 10.5 % |
Capitalization and Equity Str_2
Capitalization and Equity Structure (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Warrant share activity | Warrant shares outstanding as of December 31, 2018 and June 30, 2019 were as follows: Source Exercise Price Term (Years) December 31, Issued Expired June 30, 2019 2019 Warrants $ 2.00 5 — 6,667 — 6,667 Information Agent Warrants $ 1.50 3 200 — — 200 2015 Warrants $ 2.75 5 1,604 — — 1,604 2014 PPO and Merger Placement agent warrants $ 7.00 5 426 — (426 ) — PPO warrants $ 14.00 5 1,078 — (1,078 ) — Pre-2014 warrants $ 9.66 9-10 88 — — 88 3,396 6,667 (1,504 ) 8,559 |
Schedule of assumption used in valuation | The following assumptions were used in a combination of the Black Scholes option pricing model and the Binomial Lattice option pricing model to measure the fair value of the 2019 Warrants: June 30, 2019 May 24, 2019 Current share price $ 1.27 $ 1.49 Conversion price $ 2.00 $ 2.00 Risk-free interest rate 1.76 % 2.12 % Term (years) 4.9 5.0 Volatility of stock 96.7 % 98.0 % The following assumptions were used in the Black Scholes Option Pricing Model to measure the fair value of the 2015 warrants as of June 30, 2019 : Current share price $ 1.27 Conversion price $ 2.75 Risk-free interest rate 1.84% Term (years) 1.5 Volatility of stock 102.0% |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about the Company’s stock options outstanding as of June 30, 2019 , and activity during the six months then ended: Stock Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Balance as of December 31, 2018 6,466 $ 3.05 Options granted 674 1.45 Options exercised (186 ) 1.23 Options forfeited (451 ) 2.12 Options cancelled (180 ) 3.75 Balance as of June 30, 2019 6,323 $ 2.98 7.93 $ 65 Vested and expected to vest at June 30, 2019 6,323 $ 2.98 7.93 $ 65 Exercisable as of June 30, 2019 2,554 $ 4.61 6.08 $ 42 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes option pricing model using the following assumptions: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Dividend yield — — — — Risk-free interest rate 2.09 % 2.85 % 2.12 % 2.70%-2.97% Expected term (in years) 6 6-10 6 6-10 Volatility 102 % 89 % 102 % 89 % |
Schedule of Unvested Restricted Stock Units Roll Forward | RSU activity for the period ended June 30, 2019 is summarized below: Number of Shares Weighted- Average Grant Date Fair Value Unvested as of December 31, 2018 278 $ 1.83 Granted 560 1.64 Vested (563 ) 1.65 Forfeited (36 ) 2.02 Unvested at June 30, 2019 239 $ 1.78 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total stock-based compensation expense related to options and RSUs granted to employees and non-employees is included in the condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Sales and marketing $ 156 $ 166 $ 379 $ 275 Research and development 73 47 118 225 General and administrative 328 189 696 794 $ 557 $ 402 $ 1,193 $ 1,294 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended Six Months Ended 2019 2018 2019 2018 Numerator: Net loss applicable to common stockholders, basic and diluted $ (3,066 ) $ (7,978 ) $ (9,617 ) $ (15,877 ) Denominator: Weighted-average number of shares, basic and diluted 70,702 60,621 67,886 60,386 Net loss per share, basic and diluted $ (0.04 ) $ (0.13 ) $ (0.14 ) $ (0.26 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: Three Months Ended Six Months Ended 2019 2018 2019 2018 Options to purchase common stock 6,323 2,916 6,323 2,916 Restricted stock units 239 78 239 78 Warrants for common stock 8,559 3,396 8,559 3,396 Total common stock equivalents 15,121 6,390 15,121 6,390 |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment reporting information is as follows: EksoHealth EksoWorks Other Total Three months ended June 30, 2019 Revenue $ 2,840 $ 414 $ 8 $ 3,262 Cost of revenue 1,327 368 7 1,702 Gross profit $ 1,513 $ 46 $ 1 $ 1,560 Three months ended June 30, 2018 Revenue $ 2,399 $ 557 $ 11 $ 2,967 Cost of revenue 1,486 500 14 2,000 Gross profit $ 913 $ 57 $ (3 ) $ 967 EksoHealth EksoWorks Other Total Six Months Ended June 30, 2019 Revenue $ 5,654 $ 1,216 $ 8 $ 6,878 Cost of revenue 2,627 1,085 7 3,719 Gross profit $ 3,027 $ 131 $ 1 $ 3,159 Six Months Ended June 30, 2018 Revenue $ 4,521 $ 954 $ 11 $ 5,486 Cost of revenue 2,872 864 14 3,750 Gross profit $ 1,649 $ 90 $ (3 ) $ 1,736 |
Schedule of Geographic Information | Geographic information for revenue based on location of customers is as follows: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 United States $ 2,357 $ 1,777 $ 4,728 $ 3,131 All Other 905 1,190 2,150 2,355 $ 3,262 $ 2,967 $ 6,878 $ 5,486 |
Organization (Details)
Organization (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | May 24, 2019 | Jan. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | May 22, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Subsidiary, Sale of Stock [Line Items] | |||||||
Accumulated deficit | $ 180,763 | $ 171,146 | |||||
Cash used in operations | 9,708 | $ 12,804 | |||||
Exercise price (in dollars per share) | $ 2 | ||||||
Proceeds from issuance of common stock and warrants, net | 16,325 | 0 | |||||
Cash | 13,262 | $ 13,890 | $ 7,655 | $ 27,813 | |||
Debt covenant, unrestricted cash | 4,546 | ||||||
Unrestricted cash | $ 8,716 | ||||||
Common Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Number of shares sold (in shares) | 3,067 | ||||||
Price per share sold (in dollars per share) | $ 1.63 | ||||||
Underwriting agreement | Common Stock | |||||||
Subsidiary, Sale of Stock [Line Items] | |||||||
Warrants issued (in shares) | 6,667 | ||||||
Number of shares sold (in shares) | 6,667 | ||||||
Price per share sold (in dollars per share) | $ 1.5 | ||||||
Proceeds from issuance of common stock and warrants, net | $ 9,037 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Jan. 31, 2019 | Jan. 01, 2019 | |
Concentration Risk [Line Items] | |||||||
Government grant | $ 1,500 | ||||||
Right-of-use assets | $ 1,277 | $ 1,277 | $ 0 | ||||
Lease liabilities | $ 1,327 | $ 1,327 | |||||
Customer Concentration Risk | Accounts Receivable | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk percentage | 0.00% | 19.00% | |||||
Customer Concentration Risk | Revenue | |||||||
Concentration Risk [Line Items] | |||||||
Concentration risk percentage | 31.00% | 0.00% | 21.00% | 0.00% | |||
ASU 2016-02 | |||||||
Concentration Risk [Line Items] | |||||||
Right-of-use assets | $ 1,498 | ||||||
Lease liabilities | $ 1,454 | ||||||
Minimum | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable payment terms | 30 days | ||||||
Maximum | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable payment terms | 60 days | ||||||
EksoHealth | Minimum | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable payment terms | 12 months | ||||||
EksoHealth | Maximum | |||||||
Concentration Risk [Line Items] | |||||||
Accounts receivable payment terms | 48 months |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | $ 4,534 | $ 14,841 | $ 2,728 | $ 21,391 |
Current period other comprehensive income | (106) | 320 | 42 | 113 |
Ending Balance | 5,404 | $ 7,626 | 5,404 | $ 7,626 |
Foreign Currency Translation | ||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||||
Beginning Balance | (92) | |||
Current period other comprehensive income | 42 | |||
Ending Balance | $ (50) | $ (50) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchies (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Liabilities | ||
Warrant liabilities | $ 6,561 | $ 585 |
Contingent success fee liability | 35 | |
Recurring | ||
Liabilities | ||
Warrant liabilities | 6,561 | 585 |
Contingent success fee liability | 35 | 34 |
Level 1 | Recurring | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Contingent success fee liability | 0 | 0 |
Level 2 | Recurring | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Contingent success fee liability | 0 | 0 |
Level 3 | Recurring | ||
Liabilities | ||
Warrant liabilities | 6,561 | 585 |
Contingent success fee liability | $ 35 | $ 34 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Level 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Gain on revaluation of warrants issued in May 2019 financing and December 2015 financing | $ 2,737 | $ (213) | $ 1,615 | $ 520 |
Loss on modification of December 2015 warrants | 0 | $ 0 | 257 | $ 0 |
Warrant Liability | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 585 | |||
Initial fair value of warrants issued in conjunction with May 2019 financing | 7,334 | |||
Gain on revaluation of warrants issued in May 2019 financing and December 2015 financing | (1,615) | |||
Loss on modification of December 2015 warrants | 257 | |||
Loss on revaluation of contingent liabilities | 0 | |||
Ending Balance | 6,561 | 6,561 | ||
Contingent Success Fee Liability | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 34 | |||
Initial fair value of warrants issued in conjunction with May 2019 financing | 0 | |||
Gain on revaluation of warrants issued in May 2019 financing and December 2015 financing | 0 | |||
Loss on modification of December 2015 warrants | 0 | |||
Loss on revaluation of contingent liabilities | 1 | |||
Ending Balance | $ 35 | $ 35 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 2,800 | $ 2,676 |
Work in progress | 446 | 331 |
Finished goods | 673 | 730 |
Inventory | 3,919 | 3,737 |
Less: inventory reserve | (195) | (366) |
Inventories, net | $ 3,724 | $ 3,371 |
Revenue Recognition - Deferred
Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Deferred extended maintenance and support | $ 2,705 | $ 2,114 |
Deferred Royalties | 300 | 300 |
Deferred rental income | 18 | 51 |
Customer deposits and advances | 73 | 62 |
Deferred device revenues | 34 | 70 |
Total deferred revenues | 3,130 | 2,597 |
Less current portion | (1,369) | (1,102) |
Deferred revenues, non-current | $ 1,761 | $ 1,495 |
Revenue Recognition - Deferre_2
Revenue Recognition - Deferred Revenue Activity (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Change In Contract With Customer, Liability Rollforward [Roll Forward] | |
Beginning balance | $ 2,597 |
Deferral of revenue | 1,346 |
Recognition of deferred revenue | (813) |
Ending balance | $ 3,130 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Deferred revenue | $ 3,130 | $ 2,597 |
Contracts for rental units | $ 642 | |
Lease term | 12 months | |
Accounts receivable, net of allowances | $ 4,541 | $ 3,660 |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable payment terms | 30 days | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable payment terms | 60 days |
Revenue Recognition - Performan
Revenue Recognition - Performance Obligations (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-07-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation, amount | $ 633 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, period | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | |
Revenue from Contract with Customer [Abstract] | |
Remaining performance obligation, amount | $ 998 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [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 | $ 1,426 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation, period |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 3,262 | $ 2,967 | $ 6,878 | $ 5,486 |
Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 3,262 | 2,967 | 6,878 | 5,486 |
Device revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,523 | 5,315 | ||
Service, support and rentals | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 671 | 1,375 | ||
Parts and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 60 | 180 | ||
Collaborative arrangements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 8 | 8 | ||
EksoHealth | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,840 | 2,399 | 5,654 | 4,521 |
EksoHealth | Device revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 2,164 | 4,239 | ||
EksoHealth | Service, support and rentals | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 671 | 1,375 | ||
EksoHealth | Parts and other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 5 | 40 | ||
EksoHealth | Collaborative arrangements | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
EksoWorks | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 414 | 557 | 1,216 | 954 |
EksoWorks | Device revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 359 | 1,076 | ||
EksoWorks | Service, support and rentals | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
EksoWorks | Parts and other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 55 | 140 | ||
EksoWorks | Collaborative arrangements | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 8 | $ 11 | 8 | $ 11 |
Other | Device revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Other | Service, support and rentals | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Other | Parts and other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
Other | Collaborative arrangements | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 8 | $ 8 |
Investment in Unconsolidated _2
Investment in Unconsolidated Affiliate - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jan. 30, 2019 | Jun. 30, 2019 |
Exoskeleton Intelligent Robotics Co. Limited | ||
Schedule of Equity Method Investments [Line Items] | ||
Right to receive ownership percentage | 20.00% | |
Direct costs | $ 36 | |
Two Other Parties | Exoskeleton Intelligent Robotics Co. Limited | ||
Schedule of Equity Method Investments [Line Items] | ||
Payment to acquire investment | $ 92,000 | |
Investment agreement in years | 10 years | |
Zhejiang Youchuang Venture Capital Investment Co., Ltd | Ekso Bionics Holdings, Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Aggregate investment | $ 10,000 | |
Financing receivable | $ 5,000 | |
Volume weighted average price, trading days | 20 days | |
Common Stock | ||
Schedule of Equity Method Investments [Line Items] | ||
Number of shares sold (in shares) | 3,067 | |
Amount received from sale of shares | $ 5,000 | |
Price per share sold (in dollars per share) | $ 1.63 | |
Anti-dilution period | 60 days | |
Issuance costs | $ 8 | |
Maximum | Zhejiang Youchuang Venture Capital Investment Co., Ltd | Ekso Bionics Holdings, Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity price percentage higher or lower than first investment | 20.00% | |
Minimum | Zhejiang Youchuang Venture Capital Investment Co., Ltd | Ekso Bionics Holdings, Inc. | ||
Schedule of Equity Method Investments [Line Items] | ||
Equity price percentage higher or lower than first investment | 80.00% |
Investment in Unconsolidated _3
Investment in Unconsolidated Affiliate - Additional Information (Details) - Joint Venture - JV Partners - CNY (¥) ¥ in Millions | Apr. 30, 2019 | Jan. 31, 2019 |
Schedule of Equity Method Investments [Line Items] | ||
Percentage of contributed capital | 10.00% | 30.00% |
Payment to acquire investment | ¥ 62.4 | ¥ 187.2 |
Contribution payable | 124.8 | |
Committed contribution | ¥ 436.8 | |
Term of contribution | 10 years |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $ 1,865 | $ 2,446 |
Device warranty | 294 | 307 |
Clinical trials | 307 | 227 |
Severance | 46 | 270 |
Financing lease liability | 36 | 35 |
Other | 220 | 256 |
Total | $ 2,768 | $ 3,541 |
Accrued Liabilities - Product M
Accrued Liabilities - Product Maintenance and Warranty (Details) - Warranty $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Accrued Liabilities, Rollforward [Roll Forward] | |
Beginning Balance | $ 307 |
Additions for estimated future expense | 180 |
Incurred costs | (193) |
Closing Balance | $ 294 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2016 | Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||||
Long-term debt, net | $ 3,868,000 | $ 3,868,000 | ||||
Success fee | $ 250,000 | |||||
Current share price (in dollars per share) | $ 8 | |||||
Contingent success fee liability | 35,000 | 35,000 | ||||
Debt covenant, unrestricted cash | 4,546,000 | 4,546,000 | ||||
Cash | $ 13,262,000 | $ 13,262,000 | $ 7,655,000 | $ 13,890,000 | $ 27,813,000 | |
Effective interest rate percentage | 10.44% | 10.45% | ||||
Loan Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Maximum borrowing capacity | $ 7,000,000 | |||||
Debt term | 36 months | |||||
Long-term debt, net | $ 245,000 | $ 245,000 | ||||
Accretion of final payment fee of debt | $ 207,000 | |||||
LIBOR | Loan Agreement | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate percentage | 5.41% |
Long-Term Debt - Debt Repayment
Long-Term Debt - Debt Repayment (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Debt Disclosure [Abstract] | |
2019 - remainder | $ 1,167 |
2020 | 2,333 |
2021 | 440 |
Total principal payments | 3,940 |
Total principal payments | 72 |
Long-term debt, net | 3,868 |
Current portion | 2,333 |
Long-term portion | 1,535 |
Long-term debt, net | $ 3,868 |
Lease Obligations - Additional
Lease Obligations - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Lessee, Lease, Description [Line Items] | ||||
Base rent | $ 32 | |||
Rent increase per annum | 3.00% | |||
Renewal term | 5 years | 5 years | ||
Rent expense | $ 130 | $ 317 | $ 270 | $ 460 |
Sales and marketing | ||||
Lessee, Lease, Description [Line Items] | ||||
Credit for remaining obligation | $ 125 |
Lease Obligations - Future Mini
Lease Obligations - Future Minimum Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2019 - remainder | $ 273 | |
2020 | 553 | |
2021 | 565 | |
2022 | 262 | |
2023 | 0 | |
Total lease payments | 1,653 | |
Less: imputed interest | (326) | |
Present value of lease liabilities | 1,327 | |
Lease liabilities, current | 393 | $ 0 |
Lease liabilities, noncurrent | 934 | $ 0 |
Total lease liabilities | $ 1,327 | |
Weighted-average remaining lease term (in years) | 2 years 11 months 9 days | |
Weighted-average discount rate | 10.50% |
Capitalization and Equity Str_3
Capitalization and Equity Structure - Additional Information (Details) - USD ($) | May 24, 2019 | Jan. 30, 2019 | Aug. 21, 2018 | Dec. 31, 2015 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2019 | May 22, 2019 | Mar. 08, 2019 | Mar. 07, 2019 | Dec. 31, 2018 | Sep. 30, 2017 |
Class of Stock [Line Items] | ||||||||||||||||
Common stock, shares authorized (in shares) | 141,429,000 | 141,429,000 | 141,429,000 | |||||||||||||
Preferred Stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||||||
Common stock, shares outstanding (in shares) | 74,895,000 | 74,895,000 | 62,963,000 | |||||||||||||
Common stock, shares issued (in shares) | 74,895,000 | 74,895,000 | 62,963,000 | |||||||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | |||||||||||||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | |||||||||||||
Proceeds from issuance of common stock and warrants, net | $ 2,313,000 | $ 2,313,000 | ||||||||||||||
Financing costs | 706,000 | $ 0 | $ 706,000 | $ 0 | ||||||||||||
Exercise price (in dollars per share) | $ 2 | |||||||||||||||
Warrants issued (in shares) | 6,667,000 | |||||||||||||||
Loss on modification of warrants | $ 0 | $ 0 | $ 257,000 | $ 0 | ||||||||||||
2019 Warrants | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from issuance of common stock and warrants, net | $ 7,334,000 | |||||||||||||||
Warrants called (in shares) | 6,667,000 | |||||||||||||||
Exercise price (in dollars per share) | $ 2 | $ 2 | $ 2 | |||||||||||||
Warrants issued (in shares) | 6,667,000 | |||||||||||||||
2015 Warrants | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Exercise price (in dollars per share) | $ 3.74 | 2.75 | $ 2.75 | |||||||||||||
Warrants issued (in shares) | 2,122,000 | 0 | ||||||||||||||
Information Agent Warrants | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Warrants called (in shares) | 200,000 | |||||||||||||||
Exercise price (in dollars per share) | $ 1.5 | $ 1.5 | $ 1.5 | |||||||||||||
Warrants issued (in shares) | 0 | |||||||||||||||
2015 Warrants, Amendment | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Exercise price (in dollars per share) | $ 2.75 | $ 3.74 | ||||||||||||||
Underwriting agreement | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from issuance of common stock and warrants, net | $ 10,000,000 | |||||||||||||||
Common Stock | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of shares sold (in shares) | 3,067,000 | |||||||||||||||
Price per share sold (in dollars per share) | $ 1.63 | |||||||||||||||
Amount received from sale of shares | $ 5,000,000 | |||||||||||||||
Direct financing costs | $ 8,000 | |||||||||||||||
Common Stock | At-The-Market Offering | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Aggregate value of offering | $ 25,000,000 | |||||||||||||||
Number of shares sold (in shares) | 1,294,000 | 1,294,000 | ||||||||||||||
Price per share sold (in dollars per share) | $ 1.85 | $ 1.85 | ||||||||||||||
Value of stock available for issuance | $ 17,734,000 | |||||||||||||||
Common Stock | Underwriting agreement | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Number of shares sold (in shares) | 6,667,000 | |||||||||||||||
Price per share sold (in dollars per share) | $ 1.5 | |||||||||||||||
Proceeds from issuance of common stock and warrants, net | $ 2,666,000 | |||||||||||||||
Direct financing costs | 963,000 | |||||||||||||||
Issuance costs in APIC | 257,000 | |||||||||||||||
Financing costs | $ 706,000 | |||||||||||||||
Warrants called (in shares) | 6,667,000 | |||||||||||||||
Warrant | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Warrants exercised (in shares) | 30,000 | 488,000 |
Capitalization and Equity Str_4
Capitalization and Equity Structure - Warrants (Details) - $ / shares shares in Thousands | 1 Months Ended | 6 Months Ended | |||
Dec. 31, 2015 | Jun. 30, 2019 | May 31, 2019 | May 22, 2019 | Sep. 30, 2017 | |
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 2 | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 3,396 | ||||
Issued (in shares) | 6,667 | ||||
Expired (in shares) | 1,504 | ||||
Ending balance (in shares) | 8,559 | ||||
2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 2 | $ 2 | |||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 0 | ||||
Issued (in shares) | 6,667 | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 6,667 | ||||
Information Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 1.5 | $ 1.5 | |||
Term (Years) | 3 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 200 | ||||
Issued (in shares) | 0 | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 200 | ||||
2015 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 3.74 | $ 2.75 | |||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 1,604 | ||||
Issued (in shares) | 2,122 | 0 | |||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 1,604 | ||||
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] | |||||
Beginning balance (in shares) | 426 | ||||
Issued (in shares) | 0 | ||||
Expired (in shares) | 426 | ||||
Ending balance (in shares) | 0 | ||||
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] | |||||
Beginning balance (in shares) | 1,078 | ||||
Issued (in shares) | 0 | ||||
Expired (in shares) | 1,078 | ||||
Ending balance (in shares) | 0 | ||||
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] | |||||
Beginning balance (in shares) | 88 | ||||
Issued (in shares) | 0 | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 88 | ||||
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_5
Capitalization and Equity Structure - Valuation Assumptions (Details) | May 24, 2019$ / shares | Jun. 30, 2019$ / shares | Dec. 31, 2016$ / shares |
Schedule of Capitalization, Equity [Line Items] | |||
Current share price (in dollars per share) | $ 8 | ||
2019 Warrants | Current share price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Current share price (in dollars per share) | $ 1.49 | $ 1.27 | |
2019 Warrants | Conversion price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Conversion price (in dollars per share) | $ 2 | $ 2 | |
2019 Warrants | Risk-free interest rate | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 0.0212 | 0.0176 | |
2019 Warrants | Term (years) | |||
Schedule of Capitalization, Equity [Line Items] | |||
Term (years) | 5 years | 4 years 10 months 24 days | |
2019 Warrants | Volatility of stock | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 0.980 | 0.967 | |
2015 Warrants | Current share price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Current share price (in dollars per share) | $ 1.27 | ||
2015 Warrants | Conversion price | |||
Schedule of Capitalization, Equity [Line Items] | |||
Conversion price (in dollars per share) | $ 2.75 | ||
2015 Warrants | Risk-free interest rate | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 1.84 | ||
2015 Warrants | Term (years) | |||
Schedule of Capitalization, Equity [Line Items] | |||
Term (years) | 1 year 6 months | ||
2015 Warrants | Volatility of stock | |||
Schedule of Capitalization, Equity [Line Items] | |||
Measurement input percentage | 102 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percent of employee match | 50.00% | ||||
Stock options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 4,849 | ||||
Unrecognized compensation expense, period of recognition | 2 years 10 months 2 days | ||||
RSU | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ 326 | ||||
Unrecognized compensation expense, period of recognition | 2 years 11 months 23 days | ||||
Right to receive stock (in shares) | 1 | ||||
Equity Incentive Plan 2014 | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Additional shares authorized for grant (in shares) | 3,500,000 | ||||
Shares authorized for grant (in shares) | 12,614,000 | ||||
Shares available for grant (in shares) | 4,015,000 | ||||
Common Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares issued in employee benefit plan (in shares) | 141,000 | 221,000 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) - 2014 Plan $ / shares in Units, shares in Thousands, $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)$ / sharesshares | |
Stock Awards | |
Beginning Balance (in shares) | shares | 6,466 |
Options granted (in shares) | shares | 674 |
Options exercised (in shares) | shares | (186) |
Options forfeited (in shares) | shares | (451) |
Options cancelled (in shares) | shares | (180) |
Ending Balance (in shares) | shares | 6,323 |
Options Outstanding, Vested and expected to vest (in shares) | shares | 6,323 |
Options Outstanding, Exercisable (in shares) | shares | 2,554 |
Weighted- Average Exercise Price | |
Beginning Balance (in dollars per share) | $ / shares | $ 3.05 |
Options granted (in dollars per share) | $ / shares | 1.45 |
Options exercised (in dollars per share) | $ / shares | 1.23 |
Options forfeited (in dollars per share) | $ / shares | 2.12 |
Options cancelled (in dollars per share) | $ / shares | 3.75 |
Ending Balance (in dollars per share) | $ / shares | 2.98 |
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share) | $ / shares | 2.98 |
Weighted-Average Exercise Price, Exercisable (in dollars per share) | $ / shares | $ 4.61 |
Weighted-Average Remaining Contractual Life (Years), Ending Balance | 7 years 11 months 5 days |
Weighted-Average Remaining Contractual Life (Years), Vested and expected to vest | 7 years 11 months 5 days |
Weighted-Average Remaining Contractual Life (Years), Exercisable | 6 years 29 days |
Aggregate Intrinsic Value, Ending Balance | $ | $ 65 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 65 |
Aggregate Intrinsic Value, Exercisable | $ | $ 42 |
Stock-based Compensation - Valu
Stock-based Compensation - Valuation Assumptions (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Risk-free interest rate | 2.09% | 2.85% | 2.12% | |
Expected term (in years) | 6 years | 6 years | ||
Volatility | 102.00% | 89.00% | 102.00% | 89.00% |
Minimum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Risk-free interest rate | 2.70% | |||
Expected term (in years) | 6 years | 6 years | ||
Maximum | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Risk-free interest rate | 2.97% | |||
Expected term (in years) | 10 years | 10 years |
Stock-based Compensation - RSU
Stock-based Compensation - RSU Activity (Details) - RSU shares in Thousands | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Number of Shares | |
Beginning Balance (in shares) | shares | 278 |
Granted (in shares) | shares | 560 |
Vested (in shares) | shares | (563) |
Forfeited (in shares) | shares | (36) |
Ending Balance (in shares) | shares | 239 |
Weighted- Average Grant Date Fair Value | |
Beginning Balance (in dollars per share) | $ / shares | $ 1.83 |
Granted (in dollars per share) | $ / shares | 1.64 |
Vested (in dollars per share) | $ / shares | 1.65 |
Forfeited (in dollars per share) | $ / shares | 2.02 |
Ending Balance (in dollars per share) | $ / shares | $ 1.78 |
Stock-based Compensation - Comp
Stock-based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expense | $ 557 | $ 402 | $ 1,193 | $ 1,294 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expense | 156 | 166 | 379 | 275 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expense | 73 | 47 | 118 | 225 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expense | $ 328 | $ 189 | $ 696 | $ 794 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($)license_agreement | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Payments due by period | $ 50 |
Contractual obligation | $ 803 |
Royalty Agreement Terms | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Number of license agreements | license_agreement | 2 |
Payments due by period | $ 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% |
Royalty Agreement Terms | Sub-licensee net sales | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Royalty percentage | 1.00% |
Net Loss Per Share - Earnings P
Net Loss Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Numerator: | ||||
Net loss applicable to common stockholders, basic and diluted | $ (3,066) | $ (7,978) | $ (9,617) | $ (15,877) |
Denominator: | ||||
Weighted-average number of shares, basic and diluted (in shares) | 70,702 | 60,621 | 67,886 | 60,386 |
Net loss per share, basic and diluted (in dollars per share) | $ (0.04) | $ (0.13) | $ (0.14) | $ (0.26) |
Net Loss Per Share - Antidiluti
Net Loss Per Share - Antidilutive Shares (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 15,121 | 6,390 | 15,121 | 6,390 |
Options to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 6,323 | 2,916 | 6,323 | 2,916 |
Restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 239 | 78 | 239 | 78 |
Warrants for common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 8,559 | 3,396 | 8,559 | 3,396 |
Segment Disclosures - Operating
Segment Disclosures - Operating Segments (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)segment | Jun. 30, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Revenue | $ 3,262 | $ 2,967 | $ 6,878 | $ 5,486 |
Cost of revenue | 1,702 | 2,000 | 3,719 | 3,750 |
Gross profit | 1,560 | 967 | 3,159 | 1,736 |
Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,262 | 2,967 | 6,878 | 5,486 |
Cost of revenue | 1,702 | 2,000 | 3,719 | 3,750 |
Gross profit | 1,560 | 967 | 3,159 | 1,736 |
EksoHealth | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,840 | 2,399 | 5,654 | 4,521 |
Cost of revenue | 1,327 | 1,486 | 2,627 | 2,872 |
Gross profit | 1,513 | 913 | 3,027 | 1,649 |
EksoWorks | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 414 | 557 | 1,216 | 954 |
Cost of revenue | 368 | 500 | 1,085 | 864 |
Gross profit | 46 | 57 | 131 | 90 |
Other | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 8 | 11 | 8 | 11 |
Cost of revenue | 7 | 14 | 7 | 14 |
Gross profit | $ 1 | $ (3) | $ 1 | $ (3) |
Segment Disclosures - Geographi
Segment Disclosures - Geographical Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 3,262 | $ 2,967 | $ 6,878 | $ 5,486 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,357 | 1,777 | 4,728 | 3,131 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 905 | $ 1,190 | $ 2,150 | $ 2,355 |
Related Party Transactions (Det
Related Party Transactions (Details) - Angel Pond Capital LLC $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Related Party Transaction [Line Items] | |
Consulting agreement | 1 year |
Payment for fees | $ 30 |
Future payment | $ 1,000 |