Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 30, 2019 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | EKSO BIONICS HOLDINGS, INC. | ||
Entity Central Index Key | 0001549084 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Interactive Data Current | Yes | ||
Entity Public Float | $ 68,357,943 | ||
Trading Symbol | EKSO | ||
Entity Common Stock, Shares Outstanding | 87,050,070 | ||
Title of 12(b) Security | Common Stock, $0.001 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash | $ 10,872 | $ 7,655 |
Accounts receivable, net of allowances of $121 and $128, respectively | 5,208 | 3,660 |
Inventories, net | 2,489 | 3,371 |
Prepaid expenses and other current assets | 238 | 281 |
Total current assets | 18,807 | 14,967 |
Property and equipment, net | 1,657 | 2,365 |
Right-of-use assets | 1,084 | |
Goodwill | 189 | 189 |
Other assets | 178 | 134 |
Total assets | 21,915 | 17,655 |
Current liabilities: | ||
Accounts payable | 1,903 | 3,156 |
Accrued liabilities | 1,683 | 3,489 |
Deferred revenues, current | 1,492 | 1,102 |
Note payable, current | 2,333 | 2,333 |
Lease liabilities, current | 421 | |
Total current liabilities | 7,832 | 10,080 |
Deferred revenues | 1,789 | 1,495 |
Note payable | 407 | 2,648 |
Lease liabilities | 711 | |
Warrant liabilities | 4,307 | 585 |
Other non-current liabilities | 72 | 119 |
Total liabilities | 15,118 | 14,927 |
Commitments and contingencies (Note 16) | ||
Stockholders' equity: | ||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and outstanding at December 31, 2019 and 2018 | 0 | 0 |
Common stock, $0.001 par value; 141,429 shares authorized; 86,920 and 62,963 shares issued and outstanding at December 31, 2019 and 2018, respectively | 87 | 63 |
Additional paid-in capital | 189,938 | 173,903 |
Accumulated other comprehensive income (loss) | 50 | (92) |
Accumulated deficit | (183,278) | (171,146) |
Total stockholders' equity | 6,797 | 2,728 |
Total liabilities and stockholders' equity | $ 21,915 | $ 17,655 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 121 | $ 128 |
Convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Convertible preferred stock, shares issued (in shares) | 0 | 0 |
Convertible preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 141,429,000 | 141,429,000 |
Common stock, shares issued (in shares) | 86,920,000 | 62,963,000 |
Common stock, shares outstanding (in shares) | 86,920,000 | 62,963,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||
Revenue | $ 13,917 | $ 11,332 |
Cost of revenue | 7,153 | 7,023 |
Gross profit | 6,764 | 4,309 |
Operating expenses: | ||
Sales and marketing | 11,398 | 13,827 |
Research and development | 4,596 | 5,847 |
General and administrative | 7,409 | 11,665 |
Total operating expenses | 23,403 | 31,339 |
Loss from operations | (16,639) | (27,030) |
Other income, net: | ||
Interest expense | (384) | (600) |
Finance cost associated with warrant issuance | (1,096) | 0 |
Gain on warrant liabilities | 6,376 | 1,063 |
Loss on modification of warrants | (257) | 0 |
Other expense, net | (132) | (425) |
Total other income, net | 4,507 | 38 |
Net loss | (12,132) | (26,992) |
Foreign currency translation adjustments | 142 | 248 |
Comprehensive loss | $ (11,990) | $ (26,744) |
Basic and diluted net loss per share applicable to common shareholders (in dollars per share) | $ (0.17) | $ (0.44) |
Weighted average number of shares outstanding, basic and diluted (in shares) | 71,911 | 61,229 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Preferred StockConvertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Balance at Dec. 31, 2017 | $ 21,391 | $ 0 | $ 60 | $ 165,825 | $ (340) | $ (144,154) |
Balance (in shares) at Dec. 31, 2017 | 0 | 59,943 | ||||
Net loss | (26,992) | (26,992) | ||||
Issuance of common stock under: ATM program, net of commission & issuance costs / Equity financing, net | 4,446 | $ 2 | 4,444 | |||
Issuance of common stock under: ATM program, net of commission & issuance costs / Equity financing, net (in shares) | 2,032 | |||||
Issuance of common stock under: Equipois sales earn-out | 28 | 28 | ||||
Issuance of common stock under: Equipois sales earn-out (in shares) | 18 | |||||
Issuance of common stock under: Equity incentive plan | (60) | $ 1 | (61) | |||
Issuance of common stock under: Equity incentive plan (in shares) | 571 | |||||
Issuance of common stock under: Matching contribution to 401(k) plan | 508 | 508 | ||||
Issuance of common stock under: Matching contribution to 401(k) plan (in shares) | 221 | |||||
Issuance of common stock under: In lieu of cash compensation / bonus | 291 | 291 | ||||
Issuance of common stock under: In lieu of cash compensation / bonus (in shares) | 178 | |||||
Stock-based compensation expense | 2,868 | 2,868 | ||||
Foreign currency translation adjustments | 248 | 248 | ||||
Balance at Dec. 31, 2018 | 2,728 | $ 0 | $ 63 | 173,903 | (92) | (171,146) |
Balance (in shares) at Dec. 31, 2018 | 0 | 62,963 | ||||
Net loss | (12,132) | (12,132) | ||||
Issuance of common stock under: ATM program, net of commission & issuance costs / Equity financing, net | 12,444 | $ 23 | 12,421 | |||
Issuance of common stock under: ATM program, net of commission & issuance costs / Equity financing, net (in shares) | 22,995 | |||||
Issuance of common stock under: Equipois sales earn-out | 22 | 22 | ||||
Issuance of common stock under: Equipois sales earn-out (in shares) | 18 | |||||
Issuance of common stock under: Equity incentive plan | 228 | 228 | ||||
Issuance of common stock under: Equity incentive plan (in shares) | 186 | |||||
Issuance of common stock under: Matching contribution to 401(k) plan | 191 | 191 | ||||
Issuance of common stock under: Matching contribution to 401(k) plan (in shares) | 141 | |||||
Issuance of common stock under: In lieu of cash compensation / bonus | 919 | $ 1 | 918 | |||
Issuance of common stock under: In lieu of cash compensation / bonus (in shares) | 617 | |||||
Stock-based compensation expense | 2,255 | 2,255 | ||||
Foreign currency translation adjustments | 142 | 142 | ||||
Balance at Dec. 31, 2019 | $ 6,797 | $ 0 | $ 87 | $ 189,938 | $ 50 | $ (183,278) |
Balance (in shares) at Dec. 31, 2019 | 0 | 86,920 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Commission and issuance costs | $ 274 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | ||
Net loss | $ (12,132) | $ (26,992) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 690 | 1,515 |
Provision for excess and obsolete inventories | 66 | 191 |
Changes in allowance for doubtful accounts | 52 | (50) |
Loss on disposal of property and equipment | 0 | 126 |
Amortization of debt discount and accretion of final payment fee | 92 | 152 |
Change in fair value of contingent liabilities | (28) | (35) |
Common stock contribution to 401(k) plan | 142 | 212 |
Stock-based compensation expense | 2,255 | 2,868 |
Finance cost attributable to issuance of warrants | 1,096 | 0 |
Gain on revaluation of warrant liabilities | (6,376) | (1,063) |
Loss on modification of warrants | 257 | 0 |
Unrealized loss on foreign currency transactions | 133 | 381 |
Changes in operating assets and liabilities | ||
Accounts receivable | (1,599) | (850) |
Inventories | 893 | (1,655) |
Prepaid expense, operating lease right-of-use assets, and other assets, current and noncurrent | 369 | 1,046 |
Accounts payable | (1,231) | 752 |
Accrued and lease liabilities | (1,135) | 559 |
Deferred revenues | 684 | 678 |
Net cash used in operating activities | (15,772) | (22,165) |
Investing activities | ||
Acquisition of property and equipment | (60) | (131) |
Net cash used in investing activities | (60) | (131) |
Financing activities | ||
Proceeds from issuance of common stock and warrants, net | 21,188 | 4,446 |
Principal payments on notes payable | (2,377) | (2,174) |
Proceeds from exercise of stock options | 228 | 1 |
Net cash provided by financing activities | 19,039 | 2,273 |
Effect of exchange rate changes on cash | 10 | (135) |
Net (decrease) increase in cash | 3,217 | (20,158) |
Cash at beginning of the period | 7,655 | 27,813 |
Cash at end of the period | 10,872 | 7,655 |
Supplemental disclosure of cash flow activities | ||
Cash paid for interest | 309 | 457 |
Cash paid for income taxes | 23 | 18 |
Supplemental disclosure of non-cash activities | ||
Initial recognition of operating right-of-use assets | 1,454 | |
Initial recognition of operating lease liabilities | 1,498 | |
Change in deferred rent associated with ASC 842 | 44 | |
Transfer of inventory to (from) property and equipment | (77) | 1,118 |
Share issuance for common stock contribution to 401(k) plan | 191 | 508 |
Share issuance for employee bonuses | 919 | 291 |
Share issuance for vesting of restricted stock | 63 | 1 |
Equipois sales earn-out | $ 22 | $ 28 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Description of Business Ekso Bionics Holdings, Inc., or 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 persons as well as by persons with physical disabilities. The Company has sold and leased devices that (i) enable individuals with neurological conditions affecting gait (stroke and spinal cord injury) to rehabilitate and to walk again, (ii) assist individuals with a broad range of upper extremity impairments, and (iii) allow industrial workers to perform difficult repetitive work for extended periods. Unless otherwise indicated, all dollar and share amounts included in these notes to the consolidated financial statements are in thousands. Liquidity and Going Concern As of December 31, 2019 , the Company had an accumulated deficit of $183,278 . 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 year ended December 31, 2019 , the Company used $15,772 of cash in its operations. Cash on hand at December 31, 2019 was $10,872 , 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 December 31, 2019 , the most recent determination of this restriction, $3,564 of cash must remain as restricted, with such amounts to be re-computed at each month end. After considering cash restrictions, effective unrestricted cash as of December 31, 2019 is estimated to be $7,308 . Based on the current forecast, the Company’s cash on hand will not be sufficient to satisfy the Company’s operations for the next twelve months from the date of issuance of these consolidated financial statements, which raises substantial doubt about the Company’s ability to continue as a going concern. On September 16, 2019, the Company received a written notice (the “Deficiency Notice”) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (“Nasdaq”) informing the Company that because the closing bid price for the Company’s common stock listed on the Nasdaq Capital Market was below $1.00 per share for 30 consecutive business days, the Company does not meet the minimum closing bid price requirement for continued listing on the Nasdaq Capital Market. Under Nasdaq Listing Rules, the Company has 180 calendar days from the date of the notification, or until March 16, 2020, to regain compliance with Nasdaq Listing Rules. To regain compliance, the closing bid price of the Company’s common stock on the Nasdaq Capital Market must be at least $1.00 per share for a minimum of ten consecutive business days prior to the expiration of such 180-day compliance period. If the Company does not regain compliance by March 16, 2020, the Company may be eligible for a second 180-day compliance period, provided that, on such date, the Company meets the continued listing requirement for market value of publicly held shares and all other applicable initial listing requirements for the Nasdaq Capital Market (other than the minimum closing bid price requirement) and the Company provides written notice to Nasdaq of its intention to cure the deficiency during the second compliance period, by effecting a reverse stock split, if necessary. The Company intends to take all reasonable measures available to regain compliance under the Nasdaq Listing Rules and to maintain the listing of its common stock on the Nasdaq Capital Market. The Company will monitor the closing bid price for its common stock between now and March 16, 2020. 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 operate in compliance with its debt covenants until the end of the third quarter of 2020. 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 in its (i) clinical and sales initiatives to accelerate adoption of the Ekso robotic exoskeleton in the rehabilitation market, (ii) research, development and commercialization activities with respect to exoskeletons for rehabilitation, and (iii) development and commercialization of able-bodied exoskeletons for industrial use. The Company is actively pursuing opportunities to obtain additional financing through public or private equity and/or debt financings and corporate collaborations. Sales of additional equity securities by the Company could result in the dilution of the interests of existing stockholders. There can be no assurance that financing will be available when required in sufficient amounts, on acceptable terms or at all. In the event that the necessary additional financing is not obtained, the Company may be required to further reduce its discretionary overhead costs substantially, including research and development, general and administrative, and sales and marketing expenses or otherwise curtail operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Estimates | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies and Estimates | Summary of Significant Accounting Policies and Estimates Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States or U.S. GAAP. In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to the current year’s presentation. Such reclassifications had no net effect on previously reported financial results. 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. Refer to Note 4. Investment in Unconsolidated Affiliate for more information. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to, revenue recognition, deferred revenue and the deferral of the associated costs, the valuation of warrants and employee stock options, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, 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 entities' functional currencies, are recorded in other 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. Refer to Note 4. Investment in Unconsolidated Affiliate for more information. 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 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 routinely reassesses whether it is the primary beneficiary of VIEs in which it holds a variable interest. Accumulated Other Comprehensive Income (Loss) The Company's accumulated other comprehensive income (loss) consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments. The change in accumulated other comprehensive income (loss) presented on the consolidated balance sheets for the year ended December 31, 2019 , is reflected in the table below net of tax: Foreign Currency Translation Balance at December 31, 2018 $ (92 ) Current period other comprehensive income 142 Balance at December 31, 2019 $ 50 Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. The Company places its cash and cash equivalents in highly liquid instruments with, and in the custody of, financial institutions with high credit ratings. The Company did not have any cash equivalents or investments in money market funds as of December 31, 2019 and 2018 . 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 cash accounts in excess of federally insured limits. However, the Company believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. The Company extends credit to customers in the normal course of business and performs ongoing credit evaluations of its customers. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable. Accounts receivable are derived from the sale of products shipped and services performed for customers primarily located in the U.S., Europe and Asia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectibility and provides an allowance for potential credit losses. The Company has not experienced material losses related to accounts receivable during the years ended December 31, 2019 and 2018 . Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency other than the U.S. dollar. The Company does not enter into any foreign currency hedging agreements and is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon settling contracts denominated in a foreign currency. At December 31, 2019 , the Company had one customer with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable ( 11% ), as compared with one customer at December 31, 2018 ( 19% ). The Company had one customer with sales of 10% or more of the Company’s total revenue for the year ended December 31, 2019 ( 15% ) as compared with none at December 31, 2018 . Refer to Note 17. Segment Disclosures for more information. Inventories, net 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 within 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 which includes on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of an inventory reserve. Inventories consisted of the following: December 31, 2019 2018 Raw materials $ 2,208 $ 1,689 Work in progress 29 331 Finished goods 252 1,351 Inventories, net $ 2,489 $ 3,371 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. Lease expense is recognized over the expected lease 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. 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. Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation and are depreciated on a straight-line basis over the estimated useful lives of the assets, generally ranging from three to ten years. Leasehold improvements are amortized over the shorter of the estimated useful life or the related term of the lease. The costs of repairs and maintenance are expensed when incurred, while expenditures for refurbishments and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Impairment of Long-Lived Assets The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that their carrying value may not be recoverable from the estimated future cash flows expected to result from the Company’s use or eventual disposition. If estimates of future undiscounted net cash flows are insufficient to recover the carrying value of the assets, the Company will record an impairment loss in the amount by which the carrying value of the assets exceeds the fair value. If the assets are determined to be recoverable, but the useful lives are shorter than originally estimated, the Company will depreciate or amortize the net book value of the assets over the newly determined remaining useful lives. None of the Company’s property and equipment or intangible assets were impaired as of December 31, 2019 and 2018 . No impairment loss has been recognized in the years ended December 31, 2019 and 2018 . Goodwill The Company records goodwill when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. The Company performs an annual impairment assessment in the fourth quarter of each year, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of goodwill. The Company performs impairment tests using a fair value approach when necessary. None of the Company’s goodwill was impaired as of December 31, 2019 and 2018 . No impairment loss has been recognized in the years ended December 31, 2019 and 2018 . Warrant Valuation The Company generally accounts for warrants issued in connection with debt and equity financings as a component of equity, unless the warrants include a conditional obligation to issue a variable number of shares or there is a deemed possibility that it may need to settle the warrants in cash. Where there is a possibility that the Company may have to settle warrants in cash, it estimates the fair value of the issued warrants as a liability at each reporting date and record changes in the estimated fair value as a non-cash gain or loss in the consolidated statements of operations and comprehensive loss. The fair values of these warrants have been determined using the Black-Scholes option-pricing model (the “Black-Scholes Model”) and the Binomial Lattice model (the “Lattice Model”). The Black-Scholes Model requires inputs, such as the expected volatility, expected term, exercise price, risk-free interest rate, and the value of the underlying security. The Lattice Model provides for assumptions regarding expected volatility, expected term, exercise price, risk-free interest rates, the value of the underlying security, and the probability of and likely timing of a specific event within the period to maturity. These values are subject to a significant degree of the Company’s judgment. The Company’s common stock price represents a significant input that affects the valuation of the warrants. Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification or ASC, 805, Business Combinations , where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values. The purchase price is allocated using the information currently available, and may be adjusted, up to one-year from the acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. Contingent consideration, if any, is recorded at the acquisition date based upon the estimated fair value of the contingent payments. The fair value of the contingent consideration is re-measured each reporting period with any adjustments in fair value being recognized in loss from operations. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill. Going Concern The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with ASC 205-40, Presentation of Financial Statements – Going Concern . The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. The Company’s medical device segment (EksoHealth) revenue is primarily generated through the sale and rental of the EksoGT and the recently introduced EksoNR, associated software (SmartAssist and VariableAssist), the sale of the EksoUE, the sale of accessories, and the sale of 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 EksoNR or EksoGT, 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 recognizes 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 through the sale 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. 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 twelve months ended December 31, 2019 . The Company does not expect to recognize revenue until December 31, 2021. Research and Development Research and development costs consist of costs incurred for internal research and development activities. These costs primarily include salaries and other personnel-related expenses, contractor fees, legal fees associated with developing and maintaining intellectual property, facility costs, supplies, and depreciation of equipment associated with the design and development of new products prior to the establishment of their technological feasibility. Such costs are expensed as incurred. Advertising Costs Advertising costs are recorded in sales and marketing expense as incurred. Advertising expense was $14 and $123 for the years ended December 31, 2019 and 2018 , respectively. Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, income tax expense or benefit is recognized for the amount of taxes payable or refundable for the current year and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company's consolidated financial statements or tax returns. The Company accounts for any income tax contingencies in accordance with accounting guidance for income taxes. The measurement of current and deferred tax assets and liabilities is based on provisions of currently enacted tax laws. The effects of any future changes in tax laws or rates have not been considered. For the preparation of the Company's consolidated financial statements included herein, the Company estimates its income taxes and tax contingencies in each of the tax jurisdictions in which it operates prior to the completion and filing of its tax returns. This process involves estimating actual current tax expense together with assessing temporary differences resulting from differing treatment of items, such as deferred revenue, for tax and accounting purposes. These differences result in net deferred tax assets and liabilities. The Company must then assess the likelihood that the deferred tax assets will be realizable, and to the extent they believe that realizability is not likely, the Company must establish a valuation allowance. In assessing the need for any additional valuation allowance, the Company considers all the evidence available to it, both positive and negative, including historical levels of income, legislative developments, expectations and risks associated with estimates of future taxable income, and ongoing prudent and feasible tax planning strategies. Stock-based Compensation The Company measures stock-based compensation expense for certain stock-based awards made to employees and directors based on the estimated fair value of the award on the date of grant using the Black-Scholes Model and recognizes the fair value on a straight-line basis over the requisite service periods of the awards. The Company’s determination of the fair value of stock options on the date of grant using the Black-Scholes Model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The Company adopted the simplified method of estimating the expected term pursuant to SEC Staff Accounting Bulletin Topic 14. On this basis, the Company estimated the expected term of options granted by taking the average of the vesting term and the contractual term of the option. The Company has, from time to time, modified the terms of its stock options to employees. The Company accounts for the incremental increase in the fair value over the original award on the date of the modification as an expense for vested awards or over the remaining service (vesting) period for unvested awards. The incremental compensation cost is the excess of the fair value of the modified award on the date of modification over the fair value of the original award immediately before the modification. Recent Accounting Pronouncements In 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 does not expect the impact of adopting ASU 2018-03 to be material 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 was initially effective for the Company in the first quarter of 2020. However, in August 2019, the FASB issued a proposed ASU, which defers the effective date for this guidance until the first quarter of 2023. 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. Accounting Pronouncements Adopted in 2019 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 December 31, 2019 , the right-of-use assets and corresponding lease liabilities in the Company’s consolidated balance sheets were $1,084 and $1,132 , respectively. The adoption of this standard did not have a material impact on the Company’s 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 ). |
Net Loss Per Share of Common St
Net Loss Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share of Common Stock | Net Loss Per Share of Common Stock Basic net loss per share of common stock is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the weighted average number of common stock, adjusted to include conversion of certain stock options and warrants for common stock and release of common stock in connection with restricted stock units during the period, as follows: Years ended December 31, 2019 2018 Numerator: Net loss $ (12,132 ) $ (26,992 ) Adjustment for gain on fair value of warrant liability $ — $ — Adjusted net loss used for dilution calculation $ (12,132 ) $ (26,992 ) Denominator Weighted-average number of shares outstanding 71,911 61,229 Effect of potential dilutive shares — — Dilutive weighted-average number of shares outstanding 71,911 61,229 Net loss per share Basic $ (0.17 ) $ (0.44 ) Diluted $ (0.17 ) $ (0.44 ) The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: Years ended December 31, 2019 2018 Options to purchase common stock 7,411 6,466 Restricted stock units 1,328 278 Warrants for common stock 17,670 3,396 Total common stock equivalents 26,409 10,140 |
Investment in Unconsolidated Af
Investment in Unconsolidated Affiliate | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Affiliates | Investment in Unconsolidated Affiliate On January 30, 2019, the Company and its wholly-owned subsidiary, Ekso Bionics, Inc. (“Ekso US”), entered into an agreement with Zhejiang Youchuang Venture Capital Investment Co., Ltd (“ZYVC”) and another partner (collectively, the “JV Partners”), as amended by the Amendment to the Joint Venture Agreement, dated April 30, 2019 (as amended, the “JV Agreement”) to establish Exoskeleton Intelligent Robotics Co. Limited (the “Investee” or the “China JV”), 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. Ekso US entered into a Technology License Agreement, dated October 22, 2019 (the “Technology License Agreement”) with the China JV pursuant to the terms of the JV Agreement. Pursuant to the Technology License Agreement, Ekso US granted to the China JV a nontransferable, non-sublicensable, irrevocable, and exclusive right and license in China, Hong Kong, Singapore, Malaysia and other countries to be mutually agreed upon by the parties to the JV Agreement, but excluding Japan, India and Australia (the “JV Territory”) to patented technologies and non-patented manufacturing technologies (collectively, the “IP”) involved in the manufacture of certain products, including EksoGT, EksoVest and EksoZeroG Arm units (collectively, the “JV Products”) and their improvements, to (i) manufacture, assemble, make and have made, use the JV Products in China and to sell such products in the JV Territory, (ii) provide marketing promotion, technical training and maintenance associated with such products and (iii) make investment in research and development projects undertaken by Ekso US. Under the Technology License Agreement, Ekso US will also provide marketing promotion, maintenance, training and technical support to the China JV in connection with the licensed activities, and the China JV will reimburse the reasonable costs and expenses of Ekso US for the training and technical support services so provided. In consideration for the improvements made by Ekso US to the JV Products, pursuant to the Technology License Agreement, following a specified royalty-free period, Ekso US will receive mid-single digit percentages of the net sales revenue of the JV Products sold by the China JV. The Technology License Agreement will be in effect until terminated for cause by Ekso US or until the earlier expiration or termination of the JV Agreement. Pursuant to the JV Agreement and the Technology License Agreement, the Company will receive a 20% ownership interest in the China JV. Under the Technology License Agreement, the Company will also be entitled to receive royalties on the China JV’s sales of the JV Products in the JV Territory. As of December 31, 2019, the Company had not transferred the patented technologies pursuant to the Technology License Agreement. Since the licensed 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 based on the fair value of the Company’s equity interest in the China JV once control of the intellectual property is transferred. The China JV 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 China JV will be capitalized through cash investments of up to approximately $ 92,000 (or RMB 624,000 ) 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 December 31, 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 intellectual property is transferred Direct costs of $36 are included in other assets in the Company’s consolidated balance sheets as of December 31, 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 intellectual property 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 December 31, 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. Under the JV Agreement, the JV Partners are required, within 90 days of the formation of the China JV, to contribute RMB 62.4 million , with a further RMB 124.8 million capital contribution required from the JV Partners 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 Under the JV Agreement, ZYVC or its designees have 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 “JV 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 Company recorded $8 in direct issuance costs as a reduction to the gross equity proceeds. The remaining $5,000 investment by the China JV or ZYVC or its designees is contingent upon the China JV shipping the first batch of EksoGT, EksoVest and EksoZeroG Arm products to Ekso Bionics, its affiliates or a third party. The investment will be made through the purchase of shares of the Company's common stock at a per share price equal to the volume weighted average price of 20 trading days before the issue date, but not less than $ 1.30 nor more than $ 1.96 . |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value Measurement Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Three levels of inputs, of which the first two are considered observable and the last unobservable, may be used to measure fair value which are the following: • Level 1 —Quoted prices in active markets for identical assets or liabilities. The Company considers a market to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 —Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation. The Company’s fair value hierarchies for its financial assets and liabilities which require fair value measurement on a recurring basis are as follows: Total Level 1 Level 2 Level 3 December 31, 2019 Liabilities Warrant liabilities $ 4,307 $ — $ — $ 4,307 Contingent success fee liability $ 6 $ — $ — $ 6 December 31, 2018 Liabilities Warrant liability $ 585 $ — $ — $ 585 Contingent success fee liability $ 34 $ — $ — $ 34 During the years ended December 31, 2019 and 2018 , there were no transfers between Level 1, Level 2, or Level 3 assets or liabilities reported at fair value on a recurring basis and the valuation techniques used did not change compared to the Company’s established practice. The following table sets forth a summary of the changes in the fair value of Company’s Level 3 financial liabilities during the year ended December 31, 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 0 Initial fair value of warrants issued in conjunction with December 2019 financing 2,507 0 Gain on revaluation of warrants issued in December 2019, May 2019 financing, and December 2015 financing (6,376 ) 0 Loss on modification of 2015 Warrants 257 — Gain on revaluation of contingent liabilities — (28 ) Balance at December 31, 2019 $ 4,307 $ 6 See Note 13 in the notes to consolidated financial statements under the caption Capitalization and Equity Structure – Warrants for a description of the warrants accounted for as a liability, including the method and inputs used to estimate their fair value. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 6. Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. Revenue recognition is evaluated based on the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are determined based on observable prices at which the Company separately sells its products or services. If a standalone selling price is not directly observable, the Company estimates the selling price based on market conditions and entity-specific factors including features and functionality of the product and/or services, the geography of the Company’s customers, type of the Company’s markets. Any discounts or other reductions to the transaction price are allocated proportionately to all performance obligations within the multiple-element arrangement. Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers and receipt of payment. For the sale of its products, the Company generally recognizes revenue at a point in time through the ship-and-bill performance obligations. For the lease of its products, the Company generally recognizes revenue over the lease term commencing upon the completion of customer training. For service agreements, the Company generally invoices customers at the beginning of the coverage period and records 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 that the Company was paid in advance and will earn revenue when it transfers control of the product or service. Deferred revenue consisted of the following: December 31, 2019 December 31, Deferred extended maintenance and support $ 2,837 $ 2,114 Deferred royalties 290 300 Deferred device revenues 125 70 Customer deposits and advances 23 62 Deferred rental income 6 51 Total deferred revenues 3,281 2,597 Less current portion (1,492 ) (1,102 ) Deferred revenues, non-current $ 1,789 $ 1,495 Deferred revenue activity consisted of the following for the year ended December 31, 2019 : Beginning balance $ 2,597 Deferral of revenue 2,621 Recognition of deferred revenue (1,937 ) Ending balance $ 3,281 At December 31, 2019 , the Company’s deferred revenue was $3,281 . Excluding customer deposits, the Company expects to recognize approximately $1,303 of the deferred revenue during 2020 , $906 in 2021 , and $1,049 thereafter. In addition to deferred revenue, the Company has a non-cancellable backlog of $524 related to its contracts for rental units with its customers. These rental contracts are classified as operating leases, with typically 12-month lease terms. As of December 31, 2019 and 2018 , accounts receivable, net of allowance for doubtful accounts, were $5,208 and $3,660 , respectively, and are included in current assets on the Company’s consolidated balance sheets. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 90 days. Disaggregation of revenue The following table disaggregates the Company’s revenue by major source for the year ended December 31, 2019 : EksoHealth EksoWorks Total Device revenue $ 9,064 $ 1,726 $ 10,790 Service, support and rentals 2,560 — 2,560 Parts and other 259 234 493 Collaborative arrangements 74 — 74 $ 11,957 $ 1,960 $ 13,917 The following table disaggregates the Company’s revenue by major source for the year ended December 31, 2018 : EksoHealth EksoWorks Total Device revenue $ 6,403 $ 2,360 $ 8,763 Service, support and rentals 2,100 — 2,100 Parts and other 323 118 441 Collaborative arrangements 28 — 28 $ 8,854 $ 2,478 $ 11,332 |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment, net consisted of the following: Estimated December 31, Life (Years) 2019 2018 Company owned fleet 3-4 $ 3,385 $ 3,794 Computer software 3-5 851 818 Leasehold improvement 5-10 631 631 Furniture, office and leased equipment 3-7 554 555 Machinery and equipment 3-7 289 289 Tools, molds, dies and jigs 5 96 69 Computers and peripherals 3-5 77 77 5,883 6,233 Accumulated depreciation and amortization (4,226 ) (3,868 ) Property and equipment, net $ 1,657 $ 2,365 Depreciation and amortization expense of property and equipment, net totaled $690 and $1,009 for the years ended December 31, 2019 and 2018 , respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following: December 31, 2019 2018 Salaries, benefits and related expenses $ 1,098 $ 2,446 Device warranty 285 255 Clinical trials 203 227 Financing lease liability 18 35 Severance — 270 Other 79 256 Total $ 1,683 $ 3,489 Warranty Sales of devices generally include an initial warranty for parts and services for one year in the U.S., two years in Europe, the Middle East, Africa, and one or two years in Asia. A liability for the estimated cost of product warranty is established at the time revenue is recognized based on the historical experience of known product failure rates and expected material and labor costs to provide warranty services. Specific additional warranty accruals may be made if unforeseen technical problems arise. Alternatively, if estimates are determined to be greater than the actual amounts necessary, a portion of the liability may be reversed in future periods. Warranty costs are reflected in the consolidated statements of operations and comprehensive loss as a component of costs of revenue. The current portion of the warranty liability is classified as a component of accrued liabilities, while the long-term portion of the warranty liability is classified as a component of other non-current liabilities in the consolidated balance sheets. Warranty 2019 2018 Balance at beginning of the period $ 319 $ 232 Additions for estimated future expense 416 374 Incurred costs (385 ) (287 ) Balance at end of the period $ 350 $ 319 Current portion 285 255 Long-term portion 65 64 Total $ 350 $ 319 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt In December 2016, the Company entered into a loan agreement and received $7,000 that bears interest on the outstanding daily balance at a floating per annum rate equal to the 30-day U.S. LIBOR plus 5.41% . The loan agreement created a first priority security interest with respect to substantially all assets of the Company, including proceeds of intellectual property, but expressly excluding intellectual property itself. The Company was required to pay accrued interest on the current loan on the first day of each month through and including January 1, 2018. Commencing on February 1, 2018, the Company 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 $228 has accreted as of December 31, 2019 , and is included as a component of note payable on the Company’s consolidated balance sheets. In December 2016, and pursuant to the loan agreement, the Company entered into a success fee agreement with the lender under which the Company agreed to pay the lender a $250 success fee upon the first to occur of any of the following events: (a) a sale or other disposition by the Company of all or substantially all of its assets; (b) a merger or consolidation of the Company into or with another person or entity, where the holders of the Company’s outstanding voting equity securities immediately prior to such merger or consolidation hold less than a majority of the issued and outstanding voting equity securities of the successor or surviving person or entity immediately following the consummation of such merger or consolidation; or (c) the closing price per share for the Company’s common stock being $8.00 or more for five successive business days. The estimated fair value of the success fee was determined using the Lattice Model and was recorded as a discount to the debt obligation. The fair value of the contingent success fee is re-measured each reporting period with any adjustments in fair value being recognized in the consolidated statements of operations and comprehensive loss. The success fee is classified as a component of other non-current liabilities in the consolidated balance sheets. At December 31, 2019 , the fair value of the contingent success fee liability was $6 . The loan agreement includes a liquidity covenant requiring that the Company maintain unrestricted cash and cash equivalents in accounts of the lender or subject to control agreements in favor of the lender in an amount equal to at least three months of “Monthly Cash Burn,” which is the Company’s average monthly net income (loss) for the trailing six-month period plus (a) certain expenses and (b) the average monthly principal due and payable on interest-bearing liabilities in the immediately succeeding three-month period. Such amount was determined to be $3,564 as of December 31, 2019 , the most current determination date, with the amount subject to change on a month-to-month basis. At December 31, 2019 , with cash on hand of $10,872 , 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 10.23% for the year ended December 31, 2019 . The final payment fee, the initial fair value of the success fee and the debt issuance costs are being accreted/amortized 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 December 31, 2019 : Period Amount 2020 $ 2,333 2021 440 Total principal payments 2,773 Less final payment fee, discount and issuance cost 33 Long-term debt, net $ 2,740 Current portion 2,333 Long-term portion 407 Long-term debt, net $ 2,740 The following table sets forth interest expense information related to the long-term debt, including interest expense associated with the final payment and initial success fee, for the periods presented: Twelve months ended December 31, 2019 December 31, 2018 Contractual interest expense $ 278 $ 441 Amortization of debt issuance costs 19 32 Accretion of final payment 49 82 Amortization of initial success fee 23 39 $ 369 $ 594 |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Lease Obligations | Lease Obligations In May 2017, the Company renewed its operating lease agreement for its headquarters and manufacturing facility in Richmond, California. The operating lease agreement expires in May 2022, 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. Through April 2019, the Company had an unoccupied leased sales office in Freiburg, Germany, which had a lease term expiring in December 2020. During the year ended December 31, 2018, the Company recorded a $175 charge in sales and marketing expense in the consolidated statement of operations and comprehensive loss relating to remaining obligation of the lease. In 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 year ended December 31, 2019 to sales and marketing expenses in the consolidated statements of operations and comprehensive loss relating to the remaining obligation of the lease. The Company’s future lease payments as of December 31, 2019 are as follows, which are presented as lease liabilities, current and lease liabilities on the Company’s consolidated balance sheets: Period Operating 2020 $ 515 2021 531 2022 232 Thereafter — Total lease payments 1,278 Less: imputed interest (146 ) Present value of lease liabilities $ 1,132 Lease liabilities, current $ 421 Lease liabilities, noncurrent 711 Total lease liabilities $ 1,132 Weighted-average remaining term (in years) 2.44 Weighted-average discount rate 10.5 % Lease expense under the Company’s operating leases was $551 and $719 , for the years ended December 31, 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. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit Plan The Company administers a 401(k) retirement plan or the 401(k) Plan in which all employees are eligible to participate. Each eligible employee may elect to contribute to the 401(k) Plan. The Company has made matching contributions in the form of shares of the Company's common stock to the 401(k) Plan in an amount equal to 50% of employee contributions (up to the statutory limit), subsequent to year-end. The expense related to the contribution was $142 and $212 for the year ended December 31, 2019 and 2018 , respectively. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 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, or Puissance Capital, which is an affiliate of Puissance Cross-Border Opportunities II LLC, one of the Company’s largest stockholders. Prior to Dr. Wang’s appointment to the Board in connection with the Rights Offering in September 2017, the Company entered into a one -year consulting agreement with Angel Pond Capital LLC, or Angel Pond, an entity solely owned and managed by Dr. Wang and affiliated with Puissance Capital. Angel Pond assists the Company with strategic positioning in the Asia Pacific region, including the introduction to potential strategic and capital partners and the development of strategic partnerships for the sale and manufacture of the Company’s products in that market. During the year ended December 31, 2017, the Company made aggregate payments of $2,195 to Angel Pond, representing consulting services for one year. These fees were recognized ratably to expense over the one -year period, resulting in $1,075 expense charged to general and administrative expense for the year ended December 31, 2018. During the year ended December 31, 2018, the Company made additional aggregate payments of $90 to Angel Pond and an additional $30 during the year ended December 31, 2019 in connection with consulting services provided by Angel Pond, which were expensed in the 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 the China JV is consummated. This amount has not yet been recorded in the Company’s consolidated financial statements as the joint venture has not successfully completed registration in China and therefore has not achieved consummation. During the year ended December 31, 2019 , the Company sold EksoVest raw material inventory and tooling to the China JV for $ 14 . |
Capitalization and Equity Struc
Capitalization and Equity Structure | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Capitalization and Equity Structure | Capitalization and Equity Structure Summary The Company’s authorized capital stock at December 31, 2019 consisted of 141,429 shares of common stock and 10,000 shares of preferred stock. At December 31, 2019 , 86,920 shares of common stock were issued and outstanding and no shares of preferred stock were issued and outstanding. Common Stock The holders of outstanding shares of common stock are entitled to receive dividends out of assets or funds legally available for the payment of dividends at such times and in such amounts as the Board of Directors may determine. Holders of common stock are entitled to one vote for each share held on all matters submitted to a vote of stockholders. There is no cumulative voting for the election of directors. The common stock is not entitled to pre-emptive rights and is not subject to conversion or redemption. Upon liquidation, dissolution or winding up of the Company, the assets legally available for distribution to stockholders are distributable ratably among the holders of the common stock after payment of liquidation preferences, if any, on any outstanding payment of other claims of creditors. Each outstanding share of common stock is duly and validly issued, fully paid, and non-assessable. December 2019 Common Stock Offering In December 2019, the Company entered into a securities purchase agreement, or the December 2019 Purchase Agreement, with certain purchasers. Pursuant to the December 2019 Purchase Agreement, the Company agreed to sell in a registered direct offering, or the December 2019 Offering, an aggregate of 11,111 shares of its common stock, and accompanying warrants, or the December 2019 Warrants, to purchase 8,333 shares of its common stock at a combined purchase price of $0.45 for each share and related warrant, for gross proceeds of $5,000 . Each December 2019 Warrant has an exercise price of $0.5402 per share, subject to adjustment in certain circumstances, and will be exercisable commencing six months and one day from the date of issuance and will expire five years from the date the warrants become exercisable. As compensation for services provided by the underwriters or placement agent for the December 2019 Offering, or Placement Agent, the Company paid a cash fee equal to 7.0% ( $350 ) and a management fee equal to 1.0% of the aggregate gross proceeds raised in the registered direct offering ( $50 ), and issued warrants to purchase shares of common stock, or the December 2019 Placement Agent Warrants, in an amount equal to 7.0% of the aggregate number of shares of common stock placed in the registered direct offering, or 778 shares in the aggregate, in substantially the same form as the December 2019 Warrants, except that the December 2019 Placement Agent Warrants will expire five years from the effective date of the December 2019 Offering and have an exercise price per share equal to $0.5625 . In connection with the December 2019 Offering, the Company also incurred $95 in other expenses of the Placement Agent. Of the $5,000 in proceeds, $2,507 was allocated to the December 2019 Warrants and December 2019 Placement Agent Warrants based on the fair value method, with the remaining proceeds of $2,493 allocated to the common stock shares. In connection with the December 2019 Offering, the Company incurred approximately $777 in direct financing costs, including fair value of $200 of December 2019 Placement Agent Warrants, which were allocated on the fair value basis between the common stock shares and the applicable warrants: $389 was allocated to the December 2019 Warrants and the December 2019 Placement Agent Warrants and expensed immediately in other income, net in the accompanying consolidated statements of operations and comprehensive loss and $388 was allocated to the common stock shares and recorded as a reduction to additional paid in capital. May 2019 Common Stock Offering In May 2019, the Company entered into an underwriting agreement, or the May 2019 Underwriting Agreement, with Cantor Fitzgerald & Co. and SunTrust Robinson Humphrey, Inc., or the Underwriters, for the underwritten public offering of its common stock and warrants to purchase common stock, or the May 2019 Offering. Pursuant to the May 2019 Underwriting Agreement, on May 24, 2019, the Company sold 6,667 shares of its common stock, and accompanying warrants, or the May 2019 Warrants, to purchase 6,667 shares of its common stock at a combined price to the public of $1.50 per share of common stock and accompanying warrant, for total gross proceeds of $10,000 . Each warrant had an initial exercise price of $2.00 per share, subject to adjustment in certain circumstances, and will expire five years from the date of issuance. Of the $10,000 in proceeds, $7,334 was allocated to the warrants based on the fair value method, with the remaining proceeds of $2,666 allocated to the common stock shares. In connection with the May 2019 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. Of the $963 in direct financing costs, $706 was allocated to the warrants and expensed immediately in other income (expense), net in the accompanying consolidated statements of operations and comprehensive loss and $257 was allocated to the common stock shares and recorded as a reduction to additional paid in capital. The May 2019 Warrants contain a price protection feature, pursuant to which, in connection with the December 2019 Offering, the exercise price of the May 2019 Warrants was reduced to $0.38 per share. Equity Investments 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 JV SPA, in connection with the JV Agreement. Refer to Note 4. Investment in Unconsolidated Affiliate - Equity Investments for additional information . At-the-Market Offering In August 2018, the Company entered into a Controlled Equity Offering SM Sales Agreement, or ATM Agreement, with Cantor Fitzgerald & Co., or the Agent, under which the Company may issue and sell shares of its common stock, from time to time, to or through the Agent, by methods deemed to be an “at the market offering.” Shares having an aggregate offering price of up to $25,000 may be offered and sold under the prospectus and prospectus supplement filed with the SEC related to such offering, or the ATM Prospectus. For the year ended December 31, 2019 , the Company sold 2,150 shares of common stock under the ATM Agreement at an average price of $1.35 per share, for aggregate proceeds of $2,776 , net of commission and issuance costs, to the Company. From inception to December 31, 2019 , the Company has sold 4,182 shares of its common stock under the ATM Agreement at an average price of $1.86 per share, for aggregate proceeds of $7,206 , net of commission and issuance costs, to the Company. As of December 31, 2019 , approximately $17,241 aggregate offering price of the Company's common stock remained available for issuance pursuant to the ATM Prospectus. Preferred Stock The Company may issue shares of preferred stock from time to time in one or more series, each of which will have such distinctive designation or title as shall be determined by its Board of Directors and will have such voting powers, full or limited, or no voting powers, and such preferences and relative, participating, optional or other special rights and such qualifications, limitations or restrictions thereof, as shall be stated in such resolution or resolutions providing for the issue of such class or series of preferred stock as may be adopted from time to time by the Board of Directors. Warrants Warrant share activity for the year ended December 31, 2019 was as follows: Source Exercise Price Term (Years) December 31, 2018 Issued Expired Exercised December 31, 2019 December 2019 Warrants $ 0.5402 5 — 8,333 — — 8,333 December 2019 Placement Agent Warrants $ 0.5625 5 — 778 — — 778 May 2019 Warrants $ 0.38 5 — 6,667 — — 6,667 2017 Information Agent Warrants $ 1.50 3 200 — — — 200 2015 Warrants $ 2.75 5 1,604 — — — 1,604 2014 PPO and Merger warrants Placement agent warrants $ 7.00 5 426 — (426 ) — — PPO warrants $ 14.00 5 1,078 — (1,078 ) — — Pre-2014 warrants $ 9.66 9-10 88 — — — 88 3,396 15,778 (1,504 ) — 17,670 December 2019 Warrants In December 2019, pursuant to the December 2019 Purchase Agreement the Company issued warrants to purchase 8,333 shares of common stock, or the December 2019 Offering, with an exercise price of $0.5402 per share, or the December 2019 Warrants. The December 2019 Warrants will be exercisable six months and one day from their issuance date, or from and after June 21, 2020, and will expire five years from the date they initially become exercisable, or on June 21, 2025. In addition, the December 2019 Warrants contain a 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. The December 2019 Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the December 2019 Warrants, the Company or any successor entity will, at the option of a holder of a December 2019 Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s December 2019 Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s December 2019 Warrant within five trading days after the notice of exercise by the holder of the put option. Because of this put-option provision, the December 2019 Warrants are classified as a liability and are marked to market at each reporting date. The warrant liability related to the December 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 the Black-Scholes Model to measure the fair value of the December 2019 Warrants: December 31, 2019 December 20, 2019 Current share price $ 0.39 $ 0.39 Conversion price $ 0.5402 $ 0.5402 Risk-free interest rate 1.73 % 1.73 % Expected term (years) 5.47 5.50 Volatility of stock 95.7 % 96.3 % December 2019 Placement Agent Warrants In December 2019, in connection with the December 2019 Offering, the Company issued warrants to purchase 778 shares of the Company’s common stock to the placement agent for such offering, or the December 2019 Placement Agent Warrants. The December 2019 Placement Agent Warrants have substantially the same form as the December 2019 Warrants, except that they have an exercise price per share equal to $0.5625 , subject to adjustment in certain circumstances, and will expire on December 18, 2025. December 31, 2019 December 20, 2019 Current share price $ 0.39 $ 0.39 Conversion price $ 0.5625 $ 0.5625 Risk-free interest rate 1.69 % 1.69 % Expected term (years) 4.97 5.00 Volatility of stock 93.1 % 92.7 % Management has assessed that the likelihood of a Change of Control occurring during the term of the December 2019 Placement Agent Warrants is low, and that if such an event were to occur, the difference between the cashless exercise value and the warrants fair value is nominal. May 2019 Warrants In May 2019, pursuant to the May 2019 Underwriting Agreement and as part of the May 2019 Offering, the Company issued the May 2019 Warrants with an initial exercise price of $2.00 per share. The May 2019 Warrants will expire five years from the date of their issuance, or on May 24, 2024. The May 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 May 2019 Warrants, the exercise price of the May 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. Pursuant to this provision, in connection with the December 2019 Offering, the exercise price of the May 2019 Warrants was reduced to $0.38 per share, being the amount that is equal to the lower of (x) the consideration paid for the securities issued in the December 2019 Offering, or $0.45 per share, (y) the lowest exercise price of the December 2019 Warrants, or $0.5402 , and (z) the lowest one-day volume-weighted average price of the Company’s Common Stock on the Nasdaq Capital Market as measured each day during the five trading day period starting on December 19, 2019, rounded to the nearest share, or $0.38 . 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 the Company's common stock, subject to certain exceptions, a May 2019 Warrant holder may, at the time of exercise of the holder’s warrant, elect to exercise the warrant at such variable price. Further, the May 2019 Warrants contain a 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. As well, the May 2019 Warrants include a put option, whereby while the May 2019 Warrants are outstanding, if the Company enters into a Change of Control, as defined in the May 2019 Warrants, the Company or any successor entity will, at the option of a 2019 Warrant holder exercise within 90 days after the public disclosure of the Change of Control transaction, purchase such holder’s May 2019 Warrants by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such warrants on the later date of consummation of the Change of Control transaction or two trading days after the notice of such request. Because of this put option provision, the May 2019 Warrants are classified as a liability and are marked to market at each reporting date. The warrant liability related to the May 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 Model and the Lattice Model to measure the fair value of the 2019 Warrants: December 31, 2019 May 24, 2019 Current share price $ 0.39 $ 1.49 Conversion price $ 0.38 $ 2.00 Risk-free interest rate 1.67 % 2.12 % Expected term (years) 4.40 5.00 Volatility of stock 93.9 % 98 % 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 May 2019 Warrants fair value is nominal. 2017 Information Agent Warrants In September 2017, in connection with a 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, or the 2017 Information Agent Warrants. The 2017 Information Agent Warrants became exercisable immediately upon issuance and will remain exercisable until September 13, 2020. These warrants were recorded in stockholders’ equity on the Company’s 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, or the 2015 Warrants. The 2015 Warrants contain a put-option provision. Under this provision, while the 2015 Warrants are outstanding, if the Company enters into a Fundamental Transaction, as defined in the 2015 Warrants, the Company or any successor entity shall, at the option of each warrant holder, exercisable at any time concurrently with or 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 Model 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. Through December 31, 2018 , 518 shares of the 2015 Warrants were exercised. During the year ended December 31, 2019 , none of the 2015 Warrants were exercised. On March 8, 2019, in connection with the Company entering into the JV Agreement, the Company entered into an amendment to the December 2019 Purchase Agreement under which the 2015 Warrants were issued with the holders of the 2015 Warrants, or the 2015 SPA Amendment, which retroactively removed a provision from such securities purchase agreement that prohibited 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. Pursuant to the 2015 SPA Amendment, the Company also entered into an amendment to the 2015 Warrants to reduce the exercise price of each such warrant from $3.74 per share to $2.75 per share, subject to further adjustments under certain circumstances pursuant to the existing terms of such warrant. In the year ended December 31, 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 Model to measure the fair value of the 2015 Warrants as of the years ended: December 31, 2019 December 31, 2018 Current share price $ 0.39 $ 1.24 Conversion price $ 2.75 $ 3.74 Risk-free interest rate 1.59 % 2.48 % Expected term (years) 0.99 1.99 Volatility of stock 98 % 104 % 2014 PPO and Merger Warrants and Pre-Merger Warrants On January 15, 2014, a wholly-owned subsidiary of Ekso Bionics Holdings, Inc. named Ekso Acquisition Corp. merged with and into Ekso Bionics, Inc., or the Merger. Concurrently with the closing of the Merger and in contemplation of the Merger, the Company closed a private placement offering, or PPO, in which it issued warrants to purchase a total of 5,151 shares of common stock of which 4,329 were at an exercise price of $14.00 per share, and the balance of which were at an exercise price of $7.00 per share. The aforementioned warrants expired January 14, 2019. Warrants to purchase preferred stock of Ekso Bionics Inc. outstanding prior to the Merger were converted into warrants to purchase 89 shares of common stock of the Company in connection with the Merger, or the Merger Warrants. As of December 31, 2019 , there remained Merger Warrants to purchase 88 shares of the Company’s common stock outstanding, with the following terms: (1) the Merger Warrants expire on various dates from June 1, 2022 to August 30, 2023; (2) the Merger Warrants have an exercise price of $9.66 per share; and (3) at the option of the holder, the Merger Warrants may be exercised on a “cashless exercise” basis in which shares are retained to cover the exercise price based on the market value of the Company’s common stock on the date of exercise. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation 2014 Equity Incentive Plan In 2014, prior to the Merger, the Board of Directors and a majority of the stockholders adopted the 2014 Equity Incentive Plan, or the 2014 Plan, allowing for the issuance of 2,058 shares of common stock. The 2014 Plan has since been amended and restated with approval by the stockholders to increase the maximum number of shares issuable, as shown in the table below: Original share pool 2,058 2015 increase 1,656 June 2017 increase 1,000 December 2017 increase (ratified in June 2018) 4,400 2019 increase 3,500 Total share authorized for grant as of December 31, 2019 12,614 As of December 31, 2019 , the total shares authorized for grant under the 2014 Plan was 12,614 , of which 1,798 were available for future grants. Under the terms of the 2014 Plan, the Board of Directors may award stock, options, or similar rights having either a fixed or variable price related to the fair market value of the shares and with an exercise or conversion privilege related to the passage of time, the occurrence of one or more events, or the satisfaction of performance criteria or other conditions or any other security with the value derived from the value of the shares. Such awards include stock options, restricted stock, restricted stock units, stock appreciation rights and dividend equivalent rights. Shares available for future grant under the 2014 Plan was as follows: Shares Available For Grant Available as of December 31, 2018 1,267 Granted (4,344 ) Forfeited 938 Expired 437 Share pool increase 3,500 Available as of December 31, 2019 1,798 Stock Options The Board of Directors may grant stock options under the 2014 Plan at a price of not less than 100% of the fair market value of the Company’s common stock on the date the option is granted. The maximum term of an incentive stock option granted to participants may not exceed ten years . Subject to the limitations discussed above, the Board of Directors determines the term and exercise or purchase price of other awards granted under the 2014 Plan. To date, no incentive stock options have been granted. The Board of Directors also determines the terms and conditions of awards, including the vesting schedule and any forfeiture provisions. Options granted under the 2014 Plan vest upon the passage of time, generally four years , or upon the attainment of certain performance criteria established by the Board of Directors. The Company may grant options to purchase common stock to non-employees for advisory and consulting services. Upon exercise of a stock option, the Company issues new shares of common stock. A summary of the stock option activity during the year ended December 31, 2019 is presented below: Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at beginning of year 6,466 $ 3.05 Granted 2,414 $ 0.85 Exercised (186 ) $ 1.23 Forfeited (846 ) $ 2.02 Expired (437 ) $ 3.94 Outstanding at end of year 7,411 $ 2.44 8.08 $ — Vested and expected to vest 7,411 $ 2.44 8.08 $ — Exercisable at year end 3,258 $ 3.86 6.31 $ — In 2019 , the Company received $228 in cash from exercised stock options. The intrinsic value of the options exercised totaled $233 and $1 , for the years ended December 31, 2019 and 2018 , respectively. The weighted-average grant date fair value of stock options granted for the years ended December 31, 2019 and 2018 was $0.68 and $1.57 , respectively. The total grant date fair value of stock option vested during the years ended December 31, 2019 and 2018 was $2,602 and $1,725 , respectively. As of December 31, 2019 , total unrecognized compensation cost related to unvested stock options was $4,172 . This amount is expected to be recognized as stock-based compensation expense in the Company’s consolidated statements of operations and comprehensive loss over the remaining weighted average vesting period of 2.7 years . The following table summarizes information about stock options outstanding as of December 31, 2019 : Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares Weighted-Average Remaining Contractual Life (Years) Weighted Average Price Number of Shares Weighted Average Price $0.49 - $0.61 1,768 9.7 $ 0.61 64 $ 0.56 $1.13 - $1.79 1,970 8.67 $ 1.54 742 $ 1.59 $1.82 - $2.33 1,773 8.6 $ 1.97 829 $ 1.99 $2.68 - $15.33 1,900 5.46 $ 5.52 1,623 $ 5.99 7,411 8.08 $ 2.44 3,258 $ 3.86 The Company recognizes compensation expense using the straight-line method over the requisite service period. The share fair value of each stock option was determined on the date of grant using the Black-Scholes Model under the following assumptions: Years Ended December 31, 2019 2018 Dividend yield — — Risk-free interest rate 1.67% - 2.45% 2.68% - 3.0% Expected term (in years) 6.08 5.27-10 Volatility 100%-103% 88%-106% Restricted Stock Units The Company issues restricted stock units, or RSUs, to employees and non-employee service providers. 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 year ended December 31, 2019 is summarized below: Number of Shares Weighted Average Grant- Date Fair Value Unvested as of January 1, 2019 278 $ 1.83 Granted 1,763 $ 0.94 Vested (621 ) $ 1.66 Forfeited (92 ) $ 1.93 Unvested as of December 31, 2019 1,328 $ 0.72 The total grant-date fair value of RSUs that vested in 2019 was $1,001 . As of December 31, 2019 , $895 of total unrecognized compensation expense related to unvested RSUs was expected to be recognized over a weighted average period of 3.60 years . Additionally, during the year ended December 31, 2019 , the Compensation Committee of the Board of Directors issued an aggregate 1,145 RSUs to the Company's executives and other officers, which are contingent on the later of the Company receiving the stockholder approval of an increase to the number of shares authorized to be issued under the 2014 Plan at the next stockholder meeting and the filing of a registration statement on Form S-8 with the SEC. If stockholder approval is not obtained at the next stockholder meeting, or if a registration statement on Form S-8 is not filed with the SEC and made effective by the date on which the 2014 Plan expires or on which the applicable executive or officer ceases to provide services to the Company, the executive RSUs applicable to such executive or officer shall be automatically cancelled and not granted. Compensation Expense Stock-based compensation is included in the consolidated statements of operations and comprehensive loss in general and administrative, research and development, or sales and marketing expenses, depending upon the nature of services provided. Stock-based compensation expense related to stock options and RSUs granted to employees and non-employees was as follows: Years Ended December 31, 2019 2018 Sales and marketing $ 653 $ 611 Research and development 241 426 General and administrative 1,361 1,831 $ 2,255 $ 2,868 Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan, or ESPP. Under the ESPP, the Company has 500 shares of common stock reserved for issuance, subject to adjustment in the event of a stock split, stock dividend, combination or reclassification or similar event. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 25% of their eligible compensation, subject to any plan limitations. The ESPP provides for six-month offering periods. At the end of each offering period, employees can purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last trading day of the offering period. As of December 31, 2019 , the Company had not initiated employee enrollment to the plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The domestic and foreign components of pre-tax loss for the years ended December 31, 2019 and 2018 were as follows: Years Ended December 31, 2019 2018 Domestic $ (10,321 ) $ (24,787 ) Foreign (1,811 ) (2,205 ) Loss before income taxes $ (12,132 ) $ (26,992 ) The Company had no current or deferred federal and state income tax expense or benefit for the years ended December 31, 2019 and 2018 because the Company generated net operating losses, and currently management does not believe it is more likely than not that the net operating losses will be realized. The Company’s non-U.S. tax obligation is primarily for business activities conducted through Germany and Singapore for which taxes were included in other expense, net for the years ended December 31, 2019 and 2018 and determined to be immaterial and accordingly, such amounts were excluded from the following tables. Income tax expense (benefit) for the years ended December 31, 2019 and 2018 differed from the amounts computed by applying the statutory federal income tax rate of 21% to pretax loss as a result of the following: Years Ended December 31, 2019 2018 Federal tax at statutory rate 21.0 % 21.0 % State tax, net of federal tax effect — — R&D credit 1.0 1.3 Change in valuation allowance (27.2 ) (21.1 ) Unrealized gain on warrant 8.7 0.8 Foreign exchange 0.9 1.0 Other (4.4 ) (3.0 ) Total tax expense (benefit) — % — % The tax effects of temporary differences and related deferred tax assets and liabilities as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 Deferred tax assets: Depreciation and other $ 263 $ 248 Net operating loss carryforwards 40,683 36,970 Research and development tax credits 1,817 1,769 Accruals and reserves 289 480 Deferred revenue 220 221 Stock compensation expense 2,197 1,888 Lease assets 224 — Other 45 55 Deferred tax liabilities: Lease liabilities (214 ) — Prepaid expenses (43 ) (49 ) Less: Valuation allowance (45,481 ) (41,582 ) Net deferred tax asset (liability) $ — $ — The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of the Company’s net deferred tax assets. The Company primarily considered such factors as the Company’s history of operating losses, the nature of the Company’s deferred tax assets, and the timing, likelihood and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. The Company does not believe that it is more likely than not that the deferred tax assets will be realized; accordingly, a full valuation allowance was established and no deferred tax assets were shown in the accompanying consolidated balance sheets. The valuation allowance increased by $3,899 and $5,608 in the years ended December 31, 2019 and December 31, 2018 , respectively. For tax years beginning after December 31, 2018, the Global Intangible Low-taxed Income ("GILTI") took effect. Due to the aggregated losses of the foreign subsidiaries, there was no GILTI inclusion for the years ended December 31, 2019 and December 31, 2018 . As of December 31, 2019 the Company had federal net operating loss carryforwards of $155,352 . The federal net operating loss carryforwards of $120,792 generated before January 1, 2018 will begin to expire in 2027 , and $34,560 will carryforward indefinitely but are subject to the 80% taxable income limitation. The Company also had federal research and development tax credit carryforwards of $1,943 that will expire beginning in 2031 , if not utilized. As of December 31, 2019 , the Company had state net operating loss carryforwards of $99,966 , which will begin to expire in 2028 . The Company also had state research and development tax credit carryforwards of $608 , which have no expiration. As of December 31, 2019 , the Company had foreign net operating loss carryforwards of $8,785 . The foreign net operating loss carryforwards do not expire. As of December 31, 2018 , $1,749 of federal and $689 of state net operating loss was attributed to stock-based compensation deductions in excess of book expense. Upon adoption of ASU 2016-09-Compensation-Stock Compensation, the benefit of the tax deduction related to these options did not affect retained earnings due to the Company applying a full valuation allowance against the deferred tax assets, as is the Company’s current policy Utilization of the Company’s net operating losses and credit carryforwards may be subject to annual limitations in the event of a Section 382 ownership change. Such future limitations could result in the expiration of net operating losses and credit carryforwards before utilization as a result of such an ownership change. A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows: Balance as of December 31, 2018 628 Increase of unrecognized tax benefits taken in prior years (46 ) Increase of unrecognized tax benefits related to current year 55 Balance as of December 31, 2019 $ 637 If the Company is able to recognize these uncertain tax positions, the unrecognized tax benefits would not impact the effective tax rate if the Company applies a full valuation allowance against the deferred tax assets, as provided in the Company’s current policy. The Company had not incurred any material tax interest or penalties as of December 31, 2019 . The Company does not anticipate any significant change within 12 months of this reporting date of its uncertain tax positions. The Company is subject to taxation in the United States and various state jurisdictions, Germany, and Singapore. There are no ongoing examinations by taxing authorities at this time. The Company’s tax years 2007 through 2019 will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss credits. The Company’s 2015 to 2019 tax years will remain open for examination by the German tax authority for four years from the end of the year in which the applicable return was filed. The Company’s 2018 to 2019 tax years will remain open for examination by the Singapore tax authority for four years from the date of the applicable assessment. |
Contingencies and Commitments
Contingencies and Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments Material Contracts The Company has two license agreements with the Regents of the University of California to maintain exclusive rights to patents. The Company is required to pay 1% of net sales of licensed medical devices sold to entities other than the U.S. government. In addition, the Company is required to pay 21% of consideration collected from any sub-licensee for the grant of the sub-license. In connection with acquisition of Equipois, LLC ("Equipois"), the Company assumed the rights and obligations of Equipois under a license agreement with the developer of certain intellectual property related to mechanical balance and support arm technologies, which grants the Company an exclusive license with respect to the technology and patent rights for certain fields of use. Pursuant to the terms of the license agreement, the Company is required to pay the developer a single-digit royalty on net receipts, subject to a $50 annual minimum royalty requirement. Purchase Obligations The Company purchases components from a variety of suppliers and uses 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 $709 as of December 31, 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. Other Contractual Obligations The following table summarizes the Company's outstanding contractual obligations, including interest payments, as of December 31, 2019 and the effect those obligations are expected to have on its liquidity and cash flows in future periods: Payments Due By Period Total Less than one year 1-3 Years 3-5 Years Term loan $ 2,878 $ 2,437 $ 441 $ — Facility operating lease 1,278 515 763 — Capital lease 22 22 — — Total $ 4,178 $ 2,974 $ 1,204 $ — Contingencies In the normal course of business, the Company is subject to various legal matters. In the opinion of management, the resolution of such matters will not have a material adverse effect on the Company’s consolidated financial statements. |
Segment Disclosures
Segment Disclosures | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Segment Disclosures The Company has two reportable segments: EksoHealth and EksoWorks. The EksoHealth segment designs, engineers, manufactures, and sells exoskeletons for applications in the medical markets. The EksoWorks segment designs, engineers, manufactures, and sells exoskeleton devices to allow able-bodied users to perform difficult repetitive work for extended periods. The Company evaluates performance and allocates resources based on segment gross profit margin. The reportable segments are each managed separately because they serve distinct markets. The Company does not consider net assets as a segment measure and, accordingly, assets are not allocated. Segment reporting information is as follows: EksoHealth EksoWorks Total Year ended December 31, 2019 Revenue $ 11,957 $ 1,960 $ 13,917 Cost of revenue 5,404 1,749 7,153 Gross profit $ 6,553 $ 211 $ 6,764 Year ended December 31, 2018 Revenue $ 8,854 $ 2,478 $ 11,332 Cost of revenue 4,968 2,055 7,023 Gross profit $ 3,886 $ 423 $ 4,309 Revenues from one customer of the Company’s EksoHealth segment represents approximately $ 2,138 of the Company’s consolidated revenues. Geographic revenue information based on location of customer is as follows: Years Ended December 31 2019 2018 United States $ 9,071 $ 7,028 All Other 4,846 4,304 $ 13,917 $ 11,332 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events After receiving questions from the Committee on Foreign Investment in the United States (“CFIUS”), in December 2019, the Company and the China JV submitted a joint voluntary notice to CFIUS to review the China joint venture transaction. In February 2020, CFIUS imposed interim measures that temporarily suspend the Company’s contributions to the China JV and other integration activities pending completion of its investigation. The Company continues to engage with CFIUS to address its concerns, and expects the CFIUS review and investigation, as well as its assessment of whether its concerns can be mitigated, to end by April 13, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Estimates (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States or U.S. GAAP. In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to the current year’s presentation. Such reclassifications had no net effect on previously reported financial results. 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. Refer to Note 4. Investment in Unconsolidated Affiliate for more information. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to, revenue recognition, deferred revenue and the deferral of the associated costs, the valuation of warrants and employee stock options, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, 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 entities' functional currencies, are recorded in other 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. Refer to Note 4. Investment in Unconsolidated Affiliate for more information. 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 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 routinely reassesses whether it is the primary beneficiary of VIEs in which it holds a variable interest. |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The Company's accumulated other comprehensive income (loss) consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. The Company places its cash and cash equivalents in highly liquid instruments with, and in the custody of, financial institutions with high credit ratings. |
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 cash accounts in excess of federally insured limits. However, the Company believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. The Company extends credit to customers in the normal course of business and performs ongoing credit evaluations of its customers. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable. Accounts receivable are derived from the sale of products shipped and services performed for customers primarily located in the U.S., Europe and Asia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectibility and provides an allowance for potential credit losses. The Company has not experienced material losses related to accounts receivable during the years ended December 31, 2019 and 2018 . Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency other than the U.S. dollar. The Company does not enter into any foreign currency hedging agreements and is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon settling contracts denominated in a foreign currency. At December 31, 2019 , the Company had one customer with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable ( 11% ), as compared with one customer at December 31, 2018 ( 19% ). The Company had one customer with sales of 10% or more of the Company’s total revenue for the year ended December 31, 2019 ( 15% ) as compared with none at December 31, 2018 . |
Inventories, net | Inventories, net 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 within 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 which includes on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of an inventory reserve. |
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. Lease expense is recognized over the expected lease 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. 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. |
Property and Equipment, net | Property and Equipment, net Property and equipment are stated at cost less accumulated depreciation and are depreciated on a straight-line basis over the estimated useful lives of the assets, generally ranging from three to ten years. Leasehold improvements are amortized over the shorter of the estimated useful life or the related term of the lease. The costs of repairs and maintenance are expensed when incurred, while expenditures for refurbishments and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that their carrying value may not be recoverable from the estimated future cash flows expected to result from the Company’s use or eventual disposition. If estimates of future undiscounted net cash flows are insufficient to recover the carrying value of the assets, the Company will record an impairment loss in the amount by which the carrying value of the assets exceeds the fair value. If the assets are determined to be recoverable, but the useful lives are shorter than originally estimated, the Company will depreciate or amortize the net book value of the assets over the newly determined remaining useful lives. |
Goodwill | Goodwill The Company records goodwill when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. The Company performs an annual impairment assessment in the fourth quarter of each year, or more frequently if indicators of potential impairment exist, which includes evaluating qualitative and quantitative factors to assess the likelihood of an impairment of goodwill. The Company performs impairment tests using a fair value approach when necessary. None of the Company’s goodwill was impaired as of December 31, 2019 and 2018 |
Warrant Valuation | Warrant Valuation The Company generally accounts for warrants issued in connection with debt and equity financings as a component of equity, unless the warrants include a conditional obligation to issue a variable number of shares or there is a deemed possibility that it may need to settle the warrants in cash. Where there is a possibility that the Company may have to settle warrants in cash, it estimates the fair value of the issued warrants as a liability at each reporting date and record changes in the estimated fair value as a non-cash gain or loss in the consolidated statements of operations and comprehensive loss. The fair values of these warrants have been determined using the Black-Scholes option-pricing model (the “Black-Scholes Model”) and the Binomial Lattice model (the “Lattice Model”). The Black-Scholes Model requires inputs, such as the expected volatility, expected term, exercise price, risk-free interest rate, and the value of the underlying security. The Lattice Model provides for assumptions regarding expected volatility, expected term, exercise price, risk-free interest rates, the value of the underlying security, and the probability of and likely timing of a specific event within the period to maturity. These values are subject to a significant degree of the Company’s judgment. The Company’s common stock price represents a significant input that affects the valuation of the warrants. |
Business Combinations | Business Combinations The Company accounts for business combinations under the acquisition method of accounting in accordance with Accounting Standards Codification or ASC, 805, Business Combinations , where the total purchase price is allocated to the tangible and identified intangible assets acquired and liabilities assumed based on their estimated fair values. The purchase price is allocated using the information currently available, and may be adjusted, up to one-year from the acquisition date, after obtaining more information regarding, among other things, asset valuations, liabilities assumed and revisions to preliminary estimates. Contingent consideration, if any, is recorded at the acquisition date based upon the estimated fair value of the contingent payments. The fair value of the contingent consideration is re-measured each reporting period with any adjustments in fair value being recognized in loss from operations. The purchase price in excess of the fair value of the tangible and identified intangible assets acquired less liabilities assumed is recognized as goodwill. |
Going Concern | Going Concern The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with ASC 205-40, Presentation of Financial Statements – Going Concern . The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. |
Revenue Recognition | Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. The Company’s medical device segment (EksoHealth) revenue is primarily generated through the sale and rental of the EksoGT and the recently introduced EksoNR, associated software (SmartAssist and VariableAssist), the sale of the EksoUE, the sale of accessories, and the sale of 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 EksoNR or EksoGT, 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 recognizes 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 through the sale 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. |
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 twelve months ended December 31, 2019 . The Company does not expect to recognize revenue until December 31, 2021. |
Research and Development | Research and Development Research and development costs consist of costs incurred for internal research and development activities. These costs primarily include salaries and other personnel-related expenses, contractor fees, legal fees associated with developing and maintaining intellectual property, facility costs, supplies, and depreciation of equipment associated with the design and development of new products prior to the establishment of their technological feasibility. Such costs are expensed as incurred. |
Advertising Costs | Advertising Costs Advertising costs are recorded in sales and marketing expense as incurred. |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, income tax expense or benefit is recognized for the amount of taxes payable or refundable for the current year and for deferred tax liabilities and assets for the future tax consequences of events that have been recognized in the Company's consolidated financial statements or tax returns. The Company accounts for any income tax contingencies in accordance with accounting guidance for income taxes. The measurement of current and deferred tax assets and liabilities is based on provisions of currently enacted tax laws. The effects of any future changes in tax laws or rates have not been considered. For the preparation of the Company's consolidated financial statements included herein, the Company estimates its income taxes and tax contingencies in each of the tax jurisdictions in which it operates prior to the completion and filing of its tax returns. This process involves estimating actual current tax expense together with assessing temporary differences resulting from differing treatment of items, such as deferred revenue, for tax and accounting purposes. These differences result in net deferred tax assets and liabilities. The Company must then assess the likelihood that the deferred tax assets will be realizable, and to the extent they believe that realizability is not likely, the Company must establish a valuation allowance. In assessing the need for any additional valuation allowance, the Company considers all the evidence available to it, both positive and negative, including historical levels of income, legislative developments, expectations and risks associated with estimates of future taxable income, and ongoing prudent and feasible tax planning strategies. |
Stock-based Compensation | Stock-based Compensation The Company measures stock-based compensation expense for certain stock-based awards made to employees and directors based on the estimated fair value of the award on the date of grant using the Black-Scholes Model and recognizes the fair value on a straight-line basis over the requisite service periods of the awards. The Company’s determination of the fair value of stock options on the date of grant using the Black-Scholes Model is affected by the Company’s stock price as well as assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to the Company’s expected stock price volatility over the term of the awards, and actual and projected employee stock option exercise behaviors. The Company adopted the simplified method of estimating the expected term pursuant to SEC Staff Accounting Bulletin Topic 14. On this basis, the Company estimated the expected term of options granted by taking the average of the vesting term and the contractual term of the option. The Company has, from time to time, modified the terms of its stock options to employees. The Company accounts for the incremental increase in the fair value over the original award on the date of the modification as an expense for vested awards or over the remaining service (vesting) period for unvested awards. The incremental compensation cost is the excess of the fair value of the modified award on the date of modification over the fair value of the original award immediately before the modification. |
Recent Accounting Pronouncements/Accounting Pronouncements Adopted in 2019 | 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 does not expect the impact of adopting ASU 2018-03 to be material 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 was initially effective for the Company in the first quarter of 2020. However, in August 2019, the FASB issued a proposed ASU, which defers the effective date for this guidance until the first quarter of 2023. 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. Accounting Pronouncements Adopted in 2019 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 December 31, 2019 , the right-of-use assets and corresponding lease liabilities in the Company’s consolidated balance sheets were $1,084 and $1,132 , respectively. The adoption of this standard did not have a material impact on the Company’s 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 ). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Estimates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The change in accumulated other comprehensive income (loss) presented on the consolidated balance sheets for the year ended December 31, 2019 , is reflected in the table below net of tax: Foreign Currency Translation Balance at December 31, 2018 $ (92 ) Current period other comprehensive income 142 Balance at December 31, 2019 $ 50 |
Schedule of Inventories | Inventories consisted of the following: December 31, 2019 2018 Raw materials $ 2,208 $ 1,689 Work in progress 29 331 Finished goods 252 1,351 Inventories, net $ 2,489 $ 3,371 |
Net Loss Per Share of Common _2
Net Loss Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | Basic net loss per share of common stock is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed using the weighted average number of common stock, adjusted to include conversion of certain stock options and warrants for common stock and release of common stock in connection with restricted stock units during the period, as follows: Years ended December 31, 2019 2018 Numerator: Net loss $ (12,132 ) $ (26,992 ) Adjustment for gain on fair value of warrant liability $ — $ — Adjusted net loss used for dilution calculation $ (12,132 ) $ (26,992 ) Denominator Weighted-average number of shares outstanding 71,911 61,229 Effect of potential dilutive shares — — Dilutive weighted-average number of shares outstanding 71,911 61,229 Net loss per share Basic $ (0.17 ) $ (0.44 ) Diluted $ (0.17 ) $ (0.44 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: Years ended December 31, 2019 2018 Options to purchase common stock 7,411 6,466 Restricted stock units 1,328 278 Warrants for common stock 17,670 3,396 Total common stock equivalents 26,409 10,140 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Hierarchies for Financial Assets and Liabilities on Recurring Basis | The Company’s fair value hierarchies for its financial assets and liabilities which require fair value measurement on a recurring basis are as follows: Total Level 1 Level 2 Level 3 December 31, 2019 Liabilities Warrant liabilities $ 4,307 $ — $ — $ 4,307 Contingent success fee liability $ 6 $ — $ — $ 6 December 31, 2018 Liabilities Warrant liability $ 585 $ — $ — $ 585 Contingent success fee liability $ 34 $ — $ — $ 34 |
Summary of Changes in Fair Value of Level 3 Financial Liabilities on Recurring Basis | The following table sets forth a summary of the changes in the fair value of Company’s Level 3 financial liabilities during the year ended December 31, 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 0 Initial fair value of warrants issued in conjunction with December 2019 financing 2,507 0 Gain on revaluation of warrants issued in December 2019, May 2019 financing, and December 2015 financing (6,376 ) 0 Loss on modification of 2015 Warrants 257 — Gain on revaluation of contingent liabilities — (28 ) Balance at December 31, 2019 $ 4,307 $ 6 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Deferred Revenue Activity | Deferred revenue consisted of the following: December 31, 2019 December 31, Deferred extended maintenance and support $ 2,837 $ 2,114 Deferred royalties 290 300 Deferred device revenues 125 70 Customer deposits and advances 23 62 Deferred rental income 6 51 Total deferred revenues 3,281 2,597 Less current portion (1,492 ) (1,102 ) Deferred revenues, non-current $ 1,789 $ 1,495 Deferred revenue activity consisted of the following for the year ended December 31, 2019 : Beginning balance $ 2,597 Deferral of revenue 2,621 Recognition of deferred revenue (1,937 ) Ending balance $ 3,281 |
Summary of Disaggregation of Revenue | The following table disaggregates the Company’s revenue by major source for the year ended December 31, 2019 : EksoHealth EksoWorks Total Device revenue $ 9,064 $ 1,726 $ 10,790 Service, support and rentals 2,560 — 2,560 Parts and other 259 234 493 Collaborative arrangements 74 — 74 $ 11,957 $ 1,960 $ 13,917 The following table disaggregates the Company’s revenue by major source for the year ended December 31, 2018 : EksoHealth EksoWorks Total Device revenue $ 6,403 $ 2,360 $ 8,763 Service, support and rentals 2,100 — 2,100 Parts and other 323 118 441 Collaborative arrangements 28 — 28 $ 8,854 $ 2,478 $ 11,332 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: Estimated December 31, Life (Years) 2019 2018 Company owned fleet 3-4 $ 3,385 $ 3,794 Computer software 3-5 851 818 Leasehold improvement 5-10 631 631 Furniture, office and leased equipment 3-7 554 555 Machinery and equipment 3-7 289 289 Tools, molds, dies and jigs 5 96 69 Computers and peripherals 3-5 77 77 5,883 6,233 Accumulated depreciation and amortization (4,226 ) (3,868 ) Property and equipment, net $ 1,657 $ 2,365 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: December 31, 2019 2018 Salaries, benefits and related expenses $ 1,098 $ 2,446 Device warranty 285 255 Clinical trials 203 227 Financing lease liability 18 35 Severance — 270 Other 79 256 Total $ 1,683 $ 3,489 |
Schedule of Warranty Costs | Warranty 2019 2018 Balance at beginning of the period $ 319 $ 232 Additions for estimated future expense 416 374 Incurred costs (385 ) (287 ) Balance at end of the period $ 350 $ 319 Current portion 285 255 Long-term portion 65 64 Total $ 350 $ 319 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Principal Payments of Long-term Debt and Final Payment Fee | The following table presents scheduled principal payments of the Company's long-term debt and final payment fee as of December 31, 2019 : Period Amount 2020 $ 2,333 2021 440 Total principal payments 2,773 Less final payment fee, discount and issuance cost 33 Long-term debt, net $ 2,740 Current portion 2,333 Long-term portion 407 Long-term debt, net $ 2,740 |
Schedule of Interest Expense Information Related to Long-term Debt | The following table sets forth interest expense information related to the long-term debt, including interest expense associated with the final payment and initial success fee, for the periods presented: Twelve months ended December 31, 2019 December 31, 2018 Contractual interest expense $ 278 $ 441 Amortization of debt issuance costs 19 32 Accretion of final payment 49 82 Amortization of initial success fee 23 39 $ 369 $ 594 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Future Lease Payments | The Company’s future lease payments as of December 31, 2019 are as follows, which are presented as lease liabilities, current and lease liabilities on the Company’s consolidated balance sheets: Period Operating 2020 $ 515 2021 531 2022 232 Thereafter — Total lease payments 1,278 Less: imputed interest (146 ) Present value of lease liabilities $ 1,132 Lease liabilities, current $ 421 Lease liabilities, noncurrent 711 Total lease liabilities $ 1,132 Weighted-average remaining term (in years) 2.44 Weighted-average discount rate 10.5 % |
Capitalization and Equity Str_2
Capitalization and Equity Structure (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Warrant Share Activity | Warrant share activity for the year ended December 31, 2019 was as follows: Source Exercise Price Term (Years) December 31, 2018 Issued Expired Exercised December 31, 2019 December 2019 Warrants $ 0.5402 5 — 8,333 — — 8,333 December 2019 Placement Agent Warrants $ 0.5625 5 — 778 — — 778 May 2019 Warrants $ 0.38 5 — 6,667 — — 6,667 2017 Information Agent Warrants $ 1.50 3 200 — — — 200 2015 Warrants $ 2.75 5 1,604 — — — 1,604 2014 PPO and Merger warrants Placement agent warrants $ 7.00 5 426 — (426 ) — — PPO warrants $ 14.00 5 1,078 — (1,078 ) — — Pre-2014 warrants $ 9.66 9-10 88 — — — 88 3,396 15,778 (1,504 ) — 17,670 |
Schedule of Assumptions used in Black-Scholes Model to Measure Fair Value | December 31, 2019 December 20, 2019 Current share price $ 0.39 $ 0.39 Conversion price $ 0.5625 $ 0.5625 Risk-free interest rate 1.69 % 1.69 % Expected term (years) 4.97 5.00 Volatility of stock 93.1 % 92.7 % The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Warrants: December 31, 2019 December 20, 2019 Current share price $ 0.39 $ 0.39 Conversion price $ 0.5402 $ 0.5402 Risk-free interest rate 1.73 % 1.73 % Expected term (years) 5.47 5.50 Volatility of stock 95.7 % 96.3 % The following assumptions were used in the Black-Scholes Model to measure the fair value of the 2015 Warrants as of the years ended: December 31, 2019 December 31, 2018 Current share price $ 0.39 $ 1.24 Conversion price $ 2.75 $ 3.74 Risk-free interest rate 1.59 % 2.48 % Expected term (years) 0.99 1.99 Volatility of stock 98 % 104 % The following assumptions were used in a combination of the Black-Scholes Model and the Lattice Model to measure the fair value of the 2019 Warrants: December 31, 2019 May 24, 2019 Current share price $ 0.39 $ 1.49 Conversion price $ 0.38 $ 2.00 Risk-free interest rate 1.67 % 2.12 % Expected term (years) 4.40 5.00 Volatility of stock 93.9 % 98 % |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Shares Available for Future Grant | The 2014 Plan has since been amended and restated with approval by the stockholders to increase the maximum number of shares issuable, as shown in the table below: Original share pool 2,058 2015 increase 1,656 June 2017 increase 1,000 December 2017 increase (ratified in June 2018) 4,400 2019 increase 3,500 Total share authorized for grant as of December 31, 2019 12,614 Shares available for future grant under the 2014 Plan was as follows: Shares Available For Grant Available as of December 31, 2018 1,267 Granted (4,344 ) Forfeited 938 Expired 437 Share pool increase 3,500 Available as of December 31, 2019 1,798 |
Summary of Stock Option Activity | The following table summarizes information about stock options outstanding as of December 31, 2019 : Options Outstanding Options Exercisable Range of Exercise Prices Number of Shares Weighted-Average Remaining Contractual Life (Years) Weighted Average Price Number of Shares Weighted Average Price $0.49 - $0.61 1,768 9.7 $ 0.61 64 $ 0.56 $1.13 - $1.79 1,970 8.67 $ 1.54 742 $ 1.59 $1.82 - $2.33 1,773 8.6 $ 1.97 829 $ 1.99 $2.68 - $15.33 1,900 5.46 $ 5.52 1,623 $ 5.99 7,411 8.08 $ 2.44 3,258 $ 3.86 A summary of the stock option activity during the year ended December 31, 2019 is presented below: Options Outstanding Weighted Average Exercise Price Weighted Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Outstanding at beginning of year 6,466 $ 3.05 Granted 2,414 $ 0.85 Exercised (186 ) $ 1.23 Forfeited (846 ) $ 2.02 Expired (437 ) $ 3.94 Outstanding at end of year 7,411 $ 2.44 8.08 $ — Vested and expected to vest 7,411 $ 2.44 8.08 $ — Exercisable at year end 3,258 $ 3.86 6.31 $ — |
Summary of Share Fair Value of Each Stock Option on Date of Grant using Black-Scholes Model Assumptions | The share fair value of each stock option was determined on the date of grant using the Black-Scholes Model under the following assumptions: Years Ended December 31, 2019 2018 Dividend yield — — Risk-free interest rate 1.67% - 2.45% 2.68% - 3.0% Expected term (in years) 6.08 5.27-10 Volatility 100%-103% 88%-106% |
Schedule of Unvested Restricted Stock Units Activity | RSU activity for the year ended December 31, 2019 is summarized below: Number of Shares Weighted Average Grant- Date Fair Value Unvested as of January 1, 2019 278 $ 1.83 Granted 1,763 $ 0.94 Vested (621 ) $ 1.66 Forfeited (92 ) $ 1.93 Unvested as of December 31, 2019 1,328 $ 0.72 |
Schedule of Stock-based Compensation Expense Related to Stock Options and RSUs Granted to Employees and Non-employees | Stock-based compensation expense related to stock options and RSUs granted to employees and non-employees was as follows: Years Ended December 31, 2019 2018 Sales and marketing $ 653 $ 611 Research and development 241 426 General and administrative 1,361 1,831 $ 2,255 $ 2,868 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Domestic and Foreign Components of Pre-tax Loss | The domestic and foreign components of pre-tax loss for the years ended December 31, 2019 and 2018 were as follows: Years Ended December 31, 2019 2018 Domestic $ (10,321 ) $ (24,787 ) Foreign (1,811 ) (2,205 ) Loss before income taxes $ (12,132 ) $ (26,992 ) |
Schedule of Income Tax Expense (Benefit) Differed from Amounts Computed by Applying Statutory Federal Income Tax Rate to Pretax Income (Loss) | Income tax expense (benefit) for the years ended December 31, 2019 and 2018 differed from the amounts computed by applying the statutory federal income tax rate of 21% to pretax loss as a result of the following: Years Ended December 31, 2019 2018 Federal tax at statutory rate 21.0 % 21.0 % State tax, net of federal tax effect — — R&D credit 1.0 1.3 Change in valuation allowance (27.2 ) (21.1 ) Unrealized gain on warrant 8.7 0.8 Foreign exchange 0.9 1.0 Other (4.4 ) (3.0 ) Total tax expense (benefit) — % — % |
Schedule of Tax Effects of Temporary Differences and Related Deferred Tax Assets and Liabilities | The tax effects of temporary differences and related deferred tax assets and liabilities as of December 31, 2019 and 2018 were as follows: December 31, 2019 2018 Deferred tax assets: Depreciation and other $ 263 $ 248 Net operating loss carryforwards 40,683 36,970 Research and development tax credits 1,817 1,769 Accruals and reserves 289 480 Deferred revenue 220 221 Stock compensation expense 2,197 1,888 Lease assets 224 — Other 45 55 Deferred tax liabilities: Lease liabilities (214 ) — Prepaid expenses (43 ) (49 ) Less: Valuation allowance (45,481 ) (41,582 ) Net deferred tax asset (liability) $ — $ — |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits were as follows: Balance as of December 31, 2018 628 Increase of unrecognized tax benefits taken in prior years (46 ) Increase of unrecognized tax benefits related to current year 55 Balance as of December 31, 2019 $ 637 |
Contingencies and Commitments (
Contingencies and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Outstanding Contractual Obligations Including Interest Payments | The following table summarizes the Company's outstanding contractual obligations, including interest payments, as of December 31, 2019 and the effect those obligations are expected to have on its liquidity and cash flows in future periods: Payments Due By Period Total Less than one year 1-3 Years 3-5 Years Term loan $ 2,878 $ 2,437 $ 441 $ — Facility operating lease 1,278 515 763 — Capital lease 22 22 — — Total $ 4,178 $ 2,974 $ 1,204 $ — |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment reporting information is as follows: EksoHealth EksoWorks Total Year ended December 31, 2019 Revenue $ 11,957 $ 1,960 $ 13,917 Cost of revenue 5,404 1,749 7,153 Gross profit $ 6,553 $ 211 $ 6,764 Year ended December 31, 2018 Revenue $ 8,854 $ 2,478 $ 11,332 Cost of revenue 4,968 2,055 7,023 Gross profit $ 3,886 $ 423 $ 4,309 |
Schedule of Geographic Revenue Information | Geographic revenue information based on location of customer is as follows: Years Ended December 31 2019 2018 United States $ 9,071 $ 7,028 All Other 4,846 4,304 $ 13,917 $ 11,332 |
Organization (Details)
Organization (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 183,278 | $ 171,146 |
Cash used in operating activities | 15,772 | 22,165 |
Cash | 10,872 | $ 7,655 |
Debt covenant, unrestricted cash | 3,564 | |
Unrestricted cash | $ 7,308 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Estimates - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |
Balance | $ 2,728 |
Balance | 6,797 |
Foreign Currency Translation | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |
Balance | (92) |
Current period other comprehensive income | 142 |
Balance | $ 50 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Estimates - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Jan. 31, 2019 | Jan. 01, 2019 | |
Significant Accounting Policies [Line Items] | ||||
Impairment loss on long-lived assets | $ 0 | $ 0 | ||
Impairment loss on goodwill | 0 | 0 | ||
Government grant | $ 1,500,000 | |||
Advertising costs | 14,000 | $ 123,000 | ||
Right-of-use assets | 1,084,000 | |||
Lease liabilities | $ 1,132,000 | |||
Customer Concentration Risk | Accounts Receivable | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration risk percentage | 11.00% | 19.00% | ||
Customer Concentration Risk | Revenue Benchmark | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration risk percentage | 15.00% | |||
Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated life | 3 years | |||
Accounts receivable payment terms | 30 days | |||
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated life | 10 years | |||
Accounts receivable payment terms | 90 days | |||
EksoHealth | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Accounts receivable payment terms | 12 months | |||
EksoHealth | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Accounts receivable payment terms | 48 months | |||
Accounting Standards Update 2016-02 | ||||
Significant Accounting Policies [Line Items] | ||||
Right-of-use assets | $ 1,454,000 | |||
Lease liabilities | $ 1,498,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Estimates - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Raw materials | $ 2,208 | $ 1,689 |
Work in progress | 29 | 331 |
Finished goods | 252 | 1,351 |
Inventories, net | $ 2,489 | $ 3,371 |
Net Loss Per Share of Common _3
Net Loss Per Share of Common Stock - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | ||
Net loss | $ (12,132) | $ (26,992) |
Adjustment for gain on fair value of warrant liability | 0 | 0 |
Adjusted net loss used for dilution calculation | $ (12,132) | $ (26,992) |
Denominator | ||
Weighted-average number of shares outstanding (in shares) | 71,911 | 61,229 |
Effect of potential dilutive shares (in shares) | 0 | 0 |
Dilutive weighted-average number of shares outstanding (in shares) | 71,911 | 61,229 |
Net loss per share | ||
Basic (in dollars per share) | $ (0.17) | $ (0.44) |
Diluted (in dollars per share) | $ (0.17) | $ (0.44) |
Net Loss Per Share of Common _4
Net Loss Per Share of Common Stock - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 26,409 | 10,140 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 7,411 | 6,466 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 1,328 | 278 |
Warrants for common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities | 17,670 | 3,396 |
Investment in Unconsolidated _2
Investment in Unconsolidated Affiliate (Details) $ / shares in Units, ¥ in Thousands, shares in Thousands, $ in Thousands | Oct. 22, 2019USD ($) | Oct. 22, 2019CNY (¥) | Apr. 30, 2019CNY (¥) | Jan. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($) |
Exoskeleton Intelligent Robotics Co. Limited | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Right to receive ownership percentage | 20.00% | 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 | ¥ 624,000 | |||
Investment agreement in years | 10 years | 10 years | |||
JV Partners | Joint Venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Payment to acquire investment | ¥ | ¥ 62,400 | ||||
Contribution payable | ¥ | 124,800 | ||||
Committed contribution | ¥ | ¥ 436,800 | ||||
Term of contribution | 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) | shares | 3,067 | ||||
Amount received from sale of shares | $ 5,000 | ||||
Price per share sold (in dollars per share) | $ / shares | $ 1.63 | ||||
Issuance costs | $ 8 | ||||
Common Stock | Minimum | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Price per share sold (in dollars per share) | $ / shares | $ 1.30 | ||||
Common Stock | Maximum | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Price per share sold (in dollars per share) | $ / shares | $ 1.96 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Fair Value Hierarchies for Financial Assets and Liabilities on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liabilities | $ 4,307 | $ 585 |
Contingent success fee liability | 6 | |
Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liabilities | 4,307 | 585 |
Contingent success fee liability | 6 | 34 |
Level 1 | Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liabilities | 0 | 0 |
Contingent success fee liability | 0 | 0 |
Level 2 | Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liabilities | 0 | 0 |
Contingent success fee liability | 0 | 0 |
Level 3 | Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liabilities | 4,307 | 585 |
Contingent success fee liability | $ 6 | $ 34 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Changes in Fair Value of Level 3 Financial Liabilities on Recurring Basis (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain on revaluation of warrants issued in December 2019, May 2019 financing, and December 2015 financing | $ (6,376,000) | $ (1,063,000) |
Loss on modification of 2015 Warrants | 257,000 | 0 |
Warrant Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 585,000 | |
Initial fair value of warrants issued in conjunction with May 2019 financing | 7,334,000 | |
Initial fair value of warrants issued in conjunction with December 2019 financing | 2,507,000 | |
Gain on revaluation of warrants issued in December 2019, May 2019 financing, and December 2015 financing | (6,376,000) | |
Loss on modification of 2015 Warrants | 257,000 | |
Gain on revaluation of contingent liabilities | 0 | |
Ending balance | 4,307,000 | 585,000 |
Contingent Success Fee Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 34,000 | |
Initial fair value of warrants issued in conjunction with May 2019 financing | 0 | |
Initial fair value of warrants issued in conjunction with December 2019 financing | 0 | |
Gain on revaluation of warrants issued in December 2019, May 2019 financing, and December 2015 financing | 0 | |
Loss on modification of 2015 Warrants | 0 | |
Gain on revaluation of contingent liabilities | 28,000 | |
Ending balance | $ 6,000 | $ 34,000 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Deferred extended maintenance and support | $ 2,837 | $ 2,114 |
Deferred royalties | 290 | 300 |
Deferred device revenues | 125 | 70 |
Customer deposits and advances | 23 | 62 |
Deferred rental income | 6 | 51 |
Total deferred revenues | 3,281 | 2,597 |
Less current portion | (1,492) | (1,102) |
Deferred revenues, non-current | $ 1,789 | $ 1,495 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Deferred Revenue Activity (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Change In Contract With Customer, Liability Rollforward [Roll Forward] | |
Beginning balance | $ 2,597 |
Deferral of revenue | 2,621 |
Recognition of deferred revenue | (1,937) |
Ending balance | $ 3,281 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 3,281 | $ 2,597 |
Non-cancellable backlog | 524 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation, amount | $ 1,303 | |
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation, amount | $ 906 | |
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation, amount | $ 1,049 | |
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, period |
Revenue Recognition - Accounts
Revenue Recognition - Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Accounts receivable, net of allowances | $ 5,208 | $ 3,660 |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Payment terms | 30 days | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Payment terms | 90 days |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 13,917 | $ 11,332 |
Device revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 10,790 | 8,763 |
Service, support and rentals | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,560 | 2,100 |
Parts and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 493 | 441 |
Collaborative arrangements | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 74 | 28 |
EksoHealth | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 11,957 | 8,854 |
EksoHealth | Device revenue | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 9,064 | 6,403 |
EksoHealth | Service, support and rentals | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 2,560 | 2,100 |
EksoHealth | Parts and other | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 259 | 323 |
EksoHealth | Collaborative arrangements | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 74 | 28 |
EksoWorks | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,960 | 2,478 |
EksoWorks | Device revenue | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,726 | 2,360 |
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 | 234 | 118 |
EksoWorks | Collaborative arrangements | Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 0 | $ 0 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 5,883 | $ 6,233 |
Accumulated depreciation and amortization | (4,226) | (3,868) |
Property and equipment, net | $ 1,657 | 2,365 |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 3 years | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 10 years | |
Company owned fleet | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 3,385 | 3,794 |
Company owned fleet | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 3 years | |
Company owned fleet | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 4 years | |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 851 | 818 |
Computer software | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 3 years | |
Computer software | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 5 years | |
Leasehold improvement | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 631 | 631 |
Leasehold improvement | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 5 years | |
Leasehold improvement | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 10 years | |
Furniture, office and leased equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 554 | 555 |
Furniture, office and leased equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 3 years | |
Furniture, office and leased equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 7 years | |
Machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 289 | 289 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 3 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 7 years | |
Tools, molds, dies and jigs | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 96 | 69 |
Estimated life | 5 years | |
Computers and peripherals | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 77 | $ 77 |
Computers and peripherals | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 3 years | |
Computers and peripherals | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 5 years |
Property and Equipment, net - N
Property and Equipment, net - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 690 | $ 1,009 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $ 1,098 | $ 2,446 |
Device warranty | 285 | 255 |
Clinical trials | 203 | 227 |
Financing lease liability | 18 | 35 |
Severance | 0 | 270 |
Other | 79 | 256 |
Total | $ 1,683 | $ 3,489 |
Accrued Liabilities - Schedul_2
Accrued Liabilities - Schedule of Warranty Costs (Details) - Warranty - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accrued Liabilities, Rollforward [Roll Forward] | ||||
Balance at beginning of the period | $ 319 | $ 232 | ||
Additions for estimated future expense | 416 | 374 | ||
Incurred costs | (385) | (287) | ||
Balance at end of the period | 350 | 319 | ||
Current portion | $ 285 | $ 255 | ||
Long-term portion | 65 | 64 | ||
Total | $ 350 | $ 319 | $ 350 | $ 319 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Long-term debt, net | $ 2,740,000 | ||
Accretion expense | 49,000 | $ 82,000 | |
Success fee | $ 250,000 | ||
Current share price (in dollars per share) | $ 8 | ||
Contingent success fee liability | 6,000 | ||
Debt covenant, unrestricted cash | 3,564,000 | ||
Cash | $ 10,872,000 | $ 7,655,000 | |
Interest rate | 10.23% | ||
Loan Agreement | |||
Debt Instrument [Line Items] | |||
Borrowing capacity | $ 7,000,000 | ||
Variable rate | 5.41% | ||
Debt term | 36 months | ||
Long-term debt, net | $ 245,000 | ||
Accretion expense | $ 228,000 |
Long-Term Debt - Schedule of Pr
Long-Term Debt - Schedule of Principal Payments of Long-term Debt and Final Payment Fee (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Disclosure [Abstract] | |
2020 | $ 2,333 |
2021 | 440 |
Total principal payments | 2,773 |
Less final payment fee, discount and issuance cost | 33 |
Long-term debt, net | 2,740 |
Current portion | 2,333 |
Long-term portion | 407 |
Long-term debt, net | $ 2,740 |
Long-Term Debt - Schedule of In
Long-Term Debt - Schedule of Interest Expense Information Related to Long-term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Disclosure [Abstract] | ||
Contractual interest expense | $ 278 | $ 441 |
Amortization of debt issuance costs | 19 | 32 |
Accretion of final payment | 49 | 82 |
Amortization of initial success fee | 23 | 39 |
Total | $ 369 | $ 594 |
Lease Obligations - Narrative (
Lease Obligations - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
May 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 31, 2017 | |
Debt Instrument [Line Items] | ||||
Base rent | $ 32 | |||
Rent increase per annum | 3.00% | |||
Term of lease | 5 years | |||
Renewal term of lease | 5 years | |||
Lease expense | $ 551 | |||
Rent expense | $ 719 | |||
Sales and Marketing | ||||
Debt Instrument [Line Items] | ||||
Credit for remaining obligation | $ 125 | $ 175 |
Lease Obligations - Future Mini
Lease Obligations - Future Minimum Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 515 |
2021 | 531 |
2022 | 232 |
Thereafter | 0 |
Total lease payments | 1,278 |
Less: imputed interest | (146) |
Present value of lease liabilities | 1,132 |
Lease liabilities, current | 421 |
Lease liabilities, noncurrent | 711 |
Total lease liabilities | $ 1,132 |
Weighted-average remaining term (in years) | 2 years 5 months 9 days |
Weighted-average discount rate | 10.50% |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Retirement Benefits [Abstract] | ||
Employer matching percentage | 50.00% | |
Contribution expense | $ 142 | $ 212 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||||
Proceeds from sale of inventory parts and tooling | $ 14 | |||
Angel Pond Capital LLC | ||||
Related Party Transaction [Line Items] | ||||
Consulting agreement term | 1 year | |||
Aggregate payments | 30 | $ 90 | $ 2,195 | |
Expense charged to general and administrative expense | $ 1,075 | |||
Future payment | $ 1,000 |
Capitalization and Equity Str_3
Capitalization and Equity Structure - Narrative (Details) - USD ($) | Dec. 20, 2019 | May 24, 2019 | Jan. 30, 2019 | Dec. 31, 2019 | Aug. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Sep. 30, 2017 | Dec. 31, 2015 | Jan. 15, 2014 |
Class of Warrant or Right [Line Items] | |||||||||||
Common stock, shares authorized (in shares) | 141,429,000 | 141,429,000 | 141,429,000 | 141,429,000 | |||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||||
Common stock, shares issued (in shares) | 86,920,000 | 86,920,000 | 62,963,000 | 86,920,000 | |||||||
Common stock, shares outstanding (in shares) | 86,920,000 | 86,920,000 | 62,963,000 | 86,920,000 | |||||||
Preferred stock, shares issued (in shares) | 0 | 0 | 0 | 0 | |||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | 0 | |||||||
Number warrants called (in shares) | 2,122,000 | 89,000 | |||||||||
Warrants issued (in shares) | 15,778,000 | ||||||||||
Issuance of stock and warrants for services or claims | $ 1,096,000 | $ 0 | |||||||||
Merger/PPO warrant shares exercised (in shares) | 0 | ||||||||||
Loss on modification of warrants | $ 257,000 | $ 0 | |||||||||
Direct Offering | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Aggregate proceeds | $ 5,000,000 | ||||||||||
Issuance costs | $ 777,000 | ||||||||||
Over-Allotment Option | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Aggregate proceeds | $ 10,000,000 | ||||||||||
At-The-Market Offering | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Aggregate proceeds | $ 2,776,000 | $ 7,206,000 | |||||||||
Common Stock | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number of shares sold (in shares) | 3,067,000 | ||||||||||
Number warrants called (in shares) | 88,000 | 88,000 | 88,000 | ||||||||
Sale of shares (in dollars per share) | $ 1.63 | ||||||||||
Exercise price (in dollars per share) | $ 9.66 | $ 9.66 | $ 9.66 | ||||||||
Issuance costs | $ 8,000 | ||||||||||
Value of shares sold | $ 5,000,000 | ||||||||||
Common Stock | Direct Offering | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number warrants called (in shares) | 8,333,000 | 8,333,000 | 8,333,000 | ||||||||
Sale of shares (in dollars per share) | $ 0.45 | $ 0.45 | $ 0.45 | ||||||||
Aggregate proceeds | $ 2,493,000 | ||||||||||
Issuance costs | $ 388,000 | ||||||||||
Common Stock | Over-Allotment Option | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number of shares sold (in shares) | 6,667,000 | ||||||||||
Number warrants called (in shares) | 6,667,000 | ||||||||||
Sale of shares (in dollars per share) | $ 1.5 | ||||||||||
Aggregate proceeds | $ 2,666,000 | ||||||||||
Issuance costs | 963,000 | ||||||||||
Issuance of stock and warrants for services or claims | 706,000 | ||||||||||
Adjustments to additional paid in capital, stock issued, issuance costs | 257,000 | ||||||||||
Common Stock | At-The-Market Offering | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number of shares sold (in shares) | 2,150,000 | 4,182,000 | |||||||||
Sale of shares (in dollars per share) | $ 1.35 | $ 1.35 | $ 1.35 | ||||||||
Value of aggregate offering | $ 25,000,000 | ||||||||||
Stock available for issuance | $ 17,241,000 | ||||||||||
Common Stock | At-The-Market Offering, Inception To Year End | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Sale of shares (in dollars per share) | $ 1.86 | $ 1.86 | 1.86 | ||||||||
Warrants for Common Stock | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number warrants called (in shares) | 5,151,000 | ||||||||||
Exercise price (in dollars per share) | $ 7 | ||||||||||
Warrants for Common Stock | Direct Offering | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Issuance costs | $ 389,000 | ||||||||||
2019 Warrants | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Aggregate proceeds | $ 7,334,000 | ||||||||||
Exercise price (in dollars per share) | $ 0.5402 | $ 0.5402 | 0.5402 | ||||||||
Class of warrant or right expiration period | 5 years | 5 years | |||||||||
2019 Warrants | Common Stock | Direct Offering | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number of shares sold (in shares) | 11,111,000 | ||||||||||
December 2019 Placement Agent Warrants | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Exercise price (in dollars per share) | $ 0.5625 | $ 0.5625 | 0.5625 | ||||||||
Class of warrant or right expiration period | 5 years | 5 years | |||||||||
Class of warrant or right cash fee percentage | 7.00% | ||||||||||
Class of warrant or right cash fee | $ 350,000 | ||||||||||
Class of warrant or right management fee percentage | 1.00% | ||||||||||
Class of warrant or right management fee | $ 50,000 | ||||||||||
Percentage of warrants issued to purchase shares of common stock | 7.00% | ||||||||||
Warrants issued (in shares) | 778,000 | ||||||||||
Other expenses | $ 95,000 | ||||||||||
Merger/PPO warrant shares exercised (in shares) | 0 | ||||||||||
December 2019 Placement Agent Warrants | Common Stock | Direct Offering | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Issuance costs | 200,000 | ||||||||||
2019 Warrants and December 2019 Placement Agent Warrants | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Aggregate proceeds | $ 2,507,000 | ||||||||||
May 2019 Warrants | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Exercise price (in dollars per share) | $ 0.38 | $ 0.38 | $ 0.38 | ||||||||
Class of warrant or right expiration period | 5 years | 5 years | |||||||||
Warrants issued (in shares) | 6,667,000 | ||||||||||
Merger/PPO warrant shares exercised (in shares) | 0 | ||||||||||
Information Agent Warrants | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Number warrants called (in shares) | 200,000 | ||||||||||
Exercise price (in dollars per share) | $ 1.5 | ||||||||||
2015 Warrants | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Merger/PPO warrant shares exercised (in shares) | 0 | 518,000 | |||||||||
Loss on modification of warrants | $ 257,000 | ||||||||||
Conversion Price | December 2019 Placement Agent Warrants | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Conversion price (in dollars per share) | $ 0.5625 | $ 0.5625 | |||||||||
Conversion Price | May 2019 Warrants | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Conversion price (in dollars per share) | $ 2 | 0.38 | |||||||||
Conversion Price | 2015 Warrants | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Conversion price (in dollars per share) | $ 2.75 | $ 3.74 | |||||||||
Minimum | Common Stock | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Sale of shares (in dollars per share) | $ 1.30 | ||||||||||
Minimum | Warrants for Common Stock | |||||||||||
Class of Warrant or Right [Line Items] | |||||||||||
Exercise price (in dollars per share) | $ 3.74 |
Capitalization and Equity Str_4
Capitalization and Equity Structure - Schedule of Warrant Share Activity (Details) - $ / shares shares in Thousands | May 24, 2019 | Dec. 31, 2019 | Dec. 31, 2019 |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||
Warrants Outstanding (in shares) | 3,396 | ||
Warrants Issued (in shares) | 15,778 | ||
Warrants Expired (in shares) | (1,504) | ||
Warrants Exercised (in shares) | 0 | ||
Warrants Outstanding (in shares) | 17,670 | 17,670 | |
December 2019 Warrants | |||
Schedule of Capitalization, Equity [Line Items] | |||
Exercise price (in dollars per share) | $ 0.5402 | $ 0.5402 | |
Term (Years) | 5 years | ||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||
Warrants Outstanding (in shares) | 0 | ||
Warrants Issued (in shares) | 8,333 | ||
Warrants Expired (in shares) | 0 | ||
Warrants Exercised (in shares) | 0 | ||
Warrants Outstanding (in shares) | 8,333 | 8,333 | |
December 2019 Placement Agent Warrants | |||
Schedule of Capitalization, Equity [Line Items] | |||
Exercise price (in dollars per share) | $ 0.5625 | $ 0.5625 | |
Term (Years) | 5 years | 5 years | |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||
Warrants Outstanding (in shares) | 0 | ||
Warrants Issued (in shares) | 778 | ||
Warrants Expired (in shares) | 0 | ||
Warrants Exercised (in shares) | 0 | ||
Warrants Outstanding (in shares) | 778 | 778 | |
May 2019 Warrants | |||
Schedule of Capitalization, Equity [Line Items] | |||
Exercise price (in dollars per share) | $ 0.38 | $ 0.38 | |
Term (Years) | 5 years | 5 years | |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||
Warrants Outstanding (in shares) | 0 | ||
Warrants Issued (in shares) | 6,667 | ||
Warrants Expired (in shares) | 0 | ||
Warrants Exercised (in shares) | 0 | ||
Warrants Outstanding (in shares) | 6,667 | 6,667 | |
2017 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] | |||
Warrants Outstanding (in shares) | 200 | ||
Warrants Issued (in shares) | 0 | ||
Warrants Expired (in shares) | 0 | ||
Warrants Exercised (in shares) | 0 | ||
Warrants Outstanding (in shares) | 200 | 200 | |
December 2015 Warrants | |||
Schedule of Capitalization, Equity [Line Items] | |||
Exercise price (in dollars per share) | $ 2.75 | $ 2.75 | |
Term (Years) | 5 years | ||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||
Warrants Outstanding (in shares) | 1,604 | ||
Warrants Issued (in shares) | 0 | ||
Warrants Expired (in shares) | 0 | ||
Warrants Exercised (in shares) | 0 | ||
Warrants Outstanding (in shares) | 1,604 | 1,604 | |
Placement agent warrants | |||
Schedule of Capitalization, Equity [Line Items] | |||
Exercise price (in dollars per share) | $ 7 | $ 7 | |
Term (Years) | 5 years | ||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||
Warrants Outstanding (in shares) | 426 | ||
Warrants Issued (in shares) | 0 | ||
Warrants Expired (in shares) | (426) | ||
Warrants Exercised (in shares) | 0 | ||
Warrants Outstanding (in shares) | 0 | 0 | |
PPO warrants | |||
Schedule of Capitalization, Equity [Line Items] | |||
Exercise price (in dollars per share) | $ 14 | $ 14 | |
Term (Years) | 5 years | ||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||
Warrants Outstanding (in shares) | 1,078 | ||
Warrants Issued (in shares) | 0 | ||
Warrants Expired (in shares) | (1,078) | ||
Warrants Exercised (in shares) | 0 | ||
Warrants Outstanding (in shares) | 0 | 0 | |
Pre-2014 warrants | |||
Schedule of Capitalization, Equity [Line Items] | |||
Exercise price (in dollars per share) | $ 9.66 | $ 9.66 | |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||
Warrants Outstanding (in shares) | 88 | ||
Warrants Issued (in shares) | 0 | ||
Warrants Expired (in shares) | 0 | ||
Warrants Exercised (in shares) | 0 | ||
Warrants Outstanding (in shares) | 88 | 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 - Schedule of Assumptions used in Black-Scholes Model to Measure Fair Value (Details) | Dec. 20, 2019$ / shares | May 24, 2019$ / shares | Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2016$ / shares |
Schedule of Capitalization, Equity [Line Items] | |||||
Current share price (in dollars per share) | $ 8 | ||||
Current share price | December 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Current share price (in dollars per share) | $ 0.39 | $ 0.39 | |||
Current share price | December 2019 Placement Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Current share price (in dollars per share) | 0.39 | 0.39 | |||
Current share price | May 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Current share price (in dollars per share) | $ 1.49 | 0.39 | |||
Current share price | 2015 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Current share price (in dollars per share) | 0.39 | $ 1.24 | |||
Conversion price | December 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Conversion price (in dollars per share) | 0.5402 | 0.5402 | |||
Conversion price | December 2019 Placement Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Conversion price (in dollars per share) | $ 0.5625 | 0.5625 | |||
Conversion price | May 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Conversion price (in dollars per share) | $ 2 | 0.38 | |||
Conversion price | 2015 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Conversion price (in dollars per share) | $ 2.75 | $ 3.74 | |||
Risk-free interest rate | December 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Measurement input percentage | 0.0173 | 0.0173 | |||
Risk-free interest rate | December 2019 Placement Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Measurement input percentage | 0.0169 | 0.0169 | |||
Risk-free interest rate | May 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Measurement input percentage | 0.0212 | 0.0167 | |||
Risk-free interest rate | 2015 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Measurement input percentage | 0.0159 | 0.0248 | |||
Expected term (years) | December 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Expected term | 5 years 6 months | 5 years 5 months 19 days | |||
Expected term (years) | December 2019 Placement Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Expected term | 5 years | 4 years 11 months 19 days | |||
Expected term (years) | May 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Expected term | 5 years | 4 years 4 months 24 days | |||
Expected term (years) | 2015 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Expected term | 11 months 27 days | 1 year 11 months 27 days | |||
Volatility of stock | December 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Measurement input percentage | 0.963 | 0.957 | |||
Volatility of stock | December 2019 Placement Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Measurement input percentage | 0.927 | 0.931 | |||
Volatility of stock | May 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Measurement input percentage | 0.98 | 0.939 | |||
Volatility of stock | 2015 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Measurement input percentage | 0.98 | 1.04 |
Capitalization and Equity Str_6
Capitalization and Equity Structure - 2014 PPO and Merger Warrants and Pre-Merger Warrants (Details) - $ / shares shares in Thousands | Dec. 31, 2019 | Dec. 31, 2015 | Jan. 15, 2014 |
Class of Warrant or Right [Line Items] | |||
Number warrants called (in shares) | 2,122 | 89 | |
Warrants for common stock | |||
Class of Warrant or Right [Line Items] | |||
Number warrants called (in shares) | 5,151 | ||
Exercise price (in dollars per share) | $ 7 | ||
Warrants for common stock | Merger and PPO | |||
Class of Warrant or Right [Line Items] | |||
Number warrants called (in shares) | 4,329 | ||
Exercise price (in dollars per share) | $ 14 | ||
Common Stock | |||
Class of Warrant or Right [Line Items] | |||
Number warrants called (in shares) | 88 | ||
Exercise price (in dollars per share) | $ 9.66 |
Stock-based Compensation - 2014
Stock-based Compensation - 2014 Equity Incentive Plan (Details) - 2014 Equity Incentive Plan - shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (in shares) | 2,058,000 | ||
Number of shares authorized (in shares) | 12,614,000 | ||
Shares available for grant (in shares) | 1,798,000 | 1,267,000 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Increase in Maximum Number of Shares Issuable to Stockholders (Details) - 2014 Equity Incentive Plan - shares | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Original share pool (in shares) | 2,058,000 | ||||
Increase (in shares) | 4,400,000 | 1,000,000 | 3,500,000 | 1,656,000 | |
Total share authorized for grant (in shares) | 12,614,000 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Shares Available for Future Grant (Details) - 2014 Equity Incentive Plan - shares shares in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2019 | Dec. 31, 2015 | |
Shares Available For Grant | ||||
Beginning balance (in shares) | 1,267 | |||
Granted (in shares) | (4,344) | |||
Forfeited (in shares) | 938 | |||
Expired (in shares) | 437 | |||
Share pool increase (in shares) | 4,400 | 1,000 | 3,500 | 1,656 |
Ending balance (in shares) | 1,798 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Options Narrative (Details) - 2014 Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2019 | |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Purchase price of common stock percentage | 100.00% |
Expiration period | 4 years |
Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expiration period | 10 years |
Stock-based Compensation - Su_3
Stock-based Compensation - Summary of Stock Option Activity (Details) - 2014 Equity Incentive Plan $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Options Outstanding | |
Outstanding at beginning of year (in shares) | shares | 6,466 |
Granted (in shares) | shares | 2,414 |
Exercised (in shares) | shares | (186) |
Forfeited (in shares) | shares | (846) |
Expired (in shares) | shares | (437) |
Outstanding at end of year (in shares) | shares | 7,411 |
Vested and expected to vest (in shares) | shares | 7,411 |
Exercisable at year end (in shares) | shares | 3,258 |
Weighted Average Exercise Price | |
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 3.05 |
Granted (in dollars per share) | $ / shares | 0.85 |
Exercised (in dollars per share) | $ / shares | 1.23 |
Forfeited (in dollars per share) | $ / shares | 2.02 |
Expired (in dollars per share) | $ / shares | 3.94 |
Outstanding at end of year (in dollars per share) | $ / shares | 2.44 |
Vested and expected to vest (in dollars per share) | $ / shares | 2.44 |
Exercisable at year end (in dollars per share) | $ / shares | $ 3.86 |
Weighted Average Remaining Contractual Life (Years), Ending Balance | 8 years 29 days |
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest | 8 years 29 days |
Weighted Average Remaining Contractual Life (Years), Exercisable | 6 years 3 months 22 days |
Aggregate Intrinsic Value, Ending Balance | $ | $ 0 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 0 |
Aggregate Intrinsic Value, Exercisable | $ | $ 0 |
Stock-based Compensation - Exer
Stock-based Compensation - Exercised Options Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from exercise of stock options | $ 228 | $ 1 |
Options to Purchase Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Proceeds from exercise of stock options | 228 | |
Aggregate intrinsic value | $ 233 | $ 1 |
Granted (in dollars per share) | $ 0.68 | $ 1.57 |
Fair value of vested shares | $ 2,602 | $ 1,725 |
Unrecognized compensation expense | $ 4,172 | |
Period of unrecognized compensation expense | 2 years 8 months 23 days |
Stock-based Compensation - Su_4
Stock-based Compensation - Summary of Stock Options Outstanding (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Option Outstanding, Number of Shares (in shares) | shares | 7,411 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 8 years 29 days |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 2.44 |
Options Exercisable, Number of Shares (in shares) | shares | 3,258 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 3.86 |
$0.49 - $0.61 | |
Range of Exercise Prices, Lower (in dollars per share) | 0.49 |
Range of Exercise Prices, Upper (in dollars per share) | $ 0.61 |
Option Outstanding, Number of Shares (in shares) | shares | 1,768 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 9 years 8 months 12 days |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 0.61 |
Options Exercisable, Number of Shares (in shares) | shares | 64 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 0.56 |
$1.13 - $1.79 | |
Range of Exercise Prices, Lower (in dollars per share) | 1.13 |
Range of Exercise Prices, Upper (in dollars per share) | $ 1.79 |
Option Outstanding, Number of Shares (in shares) | shares | 1,970 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 8 years 8 months 1 day |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 1.54 |
Options Exercisable, Number of Shares (in shares) | shares | 742 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 1.59 |
$1.82 - $2.33 | |
Range of Exercise Prices, Lower (in dollars per share) | 1.82 |
Range of Exercise Prices, Upper (in dollars per share) | $ 2.33 |
Option Outstanding, Number of Shares (in shares) | shares | 1,773 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 8 years 7 months 6 days |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 1.97 |
Options Exercisable, Number of Shares (in shares) | shares | 829 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 1.99 |
$2.68 - $15.33 | |
Range of Exercise Prices, Lower (in dollars per share) | 2.68 |
Range of Exercise Prices, Upper (in dollars per share) | $ 15.33 |
Option Outstanding, Number of Shares (in shares) | shares | 1,900 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 5 years 5 months 16 days |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 5.52 |
Options Exercisable, Number of Shares (in shares) | shares | 1,623 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 5.99 |
Stock-based Compensation - Su_5
Stock-based Compensation - Summary of Share Fair Value of Each Stock Option on Date of Grant using Black-Scholes Model Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate, minimum | 1.67% | 2.68% |
Risk-free interest rate, maximum | 2.45% | 3.00% |
Expected term (in years) | 6 years 29 days | |
Volatility, minimum | 100.00% | 88.00% |
Volatility, maximum | 103.00% | 106.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 3 months 7 days | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 10 years |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Unvested Restricted Stock Units Activity (Details) - RSUs $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Number of Shares | |
Unvested, beginning balance (in shares) | 278 |
Granted (in shares) | 1,763 |
Vested (in shares) | (621) |
Forfeited (in shares) | (92) |
Unvested, ending balance (in shares) | 1,328 |
Weighted Average Grant- Date Fair Value | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 1.83 |
Granted (in dollars per share) | $ / shares | 0.94 |
Vested (in dollars per share) | $ / shares | 1.66 |
Forfeited (in dollars per share) | $ / shares | 1.93 |
Unvested, ending balance (in dollars per share) | $ / shares | $ 0.72 |
Fair value of vested shares | $ | $ 1,001 |
Unrecognized compensation expense | $ | $ 895 |
Period of unrecognized compensation expense | 3 years 7 months 6 days |
Number of RSUs issued (in shares) | 1,145 |
Stock-based Compensation - Sc_2
Stock-based Compensation - Schedule of Stock-based Compensation Expense Related to Stock Options and RSUs Granted to Employees and Non-employees (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | $ 2,255 | $ 2,868 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | 653 | 611 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | 241 | 426 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | $ 1,361 | $ 1,831 |
Stock-based Compensation - Empl
Stock-based Compensation - Employee Stock Purchase Plan (Details) - shares shares in Thousands | 1 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employer matching percentage | 50.00% | |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 500 | |
Employer matching percentage | 25.00% | |
Maximum annual contribution percentage | 85.00% |
Income Taxes - Schedule of Dome
Income Taxes - Schedule of Domestic and Foreign Components of Pre-tax Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ (10,321) | $ (24,787) |
Foreign | (1,811) | (2,205) |
Loss before income taxes | $ (12,132) | $ (26,992) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Current federal and state income tax expense (benefit) | $ 0 | $ 0 |
Deferred federal and state income tax expense (benefit) | 0 | 0 |
Increase (decrease) in valuation allowance | 3,899,000 | 5,608,000 |
Federal | ||
Operating loss carryforwards | 155,352,000 | |
Federal | Options to Purchase Common Stock | ||
Net operating loss attributed to stock-based compensation deductions in excess of book expense | 1,749,000 | |
Federal | Research and Development Tax Credit | ||
Operating loss carryforwards | 1,943,000 | |
State | ||
Operating loss carryforwards | 99,966,000 | |
State | Options to Purchase Common Stock | ||
Net operating loss attributed to stock-based compensation deductions in excess of book expense | $ 689,000 | |
State | Research and Development Tax Credit | ||
Operating loss carryforwards | 608,000 | |
Foreign | ||
Operating loss carryforwards | 8,785,000 | |
Generated Before 2018, Expire 2027 | Federal | ||
Operating loss carryforwards | 120,792,000 | |
Generated Before 2018, Carryforward Indefinitely | Federal | ||
Operating loss carryforwards | $ 34,560,000 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Benefit) Differed from Amounts Computed by Applying Statutory Federal Income Tax Rate to Pretax Income (Loss) (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Federal tax at statutory rate | 21.00% | 21.00% |
State tax, net of federal tax effect | 0.00% | 0.00% |
R&D credit | 1.00% | 1.30% |
Change in valuation allowance | (27.20%) | (21.10%) |
Unrealized gain on warrant | 8.70% | 0.80% |
Foreign exchange | 0.90% | 1.00% |
Other | (4.40%) | (3.00%) |
Total tax expense (benefit) | 0.00% | 0.00% |
Income Taxes - Schedule of Tax
Income Taxes - Schedule of Tax Effects of Temporary Differences and Related Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Depreciation and other | $ 263 | $ 248 |
Net operating loss carryforwards - the U.S. | 40,683 | 36,970 |
Unused R& D tax credits | 1,817 | 1,769 |
Accruals & reserves | 289 | 480 |
Deferred Revenue | 220 | 221 |
Stock Compensation | 2,197 | 1,888 |
Lease assets | 224 | |
Other | 45 | 55 |
Deferred tax liabilities: | ||
Lease liabilities | (214) | |
Prepaid expenses | (43) | (49) |
Less: Valuation allowance | (45,481) | (41,582) |
Net deferred tax asset (liability) | $ 0 | $ 0 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Beginning balance | $ 628 |
Increase of unrecognized tax benefits taken in prior years | (46) |
Increase of unrecognized tax benefits related to current year | 55 |
Ending balance | $ 637 |
Contingencies and Commitments -
Contingencies and Commitments - Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)license_agreement | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Number of license agreements | license_agreement | 2 |
Obligation due in less than one year | $ 2,974 |
Purchase obligation | 709 |
Royalty Agreement Terms | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Obligation due in less than one year | $ 50 |
Royalty Agreement Terms | Net Sales | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Royalty percentage | 1.00% |
Royalty Agreement Terms | License Fees | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Royalty percentage | 21.00% |
Contingencies and Commitments_2
Contingencies and Commitments - Summary of Outstanding Contractual Obligations Including Interest Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Total | $ 4,178 |
Less than one year | 2,974 |
1-3 Years | 1,204 |
3-5 Years | 0 |
Facility operating lease | |
Total | 1,278 |
Less than one year | 515 |
1-3 Years | 763 |
3-5 Years | 0 |
Term loan | |
Total | 2,878 |
Less than one year | 2,437 |
1-3 Years | 441 |
3-5 Years | 0 |
Capital lease | |
Total | 22 |
Less than one year | 22 |
1-3 Years | 0 |
3-5 Years | $ 0 |
Segment Disclosures - Schedule
Segment Disclosures - Schedule of Segment Reporting Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 2 | |
Revenue | $ 13,917 | $ 11,332 |
Cost of revenue | 7,153 | 7,023 |
Gross profit | 6,764 | 4,309 |
EksoHealth | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 11,957 | 8,854 |
Cost of revenue | 5,404 | 4,968 |
Gross profit | 6,553 | 3,886 |
EksoHealth | Operating Segments | Customer One | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,138 | |
EksoWorks | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,960 | 2,478 |
Cost of revenue | 1,749 | 2,055 |
Gross profit | $ 211 | $ 423 |
Segment Disclosures - Schedul_2
Segment Disclosures - Schedule of Geographic Revenue Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 13,917 | $ 11,332 |
United States | ||
Segment Reporting Information [Line Items] | ||
Revenue | 9,071 | 7,028 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 4,846 | $ 4,304 |