Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 18, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-37854 | ||
Entity Registrant Name | Ekso Bionics Holdings, Inc. | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Tax Identification Number | 99-0367049 | ||
Entity Address, Address Line One | 1414 Harbour Way South | ||
Entity Address, Address Line Two | Suite 1201 | ||
Entity Address, City or Town | Richmond | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94804 | ||
City Area Code | 510 | ||
Local Phone Number | 984-1761 | ||
Title of 12(b) Security | Common Stock, $0.001 par value | ||
Trading Symbol | EKSO | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 63,807,354 | ||
Entity Common Stock, Shares Outstanding | 12,692,919 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001549084 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant’s Proxy Statement for the 2022 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2021. | ||
ICFR Auditor Attestation Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | WithumSmith+Brown, PC |
Auditor Location | San Francisco, California |
Auditor Firm ID | 100 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash | $ 40,406 | $ 12,862 |
Accounts receivable, net of allowances of $28 and $42, respectively | 4,662 | 3,224 |
Inventories | 2,242 | 1,978 |
Prepaid expenses and other current assets | 485 | 356 |
Total current assets | 47,795 | 18,420 |
Property and equipment, net | 991 | 1,172 |
Right-of-use assets | 216 | 685 |
Other assets | 164 | 320 |
Total assets | 49,166 | 20,597 |
Current liabilities: | ||
Accounts payable | 3,107 | 1,501 |
Accrued liabilities | 2,299 | 1,429 |
Deferred revenues, current | 1,220 | 1,496 |
Lease liabilities, current | 229 | 548 |
Total current liabilities | 6,855 | 4,974 |
Deferred revenues, non-current | 1,475 | 1,806 |
Notes payable, net | 1,993 | 3,075 |
Lease liabilities | 0 | 233 |
Warrant liabilities | 1,550 | 6,037 |
Other non-current liabilities | 74 | 38 |
Total liabilities | 11,947 | 16,163 |
Commitments and contingencies (Note 15) | ||
Stockholders' equity: | ||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and outstanding at December 31, 2021 and 2020 | 0 | 0 |
Common stock, $0.001 par value; 141,429 shares authorized; 12,693 and 8,349 shares issued and outstanding at December 31, 2021 and 2020, respectively | 13 | 8 |
Additional paid-in capital | 246,090 | 204,376 |
Accumulated other comprehensive loss | (17) | (847) |
Accumulated deficit | (208,867) | (199,103) |
Total stockholders' equity | 37,219 | 4,434 |
Total liabilities and stockholders' equity | $ 49,166 | $ 20,597 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 28 | $ 42 |
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) | 12,693,000 | 8,349,000 |
Common stock, shares outstanding (in shares) | 12,693,000 | 8,349,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | ||
Revenue | $ 11,246,000 | $ 8,882,000 |
Cost of revenue | 4,497,000 | 3,812,000 |
Gross profit | 6,749,000 | 5,070,000 |
Operating expenses: | ||
Sales and marketing | 7,305,000 | 7,752,000 |
Research and development | 2,748,000 | 2,474,000 |
General and administrative | 10,524,000 | 7,702,000 |
Loss on impairment of goodwill | 0 | 189,000 |
Restructuring | 0 | 244,000 |
Total operating expenses | 20,577,000 | 18,361,000 |
Loss from operations | (13,828,000) | (13,291,000) |
Other (expense) income, net: | ||
Interest expense | (113,000) | (139,000) |
Warrant issuance expense | 0 | (329,000) |
Gain (loss) on revaluation of warrant liabilities | 3,962,000 | (3,056,000) |
Gain on forgiveness of note payable | 1,099,000 | 0 |
Other (expense) income, net | (884,000) | 990,000 |
Total other income (expense), net | 4,064,000 | (2,534,000) |
Net loss | (9,764,000) | (15,825,000) |
Foreign currency translation adjustments | 830,000 | (897,000) |
Comprehensive loss | $ (8,934,000) | $ (16,722,000) |
Basic net loss per share applicable to common shareholders (in dollars per share) | $ (0.80) | $ (2.21) |
Diluted net loss per share applicable to common shareholders (in dollars per share) | $ (0.88) | $ (2.21) |
Weighted-average number of shares outstanding, basic (in shares) | 12,193 | 7,164 |
Weighted average number of shares outstanding, diluted (in shares) | 12,269 | 7,164 |
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, 2019 | $ 6,797 | $ 0 | $ 6 | $ 190,019 | $ 50 | $ (183,278) |
Balance (in shares) at Dec. 31, 2019 | 0 | 5,795 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (15,825) | (15,825) | ||||
Issuance of common stock under: | ||||||
Equity financing, net | 7,082 | $ 2 | 7,080 | |||
Equity financing, net (in shares) | 1,748 | |||||
Equity incentive plan (in shares) | 35 | |||||
Exercise of warrants | 7,310 | 7,310 | ||||
Exercise of warrants (in shares) | 723 | |||||
Matching contribution to 401(k) plan | 155 | 155 | ||||
Matching contribution to 401(k) plan (in shares) | 26 | |||||
In lieu of cash compensation | 50 | 50 | ||||
In lieu of cash compensation / bonus (in shares) | 9 | |||||
Shares issued as a result of rounding due to reverse-stock split (in shares) | 13 | |||||
Issuance of warrants | (2,322) | (2,322) | ||||
Stock-based compensation | 2,084 | 2,084 | ||||
Foreign currency translation adjustments | (897) | (897) | ||||
Balance at Dec. 31, 2020 | 4,434 | $ 0 | $ 8 | 204,376 | (847) | (199,103) |
Balance (in shares) at Dec. 31, 2020 | 0 | 8,349 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (9,764) | (9,764) | ||||
Issuance of common stock under: | ||||||
Equity financing, net | 35,360 | $ 4 | 35,356 | |||
Equity financing, net (in shares) | 3,980 | |||||
Equity incentive plan (in shares) | 38 | |||||
Exercise of warrants | 3,878 | $ 1 | 3,877 | |||
Exercise of warrants (in shares) | 300 | |||||
Matching contribution to 401(k) plan | 152 | 152 | ||||
Matching contribution to 401(k) plan (in shares) | 26 | |||||
Stock-based compensation | 2,329 | 2,329 | ||||
Foreign currency translation adjustments | 830 | 830 | ||||
Balance at Dec. 31, 2021 | $ 37,219 | $ 0 | $ 13 | $ 246,090 | $ (17) | $ (208,867) |
Balance (in shares) at Dec. 31, 2021 | 0 | 12,693 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Operating activities | ||
Net loss | $ (9,764) | $ (15,825) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation | 561 | 620 |
Changes in allowance for doubtful accounts | 75 | 65 |
Gain on forgiveness of note payable | (1,099) | 0 |
Loss on impairment of goodwill | 0 | 189 |
Common stock contribution to 401(k) plan | 171 | 169 |
Stock-based compensation expense | 2,329 | 2,410 |
Finance cost attributable to issuance of warrants | 0 | 329 |
(Gain) loss on revaluation of warrant liabilities | (3,962) | 3,056 |
Other adjustments | 134 | 56 |
Unrealized loss (gain) on foreign currency transactions | 867 | (947) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,624) | 1,754 |
Inventories | (752) | 379 |
Prepaid expense, right-of-use assets, and other assets current and noncurrent expenses | 481 | 247 |
Accounts payable | 1,612 | (402) |
Accrued, lease and other noncurrent liabilities | 379 | (876) |
Deferred revenues | (564) | 21 |
Net cash used in operating activities | (11,156) | (8,755) |
Investing activities | ||
Acquisition of property and equipment | (59) | 0 |
Net cash used in investing activities | (59) | 0 |
Financing activities | ||
Proceeds from issuance of common stock and warrants, net | 37,295 | 7,082 |
Principal payments on notes payable | 0 | (1,278) |
Payment of remaining balance on long-term debt | 0 | (1,512) |
Proceeds from exercise of common stock warrants | 1,417 | 3,334 |
Proceeds from issuance of long-term debt, net of financing costs | 0 | 3,078 |
Net cash provided by financing activities | 38,712 | 10,704 |
Effect of exchange rate changes on cash | 47 | 41 |
Net increase in cash | 27,544 | 1,990 |
Cash at beginning of the year | 12,862 | 10,872 |
Cash at end of the year | 40,406 | 12,862 |
Supplemental disclosure of cash flow activities | ||
Cash paid for interest | 104 | 109 |
Cash paid for income taxes | 1 | 6 |
Supplemental disclosure of non-cash activities | ||
Reclassification of warrant liability to equity upon exercise of warrants | 2,461 | 3,976 |
Share issuance for common stock contribution to 401(k) plan | 152 | 155 |
Transfer of inventory to property and equipment | 434 | 132 |
Share issuance in lieu of cash compensation | 0 | 50 |
Fair value of warrants issued upon equity financing | $ 1,936 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Description of Business Ekso Bionics Holdings, Inc. (the “Company”) designs, develops, and markets exoskeleton products to augment human strength, endurance and mobility. The Company’s exoskeleton technology serves multiple markets and can be utilized both by able-bodied users and persons with physical disabilities. The Company has marketed devices that (i) enable individuals with neurological conditions affecting gait, including acquired brain injury (ABI) and spinal cord injury (SCI), 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. Founded in 2005, the Company is headquartered in the San Francisco Bay area and listed on the Nasdaq Capital Market under the symbol “EKSO”. Unless otherwise indicated, all dollar and share amounts included in these notes to the consolidated financial statements are in thousands. Liquidity and Capital Resources As of December 31, 2021, the Company had an accumulated deficit of $208,867. Largely as a result of significant research and development activities related to the development of the Company’s advanced technology and commercialization of such 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, 2021, the Company used $11,156 of cash in its operations. Cash on hand at December 31, 2021 was $40,406. As described in Note 9, Notes payable, net , borrowings under the Company’s secured term loan agreement with Pacific Western Bank have a liquidity covenant requiring minimum cash on hand equivalent to the current outstanding principal balance. As of December 31, 2021, $2,000 of cash must remain as restricted. After considering cash restrictions, effective unrestricted cash as of December 31, 2021 is approximately $38,406. With this unrestricted cash balance, the Company believes that it currently has sufficient cash to fund its operations beyond the look forward period of one year from the issuance of these consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Estimates | 12 Months Ended |
Dec. 31, 2021 | |
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 ("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. All common share and per share amounts have been adjusted to reflect the one-for-fifteen reverse stock split completed on March 24, 2020. See Note 12, Capitalization and Equity Structure – Reverse Stock Split . 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, 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 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. Accumulated Other Comprehensive Loss The Company's accumulated other comprehensive loss consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments. The change in accumulated other comprehensive loss presented on the consolidated balance sheets for the year ended December 31, 2021, is reflected in the table below net of tax: Accumulated Other Comprehensive Loss Balance at December 31, 2020 $ (847) Net unrealized gain on foreign currency translation 830 Balance at December 31, 2021 $ (17) Cash The Company places its cash in the custody of financial institutions with high credit ratings. The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. The Company did not have any cash equivalents or investments in money market funds as of December 31, 2021 and 2020. 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, Asia, and Australia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and provides an allowance for potential credit losses. The Company has not experienced material losses related to accounts receivable during the years ended December 31, 2021 and 2020. 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. As of December 31, 2021, the Company had no customers with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable, as compared with two customers as of December 31, 2020 (13% and 10%, respectively). The Company had no customers with sales of 10% or more of the Company’s total revenue for the years ended December 31, 2021 and 2020. Inventories 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 materials. 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 inventory. Inventories consisted of the following: December 31, 2021 2020 Raw materials $ 2,061 $ 1,724 Work in progress 145 18 Finished goods 36 236 Inventories $ 2,242 $ 1,978 Leases The Company records its leases in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 842, Leases. 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. 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. Restructuring In May of 2020, the Company streamlined its operations and reduced its workforce by approximately 35% to lower operating expenses and reduce cash burn. The restructuring plan was completed by the end of the second quarter of 2020. The Company recorded restructuring expense of $244 for the year ended December 31, 2020 comprised of termination benefit costs. As of December 31, 2020, there was no accrued restructuring cost remaining on the Company’s consolidated balance sheets. There was no comparable restructuring expense incurred in the year ended December 31, 2021. 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 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 were impaired as of December 31, 2021 and 2020. No impairment loss has been recognized in the years ended December 31, 2021 and 2020. 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, 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. The Company previously maintained a goodwill balance as a result of a prior acquisition of intangible assets from Equipois, LLC in December 2015 consisting of mechanical balance and support arms technologies, including the rights to the EksoZeroG product. During the third quarter of 2020, the Company had identified several indicators of potential impairment related to the goodwill recorded from the intangible asset acquisition from Equipois LLC, triggering an impairment assessment. At the time of the assessment, these indicators included declining sales, declining gross margins, and an overall uncertainty about the future of the EksoZeroG product line. As a result of this assessment, the Company recorded a loss on impairment of goodwill totaling $189, reducing the goodwill balance to zero as of December 31, 2020. In estimating the fair value, the Company utilized a discounted cash flow model, which is dependent on a number of assumptions, including forecasted revenues and profit margins. 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. 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 The Company records its revenue in accordance with ASC 606, Revenue from Contracts with Customers . 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, judgment is made to estimate the selling price based on market conditions and entity-specific factors including cost plus analyses, features and functionality of the product and/or services, the geography of the Company’s customers, and 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. The Company periodically validates the stand-alone selling price for performance obligations by evaluating whether changes in the key assumptions used to determine the stand-alone selling prices will have a significant effect on the allocation of transaction price between multiple performance obligations. The Company exercised judgement to determine that a product returns reserve was not required as historical returns activity have not been material. 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, prototype materials, 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. 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 stock options granted to employees and directors based on the estimated fair value of the award on the date of grant and recognizes the fair value on a straight-line basis over the requisite service periods of the awards. The Company determines the fair value of stock options on the date of grant using the Black-Scholes Model, which is affected by the Company’s stock price and assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s stock price, volatility over the term of the awards, and actual and projected employee stock option exercise behaviors (expected term). Due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term, 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 measures stock-based compensation expense for restricted stock units (“RSUs”) and performance stock units ("PSUs") made to employees and directors based on the Company’s closing stock price on the date of grant and recognizes the value on a straight-line basis over the requisite service periods of the awards. The Company records compensation expense for service-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the award. For awards with performance-based conditions, at the point that it becomes probable that the performance conditions will be met, the Company records a cumulative catch-up of the expense from the grant date to the current date, and then amortizes the remainder of the expense over the remaining service period. Management evaluates when the achievement of a performance-based condition is probable based on the expected satisfaction of the performance conditions as of the reporting date. The amount of stock-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. The Company accounts for forfeitures as they occur. 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 June 2016, the FASB issued Accounting Standard Update ("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, ASU 2019-05 and ASU 2019-10, 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 will be effective for the Company in 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. In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for convertible instruments. ASU 2020-06 eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance eliminates certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is effective for the Company beginning in the first quarter of 2022 and must be applied using either a modified or full retrospective approach. Early adoption is permitted. The Company does not expect the impact of adopting ASU 2020-06 to be material on its consolidated financial statements. |
Net Loss Per Share of Common St
Net Loss Per Share of Common Stock | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share of Common Stock | Net Loss Per Share of Common StockBasic 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 shares 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, net of tax as follows: Years ended December 31, 2021 2020 Numerator: Net loss $ (9,764) $ (15,825) Adjustment for gain on fair value of warrant liability (1,029) — Adjusted net loss used for dilution calculation $ (10,793) $ (15,825) Denominator Weighted-average number of shares outstanding 12,193 7,164 Effect of potential dilutive shares 76 — Dilutive weighted-average number of shares outstanding 12,269 7,164 Net loss per share Basic $ (0.80) $ (2.21) Diluted $ (0.88) $ (2.21) 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, 2021 2020 Options to purchase common stock 491 529 Restricted stock units 655 143 Warrants for common stock 920 1,325 Total common stock equivalents 2,066 1,997 |
Investment in Unconsolidated Af
Investment in Unconsolidated Affiliate | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Affiliate | Investment in Unconsolidated Affiliate In May 2020, the Company, Zhejiang Youchuang Venture Capital Investment Co., Ltd and another partner (collectively, the “JV Partners”) received notice from the Committee on Foreign Investment in the United States (“CFIUS”) in connection with its review of the Company’s and the JV Partners’ investment in Exoskeleton Intelligent Robotics Co. Limited (the “China JV”). The notice stated that CFIUS’s prior national security concerns regarding the China JV could not be mitigated. In connection with such determination, on July 13, 2020, the Company and the JV Partners entered into a National Security Agreement (“NSA”), which, among other things, requires the termination of the Company’s agreements and role with the China JV. On August 12, 2020, the Company and the JV Partners agreed to terminate the agreements underlying the China JV. As of December 31, 2020, all agreements related to the China JV had been terminated. In accordance with the above, during the year ended December 31, 2020, the Company recorded a $66 loss on investment in unconsolidated affiliate in the consolidated statements of operations and comprehensive loss related to the write-off of previously recorded direct costs related to establishing the China JV. There was no comparable loss incurred in the year ended December 31, 2021. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | Fair Value MeasurementFair 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, 2021 Liabilities Warrant liabilities $ 1,550 $ — $ — $ 1,550 December 31, 2020 Liabilities Warrant liabilities $ 6,037 $ — $ — $ 6,037 During the years ended December 31, 2021 and 2020, 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, 2021, which were measured at fair value on a recurring basis: Warrant Balance as of December 31, 2020 $ 6,037 Initial fair value of warrants in connection with 2021 financing 1,936 Gain on revaluation of warrants issued in 2021, June 2020, December 2019, and May 2019 equity financings (3,962) Reclassification of warrant liability to equity upon exercise of warrants (2,461) Balance as of December 31, 2021 $ 1,550 See Note 12 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
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company’s medical device segment (EksoHealth) revenue is primarily generated through the sale and subscription of the EksoNR, associated software (SmartAssist and VariableAssist), the sale and subscription of the EksoUE, the sale of accessories, and the sale of support and maintenance contracts (Ekso Care). In 2021, the Company moved to a customer subscription sales model and away from a rental sales model. Under the rental sales model, the Company offered customers a short term rental arrangement of its products to help bridge to a capital purchase since customers typically have challenges in obtaining approvals for capital expenditures. Subscription sales arrangements, however, bypass the customer capital purchase process, are intended to renew annually, and provide a long term revenue stream. 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, 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 evenly over the term of the contracts. Revenue from medical device subscriptions is recognized evenly over the initial contract term, typically over 12 months. The Company’s industrial device segment (EksoWorks) revenue is generated through the sale and subscription of the upper body exoskeletons (EksoVest and the recently introduced EVO) 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. Revenue from industrial device subscriptions is recognized evenly over the contract term, typically 12 months. 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 subscription of its products, the Company generally recognizes revenue over the subscription 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 for which the Company has been paid in advance and earns revenue when the Company transfers control of the product or service. Deferred revenue consisted of the following: December 31, 2021 December 31, 2020 Deferred extended maintenance and support $ 2,349 $ 2,902 Deferred royalties 280 282 Deferred device and advances 66 118 Total deferred revenues 2,695 3,302 Less current portion (1,220) (1,496) Deferred revenues, non-current $ 1,475 $ 1,806 Deferred revenue activity consisted of the following for the year ended December 31, 2021: Beginning balance $ 3,302 Deferral of revenue 1,189 Recognition of deferred revenue (1,796) Ending balance $ 2,695 At December 31, 2021, the Company’s deferred revenue was $2,695 . The Company expects to recognize approximately $1,220 of the deferred revenue during 2022, $698 in 2023, and $777 thereafter. In addition to deferred revenue, the Company has a non-cancellable backlog of $1,218 related to its contracts for subscription units with its customers. These subscription contracts typically have 12-month terms and subscription income is recognized on a straight-line basis over the lease term. As of December 31, 2021 and 2020, accounts receivable, net of allowance for doubtful accounts, were $4,662 and $3,224, 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, 2021: EksoHealth EksoWorks Total Device revenue $ 6,428 $ 1,138 $ 7,566 Service and support 1,891 — 1,891 Subscriptions 723 254 977 Parts and other 578 104 682 Collaborative arrangements 130 — 130 $ 9,750 $ 1,496 $ 11,246 The following table disaggregates the Company’s revenue by major source for the year ended December 31, 2020: EksoHealth EksoWorks Total Device revenue $ 5,012 $ 689 $ 5,701 Service and support 1,723 — 1,723 Subscriptions 782 55 837 Parts and other 294 72 366 Collaborative arrangements 255 — 255 $ 8,066 $ 816 $ 8,882 |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2021 | |
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) 2021 2020 Company-owned fleet 2-4 $ 3,693 $ 3,326 Computer software 3-5 390 851 Leasehold improvement 5-10 631 631 Furniture, office and leased equipment 3-7 554 557 Machinery and equipment 3-7 289 291 Tools, molds, dies and jigs 3-5 96 96 Computers and peripherals 3-5 77 77 5,730 5,829 Accumulated depreciation and amortization (4,739) (4,657) Property and equipment, net $ 991 $ 1,172 Depreciation expense of property and equipment, net totaled $561 and $620 for the years ended December 31, 2021 and 2020, respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following: December 31, 2021 2020 Salaries, benefits and related expenses $ 2,015 $ 1,194 Device warranty 195 188 Other 89 47 Total $ 2,299 $ 1,429 Warranty Sales of devices generally include an initial warranty for parts and services for one year in the Americas, two years in Europe, the Middle East, Africa (EMEA), and one or two years in the Asia Pacific (APAC) region. 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 2021 2020 Balance at beginning of the period $ 226 $ 350 Additions for estimated future expense 304 219 Incurred costs (260) (343) Balance at end of the period $ 270 $ 226 Current portion $ 195 $ 188 Long-term portion 75 38 Total $ 270 $ 226 |
Notes payable, net
Notes payable, net | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Notes Payable, Net | Notes payable, net WAB and PWB Term Loans WAB Term Loan In December 2016, the Company entered into a loan agreement with Western Alliance Bank ("WAB loan") and received a loan in the principal amount of $7,000 that bore interest on the outstanding daily balance at a floating per annum rate equal to the 30-day U.S. LIBOR plus 5.41%. The Company was required to pay accrued interest on the WAB 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 maturing on January 1, 2021. On April 29, 2020 the Company entered into a second amendment to the December 2016 WAB loan agreement to defer principal payments for three months beginning in May 2020, with adjustments when the principal payments resumed on August 1, 2020. During the three-month deferral period the Company was required to make interest only payments. The Company paid off this loan in August 2020. 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 for the WAB loan of 8.49% for the year ended December 31, 2020. The final payment fee, initial fair value of the success fee, and debt issuance costs were accreted/amortized to interest expense using the effective interest method over the life of the loan. PWB Term Loan In August 2020, the Company entered into a new loan agreement (the "PWB Loan Agreement") with a different lender, Pacific Western Bank, and received a loan in the principal amount of $2,000 (the "PWB Term Loan") that bears interest on the outstanding daily balance at a rate equal to the greater of: (a) 0.50% above the variable rate of interest announced by the lender as its “prime rate” then in effect; or (b) 4.50%. The PWB 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 proceeds of the PWB Term Loan were used to pay off the entire amount of the Company's indebtedness on the WAB loan which amounted to $1,512. Pursuant to the PWB Loan Agreement, the remainder of the PWB Term Loan proceeds may be used for general corporate purposes which totaled $480, net of debt discounts and issuance costs. The Company is required to pay accrued interest on the current loan on the 13th day of each month through and including August 13, 2023. The principal balance of the PWB Term Loan matures on August 13, 2023, at which time all unpaid principal and accrued and unpaid interest shall be due and payable in full. The interest rate of the PWB Term Loan is subject to increase in the event of late payments and after occurrence of and during the continuation of an event of default. Upon maturity, all unpaid principal and accrued and unpaid interest shall be due and payable in full. The Company may elect to prepay the PWB Term Loan at any time, in whole or in part, without penalty or premium. The PWB Loan Agreement contains a liquidity covenant, which requires 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 the outstanding balance of the PWB Term Loan, which was $2,000 as of December 31, 2021. On December 31, 2021, with cash on hand of $40,406, the Company was compliant with this liquidity covenant and all other covenants. The debt issuance costs and debt discounts combined with the stated interest resulted in an effective interest rate of 4.70% for the year ended December 31, 2021. The debt issuance costs will be amortized to interest expense using the effective interest method over the life of the loan. Interest expense for the Company's notes payable totaled $113 and $139 for the years ended December 31, 2021 and 2020, respectively. The following table presents scheduled principal payments of the Company's note payable as of December 31, 2021: Period Amount 2022 $ — 2023 2,000 Total principal payments 2,000 Less debt discount and issuance cost 7 Note payable, net $ 1,993 Current portion $ — Long-term portion 1,993 Note payable, net $ 1,993 Paycheck Protection Program Loan On April 20, 2020, the Company received an unsecured loan in the principal amount of $1,086 under the Paycheck Protection Program (the “PPP”) administered by the U.S. Small Business Administration (the "SBA"), pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), or the PPP loan. The PPP loan bore interest at 1.00% per annum, and matured two years after the date of initial disbursement. The terms of the PPP loan were subsequently revised in accordance with the provisions of the Paycheck Protection Flexibility Act of 2020, or the PPP Flexibility Act, which was enacted on June 5, 2020. The PPP loan was used for payroll costs, costs related to certain group health care benefits and insurance premiums, rent payments, utility payments and interest payments on other debt obligation that were incurred before February 15, 2020. Under the terms of the CARES Act and the PPP Flexibility Act, the Company could apply for and be granted forgiveness for all or a portion of loan granted under the PPP loan, with such forgiveness to be determined, subject to limitations (including where employees of the Company have been terminated and not re-hired by a certain date), based on the use of the loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. The terms of any forgiveness were also subject to further requirements in regulations and guidelines adopted by the SBA. As of December 31, 2020, the PPP loan was included in Notes payable, net on the condensed consolidated balance sheets. On June 28, 2021, the Company received notification from the SBA that the Company’s Forgiveness Application of the PPP loan and accrued interest, totaling $1,099, was approved in full, and the Company had no further obligations related to the PPP loan. Accordingly, the Company recorded a gain on the forgiveness of the PPP loan as gain on forgiveness of note payable on the condensed consolidated statement of operations. |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Lease Obligations | Lease Obligations The Company maintains a five-year operating lease agreement for its headquarters and manufacturing facility in Richmond, California, or the Richmond Lease, which expires in May 2022, with no further options to extend or terminate. The lease includes non-lease components (i.e. common area maintenance costs) that are paid separately from rent based on actual costs incurred. In June 2020, the Company entered into an amendment to the Richmond Lease to make a one-time payment of $300 to cover its remaining lease obligations for the remainder of 2020, resulting in a $48 abatement and a lease payment deferral of $79 to be paid in equal monthly installments in 2021. The Company's five-year operating lease agreement for its European operations office in Hamburg, Germany expires in July 2022. It has an option to extend for another five-year term. The Company’s future lease payments as of December 31, 2021 are as follows, which are presented as lease liabilities on the Company’s consolidated balance sheets: Period Operating 2022 $ 233 Total lease payments 233 Less: imputed interest (4) Present value of lease liabilities $ 229 Lease liabilities, current $ 229 Lease liabilities — Total lease liabilities $ 229 Weighted-average remaining term (in years) 0.44 Weighted-average discount rate 10.5 % |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Employee Benefit PlanThe 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 makes 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 $171 and $169 for the years ended December 31, 2021 and 2020, respectively. |
Capitalization and Equity Struc
Capitalization and Equity Structure | 12 Months Ended |
Dec. 31, 2021 | |
Capitalization, Long-term Debt and Equity [Abstract] | |
Capitalization and Equity Structure | Capitalization and Equity StructureReverse Stock Split After the close of the stock market on March 24, 2020, the Company effected a 1-for-15 reverse split of its common stock (the "Reverse Stock Split"). As a result, all common stock share amounts included in this filing have been retroactively reduced by a factor of fifteen, rounded up to the nearest whole share, and all common stock per share amounts have been increased by a factor of fifteen, with the exception of the Company's common stock par value and the Company's authorized shares. Amounts affected include common stock outstanding, restricted stock units, common stock underlying stock options and warrants. Summary The Company’s authorized capital stock at December 31, 2021 consisted of 141,429 shares of common stock and 10,000 shares of preferred stock. The authorized capital was not reduced in connection with the Reverse Stock Split. At December 31, 2021, there were 12,693 shares of common stock issued and outstanding and no shares of preferred stock 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 preemptive 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. February 2021 Offering In February 2021, the Company entered into an amended and restated underwriting agreement (the "Underwriting Agreement") with H.C. Wainwright & Co., LLC ("Wainwright"), to sell 3,902 shares of the Company's common stock for a public price of $10.25 per share, for gross proceeds of $40,000 (the "February 2021 Offering"). The Company received net proceeds of $36,504 from the February 2021 Offering after deducting underwriting discounts, commissions and estimated offering expenses. Pursuant to the Underwriting Agreement, the Company issued, to certain designees of Wainwright, five year warrants (the “2021 Warrants”) to purchase shares of Common Stock in an amount equal to 7.0% of the aggregate number of shares sold in the February 2021 Offering, or 273 shares, at an exercise price of $12.81 per share. June 2020 Common Stock and Warrants to Purchase Common Stock Offering In June 2020, the Company entered into a securities purchase agreement, or the June 2020 Purchase Agreement, with certain purchasers. Pursuant to the June 2020 Purchase Agreement, the Company sold in a registered direct offering, or the June 2020 Offering, an aggregate of 1,748 shares of its common stock. Pursuant to such agreement, the Company also sold, in a concurrent private placement offering, warrants to purchase 874 shares of its common stock, or the June 2020 Investor Warrants. The gross proceeds of the June 2020 Offering and the concurrent private placement offering were $7,890, the June 2020 Gross Proceeds. Each June 2020 Investor Warrant has an exercise price of $5.18 per share, subject to adjustment in certain circumstances, and is exercisable immediately and will expire five and one-half years from issuance, or on December 10, 2025. As compensation for services provided by the placement agent for the June 2020 Offering, or the Placement Agent, the Company paid a cash fee equal to 7.0% of the June 2020 Gross Proceeds ($552) and a management fee equal to 1.0% of the June 2020 Gross Proceeds ($79), and issued, in a concurrent private placement offering, warrants to purchase shares of the Company's common stock, or the June 2020 Placement Agent Warrants, in an amount equal to up to 7.0% of the aggregate number of shares of common stock sold in the June 2020 Offering, or 122 shares in the aggregate, in substantially the same form as the June 2020 Investor Warrants, except that the June 2020 Placement Agent Warrants will expire five years from the effective date of the June 2020 Offering, or on June 7, 2025, and have an exercise price per share equal to $5.64. In connection with the June 2020 Offering, the Company also incurred $98 in other expenses of the Placement Agent paid for or reimbursed by the Company. Of the $7,890 in proceeds, $2,650 was allocated to the June 2020 Investor Warrants and June 2020 Placement Agent Warrants, or, collectively, the June 2020 Warrants, based on the fair value method, with the remaining proceeds of $5,240 allocated to the common stock shares sold in the June 2020 Offering. In connection with the June 2020 Offering and concurrent private placement offerings, the Company incurred approximately $1,117 in direct financing costs, including a fair value of $309 of June 2020 Placement Agent Warrants. Financing costs of $808, excluding the fair value of the June 2020 Placement Agents Warrants, were allocated on the fair value basis between the common stock shares sold in the June 2020 Offering and the June 2020 Warrants, as follows: $329 was allocated to the June 2020 Warrants and expensed immediately in other income (expense), net in the accompanying consolidated statements of operations and comprehensive income (loss) and $479 was allocated to the common stock shares sold in the June 2020 Offering and recorded as a reduction to additional paid in capital. The direct financing cost of $309 associated with the June 2020 Placement Agent warrants was also allocated to the common stock shares sold in the June 2020 Offering and recorded as a reduction to additional paid in capital. At the Market Offering In October 2020, the Company entered into an At The Market Offering Agreement (the "ATM Agreement") with H.C. Wainwright & Co., LLC (the "Agent"), under which the Company may issue and sell shares of its common stock, from time to time, to or through the Agent. Offers and sales of shares of common stock by the Company through the Agent may be made by any method deemed to be an “at the market offering” as defined under SEC Rule 415 or in privately negotiated transactions, subject to certain conditions. Such shares may be offered pursuant to the registration statement on Form S-3 (File No. 333-239203) (the “Registration Statement”), which was declared effective by the SEC on June 26, 2020, and a related prospectus supplement filed with the SEC on October 9, 2020 (the “ATM Prospectus”). Pursuant to the Registration Statement and the ATM Prospectus, shares having an aggregate offering price of up to $7,500 may be offered and sold, subject to certain SEC rules limiting the amount of shares of the Company’s common stock that may be sold by the Company under the Registration Statement. Under the ATM Agreement, shares of the Company's common stock may not be sold for a price lower than $6.75 per share. During the year ended December 31, 2021, the Company sold 78 shares of common stock at an average price per share of $10.72 for proceeds of $791, net of commission and issuance costs, under the ATM Agreement. As of December 31, 2021, the Company has $6,668 available for future offerings under the prospectus filed with respect to the ATM Agreement. In August 2018, the Company entered into a Controlled Equity Offering SM Sales Agreement with Cantor Fitzgerald & Co. (the "Cantor Agreement"). Prior to entering into the ATM Agreement, the Company terminated the Cantor Agreement in September 2020. 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 shares outstanding as of December 31, 2021 and December 31, 2020 were as follows: Source Exercise Term December 31, 2020 Issued Expired Exercised December 31, 2021 2021 Warrants $ 12.81 5 — 273 — — 273 June 2020 Investor Warrants $ 5.18 5.5 397 — — (270) 127 June 2020 Placement Agent Warrants $ 5.64 5 122 — — (83) 39 December 2019 Warrants $ 8.10 5 556 — — — 556 December 2019 Placement Agent Warrants $ 8.44 5 52 — — — 52 May 2019 Warrants $ 3.52 3 198 — — (5) 193 1,325 273 — (358) 1,240 During the years ended December 31, 2021 and 2020, the Company received net proceeds of $1,417 and $1,436 from the exercise of 358 and 723 warrants and issued 300 and 723 shares of common stock, respectively, as a result of those exercises . T he weighted average exercise price of the warrants outstanding as of December 31, 2021 was $8.06. 2021 Warrants In February 2021, the Company issued the 2021 Warrants, exercisable for up to 273 shares of the Company’s common stock at an exercise price of $12.81 per share. The 2021 Warrants were issued as exercisable immediately, and will expire five years from the date of issuance, or on February 11, 2026. In addition, the 2021 Warrants contain a cashless exercise provision, whereby, if, at the time a holder exercises its 2021 Warrants, a registration statement registering the issuance or the resale of the shares of common stock underlying the 2021 Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder may elect to instead receive, upon such exercise (either in whole or in part), the net number of shares of the Company’s common stock determined according to a formula set forth in the 2021 Warrants. The 2021 Warrants will be automatically exercised on a cashless basis on their expiration date. The 2021 Warrants could also require payment of liquidated damages by the Company in the form of cash payments in the event of a failure by the Company to timely deliver shares of common stock upon exercise of such warrants. The 2021 Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the 2021 Warrants, the Company or any successor entity will, at the option of a holder of a 2021 Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s 2021 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 2021 Warrant within five The warrant liability related to the 2021 Warrants is measured at fair value upon issuance and 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 2021 Warrants: December 31, 2021 February 11, 2021 Current share price $ 2.65 $ 9.61 Conversion price $ 12.81 $ 12.81 Risk-free interest rate 1.13 % 0.46 % Expected term (years) 4.11 5 Volatility of stock 98.3 % 107.1 % June 2020 Investor Warrants In June 2020, the Company issued the June 2020 Investor Warrants, exercisable for up to 874 shares of the Company’s common stock at an exercise price of $5.18 per share. The June 2020 Warrants were issued as exercisable immediately, and will expire five and one-half years from the date of issuance, or on December 10, 2025. In addition, the June 2020 Investor Warrants contain a cashless exercise provision, whereby, if, at the time a holder exercises its June 2020 Investor Warrants, a registration statement registering the issuance or the resale of the shares of common stock underlying the June 2020 Investor Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder may elect to instead receive, upon such exercise (either in whole or in part), the net number of shares of the Company’s common stock determined according to a formula set forth in the June 2020 Investor Warrant. The June 2020 Investor Warrants will be automatically exercised on a cashless basis on their expiration date. The June 2020 Investor Warrants could also require payment of liquidated damages by the Company in the form of cash payments in the event of a failure by the Company to timely deliver shares of common stock upon exercise of such warrants. During the year ended December 31, 2021, 270 shares of the June 2020 Warrants were exercised. The June 2020 Investor Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the June 2020 Investor Warrants, as defined in the June 2020 Investor Warrants, the holders of the June 2020 Investor Warrants will be entitled to receive upon exercise of the June 2020 Investor Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the June 2020 Investor Warrants immediately prior to such fundamental transaction. Alternatively, the Company or any successor entity will, at the option of a holder of a June 2020 Investor Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s June 2020 Investor 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 June 2020 Investor Warrant. Because of this put-option provision, the June 2020 Investor Warrants are classified as a liability and are marked to market at each reporting date. The warrant liability related to the June 2020 Investor Warrants is measured at fair value upon issuance and 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 June 2020 Investor Warrants: December 31, 2021 December 31, 2020 Current share price $ 2.65 $ 6.13 Conversion price $ 5.18 $ 5.18 Risk-free interest rate 1.11 % 0.35 % Expected term (years) 3.94 4.94 Volatility of stock 103.9 % 105.3 % June 2020 Placement Agent Warrants In June 2020, the Company issued the June 2020 Placement Agent Warrants, exercisable for up to 122 shares of the Company’s common stock, to the placement agent for such offering. The June 2020 Placement Agent Warrants have substantially the same form as the June 2020 Investor Warrants, including the put option described above, except that they have an exercise price per share equal to $5.64, subject to adjustment in certain circumstances, and will expire on June 7, 2025. During the year ended December 31, 2021, 83 shares of the June 2020 Placement Agent Warrants were exercised. Because of the put-option provision in the June 2020 Placement Agent Warrants, these warrants are classified as a liability and are marked to market at each reporting date. The warrant liability related to the June 2020 Placement Agent 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 June 2020 Placement Agent Warrants: December 31, 2021 December 31, 2020 Current share price $ 2.65 $ 6.13 Conversion price $ 5.64 $ 5.64 Risk-free interest rate 1.03 % 0.31 % Expected term (years) 3.44 4.44 Volatility of stock 100.0 % 106.8 % December 2019 Warrants In December 2019, pursuant to a securities purchase agreement (the "December 2019 Offering") the Company issued warrants (the "December 2019 Warrants") to purchase 556 shares of common stock. The December 2019 Warrants are currently exercisable and have an exercise price of $8.10 per share, and will expire five years from the date they initially became exercisable, or on June 21, 2025. 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 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, 2021 December 31, 2020 Current share price $ 2.65 $ 6.13 Conversion price $ 8.10 $ 8.10 Risk-free interest rate 1.04 % 0.31 % Expected term (years) 3.47 4.47 Volatility of stock 99.7 % 107.9 % December 2019 Placement Agent Warrants In December 2019, in connection with the December 2019 Offering, the Company issued warrants to purchase 556 shares of the Company’s common stock to the placement agent for such offering (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 $8.10, subject to adjustment in certain circumstances, and will expire on December 18, 2025. The warrant liability related to the December 2019 Placement Agent 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 Placement Agent Warrants: December 31, 2021 December 31, 2020 Current share price $ 2.65 $ 6.13 Conversion price $ 8.44 $ 8.44 Risk-free interest rate 0.96 % 0.26 % Expected term (years) 2.97 3.97 Volatility of stock 102.9 % 109.4 % Management has assessed that the likelihood of a Change of Control (as defined in the December 2019 Placement Agent Warrants) 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 an underwriting agreement, (the "May 2019 Offering"), the Company issued warrants (the "May 2019 Warrants") to purchase 444 shares of common stock. The May 2019 Warrants are currently exercisable and have a current exercise price of $3.52 per share, and 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 June 2020 Offering, the exercise price of the May 2019 Warrants was reduced to $3.52 per share, being the amount that is equal to the lower of (x) the consideration paid for the securities issued in the June 2020 Offering, or $4.51 per share, (y) the lowest exercise price of the June 2020 Warrants, or $5.18, 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 June 8, 2020, rounded to the nearest share, or $3.52. During the year ended December 31, 2021, 5 shares of the May 2019 warrants were exercised. 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. 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 and exercise 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 May 2019 Warrants: December 31, 2021 December 31, 2020 Current share price $ 2.65 $ 6.13 Conversion price $ 3.52 $ 3.52 Risk-free interest rate 0.83 % 0.21 % Expected term (years) 2.40 3.40 Volatility of stock 109.1 % 107.2 % 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. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
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 137 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 137 2015 increase 111 June 2017 increase 67 December 2017 increase (ratified in June 2018) 293 2019 increase 233 March 2020 increase 333 December 2020 increase 800 Total share authorized for grant as of December 31, 2021 1,974 As of December 31, 2021, the total shares authorized for grant under the 2014 Plan was 1,974, of which 587 were available for future grants. Under the terms of the 2014 Plan, the Board of Directors may award stock options, restricted stock, restricted stock units, stock appreciation rights and dividend equivalent 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. Shares available for future grant under the 2014 Plan was as follows: Shares Available For Grant Available as of December 31, 2020 1,113 Granted (620) Forfeited 71 Expired 23 Available as of December 31, 2021 587 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. 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, 2021 is presented below: Options Weighted Weighted Aggregate Outstanding at beginning of year 529 $ 31.62 Forfeited (15) $ 8.65 Expired (23) $ 27.01 Outstanding at end of year 491 $ 32.53 6.41 $ — Vested and expected to vest 491 $ 32.53 6.41 $ — Exercisable at year end 405 $ 36.41 6.16 $ — No stock options were exercised during the years ended December 31, 2021 and 2020. As no stock options were granted during the year ended December 31, 2021, there was no related weighted-average grant date fair value. The weighted-average grant date fair value of stock options granted for the year ended December 31, 2020 was $4.42. The total grant date fair value of stock option vested during the years ended December 31, 2021 and 2020 was $1,194 and $1,900, respectively. As of December 31, 2021, total unrecognized compensation cost related to unvested stock options was $936. 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 1.3 years. The following table summarizes information about stock options outstanding as of December 31, 2021: Options Outstanding Options Exercisable Range of Number of Weighted-Average Weighted Number of Weighted $5.55 - $9.15 187 7.9 $ 7.84 127 $ 7.34 $16.95 - $27.30 139 6.7 $ 24.12 120 $ 24.35 $27.45 - $54.15 93 6.2 $ 35.49 85 $ 35.48 $56.70 - $229.95 72 2.7 $ 108.36 72 $ 108.36 491 6.4 $ 32.53 405 $ 36.41 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, 2021 2020 Dividend yield N/A — Risk-free interest rate N/A 1.44% - 1.7% Expected term (in years) N/A 5.27 - 6.08 Volatility N/A 100%-102% N/A - No stock options were granted during the year ended December 31, 2021. Restricted Stock Units The Company issues time-based RSUs and PSUs to employees and non-employee service providers. Each RSU and PSU represents the right to receive one share of the Company’s common stock upon vesting and subsequent settlement. PSUs vest upon achievement of performance targets based on the Company's annual operating plan. The fair values of RSUs and PSUs are determined based on the closing price of the Company’s common stock on the date of grant. Combined RSU and PSU activity for the year ended December 31, 2021 is summarized below: Number of Weighted Average Grant- Date Fair Value Unvested as of January 1, 2021 143 $ 6.21 Granted 620 $ 5.70 Vested (52) $ 6.25 Forfeited (56) $ 7.69 Unvested as of December 31, 2021 655 $ 5.63 The total grant-date fair value of RSUs and PSUs that vested during the year ended December 31, 2021 was $218. As of December 31, 2021, $2,790 of total unrecognized compensation expense related to unvested RSUs and PSUs was expected to be recognized over a weighted average period of 2.12 years. Compensation Expense Stock-based compensation is included in the consolidated statements of operations and comprehensive loss in general and administrative, research and development, or sales and marketing expenses, depending upon the nature of services provided. Stock-based compensation expense related to stock options, RSUs and PSUs granted to employees and non-employees was as follows: Years Ended December 31, 2021 2020 Sales and marketing $ 450 $ 476 Research and development 270 293 General and administrative 1,609 1,641 $ 2,329 $ 2,410 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, 2021, the Company had not initiated employee enrollment to the plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The domestic and foreign components of pre-tax loss for the years ended December 31, 2021 and 2020 were as follows: Years Ended December 31, 2021 2020 Domestic $ (9,069) $ (14,954) Foreign (695) (871) Loss before income taxes $ (9,764) $ (15,825) The Company had no current or deferred federal and state income tax expense or benefit for the years ended December 31, 2021 and 2020 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, 2021 and 2020 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, 2021 and 2020 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, 2021 2020 Federal tax at statutory rate 21.0 % 21.0 % State tax, net of federal tax effect — — R&D credit 0.4 — Change in valuation allowance (31.3) (16.6) Unrealized gain on warrant 8.5 (4.5) PPP Loan Forgiveness 2.4 — Other (1.9) 0.6 Foreign exchange 0.9 (0.5) Total tax expense (benefit) — % — % The tax effects of temporary differences and related deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows: December 31, 2021 2020 Deferred tax assets: Depreciation and other $ 257 $ 235 Net operating loss carryforwards 47,579 43,241 Research and development tax credits 1,899 1,837 Accruals and reserves 395 380 Deferred revenue 377 401 Stock compensation expense 2,763 2,547 Lease assets 30 110 Other 20 37 Deferred tax liabilities: Lease liabilities (28) (88) Prepaid expenses (32) (27) Less: Valuation allowance (53,260) (48,673) 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 $4,587 and $3,192 in the years ended December 31, 2021 and December 31, 2020, 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, 2021 and December 31, 2020. On March 27, 2020 the U.S. enacted the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). On December 21, 2020, The U.S. Congress passed the Consolidation Appropriations Act, 2021 (the CAA Act). The Company evaluated the provisions of the CARES Act and CCA Act and determined that it did not result in a significant impact on its tax provision. On June 29, 2020 California Assembly Bill 85 (AB 85) was signed into law, which suspended the use of California net operating losses and limits the use of California research tax credits for tax years beginning in 2020 and before 2023. However, on February 9, 2022 California Senate Bill 113 (SB 113) was signed into law and removed the limitation on the net operating losses and credits for the 2022 year and allows, after taxable years beginning on or after January 1, 2022, the ability to utilize net operating losses and credits. These recent changes in the suspension of net operating losses and the restriction of research tax credits did not result in a significant impact on the value of the Company's deferred tax assets. As of December 31, 2021 the Company had federal net operating loss carryforwards of $176,926. The federal net operating loss carryforwards of $120,792 generated before January 1, 2018 will begin to expire in 2027, and $56,134 will carryforward indefinitely but are subject to the 80% taxable income limitation. The Company also had federal research and development tax credit carryforwards of $1,997 that will expire beginning in 2031, if not utilized. As of December 31, 2021, the Company had state net operating loss carryforwards of $114,741, which will begin to expire in 2028. The Company also had state research and development tax credit carryforwards of $677, which have no expiration. As of December 31, 2021, the Company had foreign net operating loss carryforwards of $10,350. The foreign net operating loss carryforwards do not expire. 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 for the years ended December 31, 2021 and 2020, were as follows: Years Ended December 31, 2021 2020 Beginning balances as of January 1, 2021 and 2020 $ 645 $ 637 Increase of unrecognized tax benefits taken in prior years 1 1 Increase of unrecognized tax benefits related to current year 22 7 Ending balances as of January 1, 2021 and 2020 $ 668 $ 645 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
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. 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, the Company is required to pay the developer a single-digit royalty on net receipts, subject to a $50 annual minimum royalty requirement. The Company entered into a research and development collaboration agreement in December 2021 with a party that develops technologies having utility in robotic exoskeletons from research and development activities associated with a specific set of government funded research projects. Commencing in January 2022, the Company will assist with research and development activities in exchange for access to a worldwide, royalty free, transferable, sublicensable, exclusive license to design and market products that use or incorporate the jointly-developed technology within Ekso’s target market segments. 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 $1,446 as of December 31, 2021, 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. Due to a variety of factors, including the COVID-19 pandemic, various materials the Company used to manufacture its products are currently experiencing shortages and supply chain disruptions. Electronic components in general, semiconductor chips, battery cells, metals and plastics, all of which are used in the Company's products, are also in shorter supply compared to prior periods, and the Company is also experiencing longer lead times for manufacturing services such as machining and tool making. Numerous factors, such as the ongoing pandemic or further trade tensions between the U.S. and China, may prolong or deepen these challenges. Other Contractual Obligations The following table summarizes the Company's outstanding contractual obligations, including interest payments, as of December 31, 2021 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 1-3 Years 3-5 Years Term loans $ 2,173 $ 90 $ 2,083 $ — Facility operating lease 233 233 — — Total $ 2,406 $ 323 $ 2,083 $ — 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, 2021 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Segment Disclosures The Company has two reportable segments: EksoHealth and EksoWorks. The EksoHealth segment designs, engineers, manufactures, and markets exoskeletons for applications in the medical markets. The EksoWorks segment designs, engineers, manufactures, and markets exoskeleton devices to allow able-bodied users to perform difficult repetitive work for extended periods. The reportable segments are each managed separately because they serve distinct markets. The Company evaluates performance and allocates resources based on segment gross profit margin. The Company does not consider net assets as a segment measure and, accordingly, assets are not allocated. Segment reporting information is as follows: EksoHealth EksoWorks Total Year ended December 31, 2021 Revenue $ 9,750 $ 1,496 $ 11,246 Cost of revenue 3,746 751 4,497 Gross profit $ 6,004 $ 745 $ 6,749 Year ended December 31, 2020 Revenue $ 8,066 $ 816 $ 8,882 Cost of revenue 3,219 593 3,812 Gross profit $ 4,847 $ 223 $ 5,070 Geographically, the regions the Company operates in are the Americas, EMEA, and APAC. Individual countries with revenue greater than 10% of total revenue are disclosed separately from the regional totals. Geographic information for revenue based on location of customers is as follows: Year ended December 31, 2021 2020 United States $ 6,451 $ 5,882 Other 127 79 Americas 6,578 5,961 Germany 1,327 884 Other 2,084 849 EMEA 3,411 1,733 APAC 1,257 1,188 $ 11,246 $ 8,882 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn January 21, 2022, the Company announced the resignation of Jack Peurach as President, Chief Executive Officer and member of the Board of Directors of the Company and from all other positions with the Company. In connection with his departure, the Company has agreed to pay $263 in severance over the 9-month period following Mr. Peurach’s separation plus an additional lump sum of $187 promptly following the effective date of his separation agreement. The Company also accelerated certain portions of Mr. Peurach’s RSUs that would have vested in the nine months following his separation.On January 21, 2022, the Company also announced the appointment of Steven Sherman, Chairman of the Board of Directors, as Chief Executive Officer of the Company and Scott Davis as the President and Chief Operating Officer of the Company. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Estimates (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). In the opinion of management, all adjustments necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented have been included and are normal and recurring in nature. All significant intercompany transactions and balances have been eliminated in consolidation. Certain reclassifications have been made to prior year amounts to conform to the current year’s presentation. All common share and per share amounts have been adjusted to reflect the one-for-fifteen reverse stock split completed on March 24, 2020. See Note 12, Capitalization and Equity Structure – Reverse Stock Split . |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to, revenue recognition, deferred revenue, 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 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. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The Company's accumulated other comprehensive loss consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments. |
Cash | CashThe Company places its cash in the custody of financial institutions with high credit ratings. The Company considers all highly liquid investments purchased with a maturity of three months or less to be cash equivalents. |
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, Asia, and Australia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and provides an allowance for potential credit losses. The Company has not experienced material losses related to accounts receivable during the years ended December 31, 2021 and 2020. 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. |
Inventories | Inventories 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 materials. 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 inventory. |
Leases | Leases The Company records its leases in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 842, Leases. 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. 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 |
Impairment of Long-Lived Assets | Impairment of Long-Lived AssetsThe 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, 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. The Company previously maintained a goodwill balance as a result of a prior acquisition of intangible assets from Equipois, LLC in December 2015 consisting of mechanical balance and support arms technologies, including the rights to the EksoZeroG product. During the third quarter of 2020, the Company had identified several indicators of potential impairment related to the goodwill recorded from the intangible asset acquisition from Equipois LLC, triggering an impairment assessment. At the time of the assessment, these indicators included declining sales, declining gross margins, and an overall uncertainty about the future of the EksoZeroG product line. As a result of this assessment, the Company recorded a loss on impairment of goodwill totaling $189, reducing the goodwill balance to zero as of December 31, 2020. In estimating the fair value, the Company utilized a discounted cash flow model, which is dependent on a number of assumptions, including forecasted revenues and profit margins. |
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. |
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 The Company records its revenue in accordance with ASC 606, Revenue from Contracts with Customers . 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, judgment is made to estimate the selling price based on market conditions and entity-specific factors including cost plus analyses, features and functionality of the product and/or services, the geography of the Company’s customers, and 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. The Company periodically validates the stand-alone selling price for performance obligations by evaluating whether changes in the key assumptions used to determine the stand-alone selling prices will have a significant effect on the allocation of transaction price between multiple performance obligations. The Company exercised judgement to determine that a product returns reserve was not required as historical returns activity have not been material. |
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, prototype materials, 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. |
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 stock options granted to employees and directors based on the estimated fair value of the award on the date of grant and recognizes the fair value on a straight-line basis over the requisite service periods of the awards. The Company determines the fair value of stock options on the date of grant using the Black-Scholes Model, which is affected by the Company’s stock price and assumptions regarding a number of highly complex and subjective variables. These variables include, but are not limited to, the Company’s stock price, volatility over the term of the awards, and actual and projected employee stock option exercise behaviors (expected term). Due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term, 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 measures stock-based compensation expense for restricted stock units (“RSUs”) and performance stock units ("PSUs") made to employees and directors based on the Company’s closing stock price on the date of grant and recognizes the value on a straight-line basis over the requisite service periods of the awards. The Company records compensation expense for service-based awards on a straight-line basis over the requisite service period, which is generally the vesting period of the award. For awards with performance-based conditions, at the point that it becomes probable that the performance conditions will be met, the Company records a cumulative catch-up of the expense from the grant date to the current date, and then amortizes the remainder of the expense over the remaining service period. Management evaluates when the achievement of a performance-based condition is probable based on the expected satisfaction of the performance conditions as of the reporting date. The amount of stock-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest. The Company accounts for forfeitures as they occur. |
Recent Accounting Pronouncements/Accounting Pronouncements Adopted in 2020 | Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standard Update ("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, ASU 2019-05 and ASU 2019-10, 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 will be effective for the Company in 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. In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity , which simplifies the accounting for convertible instruments. ASU 2020-06 eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance eliminates certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is effective for the Company beginning in the first quarter of 2022 and must be applied using either a modified or full retrospective approach. Early adoption is permitted. The Company does not expect the impact of adopting ASU 2020-06 to be material on its consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Estimates (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | The change in accumulated other comprehensive loss presented on the consolidated balance sheets for the year ended December 31, 2021, is reflected in the table below net of tax: Accumulated Other Comprehensive Loss Balance at December 31, 2020 $ (847) Net unrealized gain on foreign currency translation 830 Balance at December 31, 2021 $ (17) |
Schedule of Inventories | Inventories consisted of the following: December 31, 2021 2020 Raw materials $ 2,061 $ 1,724 Work in progress 145 18 Finished goods 36 236 Inventories $ 2,242 $ 1,978 |
Net Loss Per Share of Common _2
Net Loss Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 shares 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, net of tax as follows: Years ended December 31, 2021 2020 Numerator: Net loss $ (9,764) $ (15,825) Adjustment for gain on fair value of warrant liability (1,029) — Adjusted net loss used for dilution calculation $ (10,793) $ (15,825) Denominator Weighted-average number of shares outstanding 12,193 7,164 Effect of potential dilutive shares 76 — Dilutive weighted-average number of shares outstanding 12,269 7,164 Net loss per share Basic $ (0.80) $ (2.21) Diluted $ (0.88) $ (2.21) |
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, 2021 2020 Options to purchase common stock 491 529 Restricted stock units 655 143 Warrants for common stock 920 1,325 Total common stock equivalents 2,066 1,997 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 Liabilities Warrant liabilities $ 1,550 $ — $ — $ 1,550 December 31, 2020 Liabilities Warrant liabilities $ 6,037 $ — $ — $ 6,037 |
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, 2021, which were measured at fair value on a recurring basis: Warrant Balance as of December 31, 2020 $ 6,037 Initial fair value of warrants in connection with 2021 financing 1,936 Gain on revaluation of warrants issued in 2021, June 2020, December 2019, and May 2019 equity financings (3,962) Reclassification of warrant liability to equity upon exercise of warrants (2,461) Balance as of December 31, 2021 $ 1,550 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Deferred Revenue Activity | Deferred revenue consisted of the following: December 31, 2021 December 31, 2020 Deferred extended maintenance and support $ 2,349 $ 2,902 Deferred royalties 280 282 Deferred device and advances 66 118 Total deferred revenues 2,695 3,302 Less current portion (1,220) (1,496) Deferred revenues, non-current $ 1,475 $ 1,806 Deferred revenue activity consisted of the following for the year ended December 31, 2021: Beginning balance $ 3,302 Deferral of revenue 1,189 Recognition of deferred revenue (1,796) Ending balance $ 2,695 |
Summary of Disaggregation of Revenue | The following table disaggregates the Company’s revenue by major source for the year ended December 31, 2021: EksoHealth EksoWorks Total Device revenue $ 6,428 $ 1,138 $ 7,566 Service and support 1,891 — 1,891 Subscriptions 723 254 977 Parts and other 578 104 682 Collaborative arrangements 130 — 130 $ 9,750 $ 1,496 $ 11,246 The following table disaggregates the Company’s revenue by major source for the year ended December 31, 2020: EksoHealth EksoWorks Total Device revenue $ 5,012 $ 689 $ 5,701 Service and support 1,723 — 1,723 Subscriptions 782 55 837 Parts and other 294 72 366 Collaborative arrangements 255 — 255 $ 8,066 $ 816 $ 8,882 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: Estimated December 31, Life (Years) 2021 2020 Company-owned fleet 2-4 $ 3,693 $ 3,326 Computer software 3-5 390 851 Leasehold improvement 5-10 631 631 Furniture, office and leased equipment 3-7 554 557 Machinery and equipment 3-7 289 291 Tools, molds, dies and jigs 3-5 96 96 Computers and peripherals 3-5 77 77 5,730 5,829 Accumulated depreciation and amortization (4,739) (4,657) Property and equipment, net $ 991 $ 1,172 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: December 31, 2021 2020 Salaries, benefits and related expenses $ 2,015 $ 1,194 Device warranty 195 188 Other 89 47 Total $ 2,299 $ 1,429 |
Schedule of Warranty Costs | Warranty 2021 2020 Balance at beginning of the period $ 226 $ 350 Additions for estimated future expense 304 219 Incurred costs (260) (343) Balance at end of the period $ 270 $ 226 Current portion $ 195 $ 188 Long-term portion 75 38 Total $ 270 $ 226 |
Notes payable, net (Tables)
Notes payable, net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 note payable as of December 31, 2021: Period Amount 2022 $ — 2023 2,000 Total principal payments 2,000 Less debt discount and issuance cost 7 Note payable, net $ 1,993 Current portion $ — Long-term portion 1,993 Note payable, net $ 1,993 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Future Lease Payments | The Company’s future lease payments as of December 31, 2021 are as follows, which are presented as lease liabilities on the Company’s consolidated balance sheets: Period Operating 2022 $ 233 Total lease payments 233 Less: imputed interest (4) Present value of lease liabilities $ 229 Lease liabilities, current $ 229 Lease liabilities — Total lease liabilities $ 229 Weighted-average remaining term (in years) 0.44 Weighted-average discount rate 10.5 % |
Capitalization and Equity Str_2
Capitalization and Equity Structure (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Capitalization, Long-term Debt and Equity [Abstract] | |
Schedule of Warrant Share Activity | Warrant shares outstanding as of December 31, 2021 and December 31, 2020 were as follows: Source Exercise Term December 31, 2020 Issued Expired Exercised December 31, 2021 2021 Warrants $ 12.81 5 — 273 — — 273 June 2020 Investor Warrants $ 5.18 5.5 397 — — (270) 127 June 2020 Placement Agent Warrants $ 5.64 5 122 — — (83) 39 December 2019 Warrants $ 8.10 5 556 — — — 556 December 2019 Placement Agent Warrants $ 8.44 5 52 — — — 52 May 2019 Warrants $ 3.52 3 198 — — (5) 193 1,325 273 — (358) 1,240 |
Schedule of Assumptions used in Black-Scholes Model to Measure Fair Value | The following assumptions were used in the Black-Scholes Model to measure the fair value of the 2021 Warrants: December 31, 2021 February 11, 2021 Current share price $ 2.65 $ 9.61 Conversion price $ 12.81 $ 12.81 Risk-free interest rate 1.13 % 0.46 % Expected term (years) 4.11 5 Volatility of stock 98.3 % 107.1 % December 31, 2021 December 31, 2020 Current share price $ 2.65 $ 6.13 Conversion price $ 5.18 $ 5.18 Risk-free interest rate 1.11 % 0.35 % Expected term (years) 3.94 4.94 Volatility of stock 103.9 % 105.3 % December 31, 2021 December 31, 2020 Current share price $ 2.65 $ 6.13 Conversion price $ 5.64 $ 5.64 Risk-free interest rate 1.03 % 0.31 % Expected term (years) 3.44 4.44 Volatility of stock 100.0 % 106.8 % December 31, 2021 December 31, 2020 Current share price $ 2.65 $ 6.13 Conversion price $ 8.10 $ 8.10 Risk-free interest rate 1.04 % 0.31 % Expected term (years) 3.47 4.47 Volatility of stock 99.7 % 107.9 % December 31, 2021 December 31, 2020 Current share price $ 2.65 $ 6.13 Conversion price $ 8.44 $ 8.44 Risk-free interest rate 0.96 % 0.26 % Expected term (years) 2.97 3.97 Volatility of stock 102.9 % 109.4 % December 31, 2021 December 31, 2020 Current share price $ 2.65 $ 6.13 Conversion price $ 3.52 $ 3.52 Risk-free interest rate 0.83 % 0.21 % Expected term (years) 2.40 3.40 Volatility of stock 109.1 % 107.2 % |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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 137 2015 increase 111 June 2017 increase 67 December 2017 increase (ratified in June 2018) 293 2019 increase 233 March 2020 increase 333 December 2020 increase 800 Total share authorized for grant as of December 31, 2021 1,974 Shares available for future grant under the 2014 Plan was as follows: Shares Available For Grant Available as of December 31, 2020 1,113 Granted (620) Forfeited 71 Expired 23 Available as of December 31, 2021 587 |
Summary of Stock Option Activity | A summary of the stock option activity during the year ended December 31, 2021 is presented below: Options Weighted Weighted Aggregate Outstanding at beginning of year 529 $ 31.62 Forfeited (15) $ 8.65 Expired (23) $ 27.01 Outstanding at end of year 491 $ 32.53 6.41 $ — Vested and expected to vest 491 $ 32.53 6.41 $ — Exercisable at year end 405 $ 36.41 6.16 $ — The following table summarizes information about stock options outstanding as of December 31, 2021: Options Outstanding Options Exercisable Range of Number of Weighted-Average Weighted Number of Weighted $5.55 - $9.15 187 7.9 $ 7.84 127 $ 7.34 $16.95 - $27.30 139 6.7 $ 24.12 120 $ 24.35 $27.45 - $54.15 93 6.2 $ 35.49 85 $ 35.48 $56.70 - $229.95 72 2.7 $ 108.36 72 $ 108.36 491 6.4 $ 32.53 405 $ 36.41 |
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, 2021 2020 Dividend yield N/A — Risk-free interest rate N/A 1.44% - 1.7% Expected term (in years) N/A 5.27 - 6.08 Volatility N/A 100%-102% |
Schedule of Unvested Restricted Stock Units Activity | Combined RSU and PSU activity for the year ended December 31, 2021 is summarized below: Number of Weighted Average Grant- Date Fair Value Unvested as of January 1, 2021 143 $ 6.21 Granted 620 $ 5.70 Vested (52) $ 6.25 Forfeited (56) $ 7.69 Unvested as of December 31, 2021 655 $ 5.63 |
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, RSUs and PSUs granted to employees and non-employees was as follows: Years Ended December 31, 2021 2020 Sales and marketing $ 450 $ 476 Research and development 270 293 General and administrative 1,609 1,641 $ 2,329 $ 2,410 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 were as follows: Years Ended December 31, 2021 2020 Domestic $ (9,069) $ (14,954) Foreign (695) (871) Loss before income taxes $ (9,764) $ (15,825) |
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, 2021 and 2020 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, 2021 2020 Federal tax at statutory rate 21.0 % 21.0 % State tax, net of federal tax effect — — R&D credit 0.4 — Change in valuation allowance (31.3) (16.6) Unrealized gain on warrant 8.5 (4.5) PPP Loan Forgiveness 2.4 — Other (1.9) 0.6 Foreign exchange 0.9 (0.5) 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, 2021 and 2020 were as follows: December 31, 2021 2020 Deferred tax assets: Depreciation and other $ 257 $ 235 Net operating loss carryforwards 47,579 43,241 Research and development tax credits 1,899 1,837 Accruals and reserves 395 380 Deferred revenue 377 401 Stock compensation expense 2,763 2,547 Lease assets 30 110 Other 20 37 Deferred tax liabilities: Lease liabilities (28) (88) Prepaid expenses (32) (27) Less: Valuation allowance (53,260) (48,673) Net deferred tax asset (liability) $ — $ — |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2021 and 2020, were as follows: Years Ended December 31, 2021 2020 Beginning balances as of January 1, 2021 and 2020 $ 645 $ 637 Increase of unrecognized tax benefits taken in prior years 1 1 Increase of unrecognized tax benefits related to current year 22 7 Ending balances as of January 1, 2021 and 2020 $ 668 $ 645 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 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 1-3 Years 3-5 Years Term loans $ 2,173 $ 90 $ 2,083 $ — Facility operating lease 233 233 — — Total $ 2,406 $ 323 $ 2,083 $ — |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment reporting information is as follows: EksoHealth EksoWorks Total Year ended December 31, 2021 Revenue $ 9,750 $ 1,496 $ 11,246 Cost of revenue 3,746 751 4,497 Gross profit $ 6,004 $ 745 $ 6,749 Year ended December 31, 2020 Revenue $ 8,066 $ 816 $ 8,882 Cost of revenue 3,219 593 3,812 Gross profit $ 4,847 $ 223 $ 5,070 |
Schedule of Geographic Revenue Information | Geographic information for revenue based on location of customers is as follows: Year ended December 31, 2021 2020 United States $ 6,451 $ 5,882 Other 127 79 Americas 6,578 5,961 Germany 1,327 884 Other 2,084 849 EMEA 3,411 1,733 APAC 1,257 1,188 $ 11,246 $ 8,882 |
Organization (Details)
Organization (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 208,867 | $ 199,103 |
Cash used in operating activities | 11,156 | 8,755 |
Cash and cash equivalents, at carrying value | 40,406 | $ 12,862 |
Debt covenant, unrestricted cash | 2,000 | |
Unrestricted cash | $ 38,406 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Estimates - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
May 31, 2020 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies [Line Items] | ||||
Reduction on workforce | 35.00% | |||
Restructuring | $ 0 | $ 244,000 | ||
Impairment loss on long-lived assets | 0 | 0 | ||
Loss on impairment of goodwill | $ 189,000 | $ 0 | $ 189,000 | |
Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated life | 3 years | |||
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated life | 10 years | |||
Customer concentration risk | Accounts receivable | Customer A | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration risk percentage | 13.00% | |||
Customer concentration risk | Accounts receivable | Customer B | ||||
Significant Accounting Policies [Line Items] | ||||
Concentration risk percentage | 10.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Estimates - Schedule of Accumulated Other Comprehensive Loss (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance | $ 4,434 |
Balance | 37,219 |
Accumulated Other Comprehensive Loss | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Balance | (847) |
Net unrealized gain on foreign currency translation | 830 |
Balance | $ (17) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Estimates - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Raw materials | $ 2,061 | $ 1,724 |
Work in progress | 145 | 18 |
Finished goods | 36 | 236 |
Inventories | $ 2,242 | $ 1,978 |
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, 2021 | Dec. 31, 2020 | |
Numerator: | ||
Net loss | $ (9,764) | $ (15,825) |
Adjustment for gain on fair value of warrant liability | (1,029) | 0 |
Adjusted net loss used for dilution calculation | $ (10,793) | $ (15,825) |
Denominator | ||
Weighted-average number of shares outstanding, basic (in shares) | 12,193 | 7,164 |
Effect of potential dilutive shares (in shares) | 76 | 0 |
Dilutive weighted-average number of shares outstanding (in shares) | 12,269 | 7,164 |
Net loss per share | ||
Basic net loss per share applicable to common shareholders (in dollars per share) | $ (0.80) | $ (2.21) |
Diluted net loss per share applicable to common shareholders (in dollars per share) | $ (0.88) | $ (2.21) |
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, 2021 | Dec. 31, 2020 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 2,066 | 1,997 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 491 | 529 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 655 | 143 |
Warrants for common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 920 | 1,325 |
Investment in Unconsolidated _2
Investment in Unconsolidated Affiliate (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | ||
Loss from equity method investments | $ 0 | $ 66,000 |
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, 2021 | Dec. 31, 2020 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liabilities | $ 1,550 | $ 6,037 |
Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liabilities | 1,550 | 6,037 |
Level 1 | Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liabilities | 0 | 0 |
Level 2 | Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liabilities | 0 | 0 |
Level 3 | Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liabilities | $ 1,550 | $ 6,037 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Changes in Fair Value of Level 3 Financial Liabilities on Recurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Gain on revaluation of warrants issued in 2021, June 2020, December 2019, and May 2019 equity financings | $ (3,962) | $ 3,056 |
Warrant Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 6,037 | |
Initial fair value of warrants in connection with 2021 financing | 1,936 | |
Gain on revaluation of warrants issued in 2021, June 2020, December 2019, and May 2019 equity financings | (3,962) | |
Reclassification of warrant liability to equity upon exercise of warrants | (2,461) | |
Ending balance | $ 1,550 | $ 6,037 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Total deferred revenues | $ 2,695 | $ 3,302 |
Non-cancellable backlog | $ 1,218 | |
Term of contract | 12 months | |
Accounts receivable, net of allowances | $ 4,662 | $ 3,224 |
EksoHealth | ||
Disaggregation of Revenue [Line Items] | ||
Payment terms | 12 months | |
EksoWorks | ||
Disaggregation of Revenue [Line Items] | ||
Payment terms | 12 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | ||
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, amount | $ 1,220 | |
Remaining performance obligation, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | ||
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, amount | $ 698 | |
Remaining performance obligation, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | ||
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, amount | $ 777 | |
Remaining performance obligation, period | ||
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Payment terms | 30 days | |
Minimum | EksoHealth | ||
Disaggregation of Revenue [Line Items] | ||
Payment terms | 12 months | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Payment terms | 90 days | |
Maximum | EksoHealth | ||
Disaggregation of Revenue [Line Items] | ||
Payment terms | 48 months |
Revenue - Summary of Deferred R
Revenue - Summary of Deferred Revenue (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Deferred extended maintenance and support | $ 2,349 | $ 2,902 |
Deferred royalties | 280 | 282 |
Deferred device and advances | 66 | 118 |
Total deferred revenues | 2,695 | 3,302 |
Less current portion | (1,220) | (1,496) |
Deferred revenues, non-current | $ 1,475 | $ 1,806 |
Revenue - Summary of Deferred_2
Revenue - Summary of Deferred Revenue Activity (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Change In Contract With Customer, Liability Rollforward [Roll Forward] | |
Beginning balance | $ 3,302 |
Deferral of revenue | 1,189 |
Recognition of deferred revenue | (1,796) |
Ending balance | $ 2,695 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 11,246 | $ 8,882 | $ 11,246 | $ 8,882 |
Device revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 7,566 | 5,701 | ||
Service and support | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,891 | 1,723 | ||
Subscriptions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 977 | 837 | ||
Parts and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 682 | 366 | ||
Collaborative arrangements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 130 | 255 | ||
EksoHealth | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 9,750 | 8,066 | ||
EksoHealth | Device revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 6,428 | 5,012 | ||
EksoHealth | Service and support | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,891 | 1,723 | ||
EksoHealth | Subscriptions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 723 | 782 | ||
EksoHealth | Parts and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 578 | 294 | ||
EksoHealth | Collaborative arrangements | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 130 | 255 | ||
EksoWorks | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,496 | 816 | ||
EksoWorks | Device revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 1,138 | 689 | ||
EksoWorks | Service and support | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 0 | 0 | ||
EksoWorks | Subscriptions | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 254 | 55 | ||
EksoWorks | Parts and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 104 | 72 | ||
EksoWorks | Collaborative arrangements | ||||
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, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, Gross | $ 5,730 | $ 5,829 |
Accumulated depreciation and amortization | (4,739) | (4,657) |
Property and equipment, net | $ 991 | 1,172 |
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 | $ 3,693 | 3,326 |
Company-owned fleet | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 2 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 | $ 390 | 851 |
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 | 557 |
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 | 291 |
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 | 96 |
Tools, molds, dies and jigs | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 3 years | |
Tools, molds, dies and jigs | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
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, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 561 | $ 620 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $ 2,015 | $ 1,194 |
Device warranty | 195 | 188 |
Other | 89 | 47 |
Total | $ 2,299 | $ 1,429 |
Accrued Liabilities - Schedul_2
Accrued Liabilities - Schedule of Warranty Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Accrued Liabilities, Rollforward [Roll Forward] | ||
Standard Product Warranty Description | Sales of devices generally include an initial warranty for parts and services for one year in the Americas, two years in Europe, the Middle East, Africa (EMEA), and one or two years in the Asia Pacific (APAC) region. | |
Warranty | ||
Accrued Liabilities, Rollforward [Roll Forward] | ||
Balance at beginning of the period | $ 226 | $ 350 |
Additions for estimated future expense | 304 | 219 |
Incurred costs | (260) | (343) |
Balance at end of the period | 270 | 226 |
Current portion | 195 | 188 |
Long-term portion | 75 | 38 |
Total | $ 270 | $ 226 |
Notes payable, net - Additional
Notes payable, net - Additional Information (Details) - USD ($) | Jun. 28, 2021 | Apr. 29, 2020 | Apr. 20, 2020 | Aug. 31, 2020 | Dec. 31, 2016 | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | |||||||
Interest rate | 8.49% | ||||||
Payment of remaining balance of long-term debt | $ 1,512,000 | $ 0 | $ 1,512,000 | ||||
Note payable, net | 1,993,000 | ||||||
Cash | $ 40,406,000 | $ 12,862,000 | |||||
Unsecured debt | |||||||
Debt Instrument [Line Items] | |||||||
prime rate | 1.00% | ||||||
Face amount | $ 1,086,000 | ||||||
Debt term | 2 years | ||||||
Extinguishment of debt amount | $ 1,099,000 | ||||||
Loan agreement | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity | $ 7,000,000 | ||||||
Variable rate | 5.41% | ||||||
Deferral principal payment period | 3 months | ||||||
PWB loan agreement | Term loans | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity | $ 2,000 | ||||||
Interest rate | 4.70% | ||||||
prime rate | 4.50% | ||||||
Available for corporate purposes | $ 480,000 | ||||||
Note payable, net | $ 2,000 | ||||||
PWB loan agreement | Prime rate | Term loans | |||||||
Debt Instrument [Line Items] | |||||||
Variable rate | 0.50% |
Notes payable, net - Principal
Notes payable, net - Principal Repayment (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Debt Disclosure [Abstract] | |
2022 | $ 0 |
2023 | 2,000 |
Total principal payments | 2,000 |
Less debt discount and issuance cost | 7 |
Note payable, net | 1,993 |
Current portion | 0 |
Long-term portion | 1,993 |
Note payable, net | $ 1,993 |
Lease Obligations - Narrative (
Lease Obligations - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Lease liabilities | $ 229 | ||
Lease expense | $ 527 | $ 537 | |
Richmond, California | |||
Debt Instrument [Line Items] | |||
Term of lease | 5 years | ||
Operating Lease, Payments | $ 300 | ||
Operating Lease, Abatement | $ 48 | ||
Lease liabilities | $ 79 | ||
Hamburg, Germany | |||
Debt Instrument [Line Items] | |||
Term of lease | 5 years | ||
Renewal term of lease | 5 years |
Lease Obligations - Future Mini
Lease Obligations - Future Minimum Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
2022 | $ 233 | |
Total lease payments | 233 | |
Less: imputed interest | (4) | |
Present value of lease liabilities | 229 | |
Lease liabilities, current | 229 | $ 548 |
Lease liabilities | 0 | $ 233 |
Total lease liabilities | $ 229 | |
Weighted-average remaining term (in years) | 5 months 8 days | |
Weighted-average discount rate | 10.50% |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Retirement Benefits [Abstract] | ||
Employer matching percentage | 50.00% | |
Contribution expense | $ 171 | $ 169 |
Capitalization and Equity Str_3
Capitalization and Equity Structure - Narrative (Details) $ / shares in Units, $ in Thousands | Feb. 11, 2021$ / shares | Mar. 24, 2020 | Oct. 31, 2020USD ($)$ / shares | Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019$ / sharesshares | Feb. 28, 2021USD ($)$ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019$ / sharesshares | May 31, 2019shares |
Class of Warrant or Right [Line Items] | ||||||||||
Common stock, shares authorized (in shares) | shares | 141,429,000 | 141,429,000 | ||||||||
Preferred stock, shares authorized (in shares) | shares | 10,000,000 | 10,000,000 | ||||||||
Common stock, shares issued (in shares) | shares | 12,693,000 | 8,349,000 | ||||||||
Common stock, shares outstanding (in shares) | shares | 12,693,000 | 8,349,000 | ||||||||
Preferred stock, shares issued (in shares) | shares | 0 | 0 | ||||||||
Preferred stock, shares outstanding (in shares) | shares | 0 | 0 | ||||||||
Proceeds from exercise of common stock warrants | $ | $ 1,417 | $ 3,334 | ||||||||
Aggregate proceeds | $ | $ 1,417 | 1,436 | ||||||||
Exercise price (in dollars per share) | $ / shares | $ 8.06 | |||||||||
Warrants issued (in shares) | shares | 273,000 | |||||||||
Warrant expense | $ | $ 0 | 329 | ||||||||
Reverse stock split | 0.067 | |||||||||
Proceeds from issuance of common stock and warrants, net | $ | 37,295 | 7,082 | ||||||||
Exercise of warrants | $ | $ 3,878 | $ 7,310 | ||||||||
Warrants expired (in shares) | shares | 0 | |||||||||
June 2020 Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Class of warrant or right expiration period | 5 years 6 months | |||||||||
June 2020 Investor Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Exercise price (in dollars per share) | $ / shares | $ 5.18 | $ 5.18 | ||||||||
Class of warrant or right expiration period | 5 years 6 months | |||||||||
June 2020 Placement Agent Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Exercise price (in dollars per share) | $ / shares | $ 5.64 | $ 5.64 | ||||||||
Class of warrant or right cash fee percentage | 7.00% | |||||||||
Class of warrant or right cash fee | $ | $ 552 | |||||||||
Class of warrant or right management fee percentage | 1.00% | |||||||||
Class of warrant or right management fee | $ | $ 79 | |||||||||
Percentage of warrants issued to purchase shares of common stock | 7.00% | |||||||||
Warrants issued (in shares) | shares | 122,000 | |||||||||
Warrant expense | $ | $ 98 | |||||||||
Issuance costs | $ | 808 | |||||||||
Fair value of warrants | $ | $ 309 | |||||||||
Class of warrant or right expiration period | 5 years | |||||||||
December 2019 warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Exercise price (in dollars per share) | $ / shares | $ 8.10 | $ 8.10 | ||||||||
Class of warrant or right expiration period | 5 years | 6 months 1 day | ||||||||
Duration of put option | 30 days | |||||||||
Put option pay period | 5 days | |||||||||
December 2019 Placement Agent Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Exercise price (in dollars per share) | $ / shares | $ 8.44 | |||||||||
Warrants issued (in shares) | shares | 0 | |||||||||
Warrants expired (in shares) | shares | 0 | |||||||||
Class of warrant or right expiration period | 5 years | |||||||||
December 2019 Placement Agent Warrants | Conversion price | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Conversion price (in dollars per share) | $ / shares | $ 8.44 | $ 8.44 | ||||||||
May 2019 Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Exercise price (in dollars per share) | $ / shares | $ 3.52 | |||||||||
Warrants issued (in shares) | shares | 0 | |||||||||
Shares issued (in dollars per share) | $ / shares | $ 4.51 | |||||||||
Warrants expired (in shares) | shares | 0 | |||||||||
Class of warrant or right expiration period | 3 years | |||||||||
May 2019 Warrants | Conversion price | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Conversion price (in dollars per share) | $ / shares | $ 3.52 | $ 3.52 | ||||||||
February 2021 Offering | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Exercise price (in dollars per share) | $ / shares | $ 12.81 | |||||||||
Percentage of warrants issued to purchase shares of common stock | 7.00% | |||||||||
2021 Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Exercise price (in dollars per share) | $ / shares | $ 12.81 | |||||||||
Warrants issued (in shares) | shares | 273,000 | 273,000 | ||||||||
Class of warrant or right expiration period | 5 years | |||||||||
Duration of put option | 30 days | |||||||||
Put option pay period | 5 days | |||||||||
2021 Warrants | Conversion price | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Conversion price (in dollars per share) | $ / shares | $ 12.81 | $ 12.81 | ||||||||
Direct offering | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Aggregate proceeds | $ | $ 7,890 | |||||||||
Issuance costs | $ | 1,117 | |||||||||
Direct offering | June 2020 Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Aggregate proceeds | $ | 2,650 | |||||||||
Issuance costs | $ | $ 329 | |||||||||
At-the-market offering | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Number of shares sold (in shares) | shares | 78,000 | |||||||||
Sale of shares (in dollars per share) | $ / shares | $ 6.75 | $ 10.72 | ||||||||
Value of shares sold | $ | $ 7,500 | |||||||||
Proceeds from debt | $ | $ 791 | |||||||||
Over-allotment option | February 2021 Offering | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Number of shares sold (in shares) | shares | 3,902,000 | |||||||||
Sale of shares (in dollars per share) | $ / shares | $ 10.25 | |||||||||
Value of shares sold | $ | $ 40,000 | |||||||||
Proceeds from issuance of common stock and warrants, net | $ | $ 36,504 | |||||||||
Expected term | 5 years | |||||||||
Common stock | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Exercise of warrants | $ | $ 1 | |||||||||
Warrants expired (in shares) | shares | (358,000) | |||||||||
Exercise of warrants (in shares) | shares | 300,000 | 723,000 | ||||||||
Common stock | Direct offering | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Number of shares sold (in shares) | shares | 1,748,000 | |||||||||
Number warrants called (in shares) | shares | 556,000 | 556,000 | ||||||||
Aggregate proceeds | $ | $ 5,240 | |||||||||
Issuance costs | $ | $ 479 | |||||||||
Common stock | Direct offering | June 2020 Investor Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Number warrants called (in shares) | shares | 874,000 | 874,000 | ||||||||
Common stock | Direct offering | May 2019 Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Number warrants called (in shares) | shares | 444,000 | |||||||||
Common stock | At-the-market offering | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Sale of stock, stock available for issuance, value | $ | $ 6,668 |
Capitalization and Equity Str_4
Capitalization and Equity Structure - Schedule of Warrant Share Activity (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Schedule of Capitalization, Equity [Line Items] | |
Exercise price (in dollars per share) | $ / shares | $ 8.06 |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |
Warrants outstanding (in shares) | 1,325 |
Warrants issued (in shares) | 273 |
Warrants expired (in shares) | 0 |
Warrants exercised (in shares) | (358) |
Warrants outstanding (in shares) | 1,240 |
2021 Warrants | |
Schedule of Capitalization, Equity [Line Items] | |
Exercise price (in dollars per share) | $ / shares | $ 12.81 |
Term (Years) | 5 years |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |
Warrants outstanding (in shares) | 0 |
Warrants issued (in shares) | 273 |
Warrants expired (in shares) | 0 |
Warrants exercised (in shares) | 0 |
Warrants outstanding (in shares) | 273 |
June 2020 Investor Warrants | |
Schedule of Capitalization, Equity [Line Items] | |
Exercise price (in dollars per share) | $ / shares | $ 5.18 |
Term (Years) | 5 years 6 months |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |
Warrants outstanding (in shares) | 397 |
Warrants issued (in shares) | 0 |
Warrants expired (in shares) | 0 |
Warrants exercised (in shares) | (270) |
Warrants outstanding (in shares) | 127 |
June 2020 Placement Agent Warrants | |
Schedule of Capitalization, Equity [Line Items] | |
Exercise price (in dollars per share) | $ / shares | $ 5.64 |
Term (Years) | 5 years |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |
Warrants outstanding (in shares) | 122 |
Warrants issued (in shares) | 0 |
Warrants expired (in shares) | 0 |
Warrants exercised (in shares) | (83) |
Warrants outstanding (in shares) | 39 |
December 2019 Warrants | |
Schedule of Capitalization, Equity [Line Items] | |
Exercise price (in dollars per share) | $ / shares | $ 8.10 |
Term (Years) | 5 years |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |
Warrants outstanding (in shares) | 556 |
Warrants issued (in shares) | 0 |
Warrants expired (in shares) | 0 |
Warrants exercised (in shares) | 0 |
Warrants outstanding (in shares) | 556 |
December 2019 Placement Agent Warrants | |
Schedule of Capitalization, Equity [Line Items] | |
Exercise price (in dollars per share) | $ / shares | $ 8.44 |
Term (Years) | 5 years |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |
Warrants outstanding (in shares) | 52 |
Warrants issued (in shares) | 0 |
Warrants expired (in shares) | 0 |
Warrants exercised (in shares) | 0 |
Warrants outstanding (in shares) | 52 |
May 2019 Warrants | |
Schedule of Capitalization, Equity [Line Items] | |
Exercise price (in dollars per share) | $ / shares | $ 3.52 |
Term (Years) | 3 years |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |
Warrants outstanding (in shares) | 198 |
Warrants issued (in shares) | 0 |
Warrants expired (in shares) | 0 |
Warrants exercised (in shares) | (5) |
Warrants outstanding (in shares) | 193 |
Capitalization and Equity Str_5
Capitalization and Equity Structure - Schedule of Assumptions used in Black-Scholes Model to Measure Fair Value (Details) | Feb. 11, 2021$ / shares | Jun. 10, 2020$ / shares | Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares |
Current share price | 2021 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Current share price (in dollars per share) | $ 9.61 | $ 2.65 | ||
Current share price | June 2020 Investor Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Current share price (in dollars per share) | 2.65 | $ 6.13 | ||
Current share price | June 2020 placement agent warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Current share price (in dollars per share) | $ 6.13 | 2.65 | ||
Current share price | December 2019 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Current share price (in dollars per share) | 2.65 | 6.13 | ||
Current share price | December 2019 Placement Agent Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Current share price (in dollars per share) | 2.65 | 6.13 | ||
Current share price | May 2019 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Current share price (in dollars per share) | 2.65 | 6.13 | ||
Conversion price | 2021 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Conversion price (in dollars per share) | $ 12.81 | 12.81 | ||
Conversion price | June 2020 Investor Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Conversion price (in dollars per share) | 5.18 | 5.18 | ||
Conversion price | June 2020 placement agent warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Conversion price (in dollars per share) | $ 5.64 | 5.64 | ||
Conversion price | December 2019 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Conversion price (in dollars per share) | 8.10 | 8.10 | ||
Conversion price | December 2019 Placement Agent Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Conversion price (in dollars per share) | 8.44 | 8.44 | ||
Conversion price | May 2019 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Conversion price (in dollars per share) | $ 3.52 | $ 3.52 | ||
Risk-free interest rate | 2021 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Measurement input percentage | 0.0046 | 0.0113 | ||
Risk-free interest rate | June 2020 Investor Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Measurement input percentage | 0.0111 | 0.0035 | ||
Risk-free interest rate | June 2020 placement agent warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Measurement input percentage | 0.0031 | 0.0103 | ||
Risk-free interest rate | December 2019 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Measurement input percentage | 0.0104 | 0.0031 | ||
Risk-free interest rate | December 2019 Placement Agent Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Measurement input percentage | 0.0096 | 0.0026 | ||
Risk-free interest rate | May 2019 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Measurement input percentage | 0.0083 | 0.0021 | ||
Expected term (years) | 2021 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Expected term | 5 years | 4 years 1 month 9 days | ||
Expected term (years) | June 2020 Investor Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Expected term | 3 years 11 months 8 days | 4 years 11 months 8 days | ||
Expected term (years) | June 2020 placement agent warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Expected term | 4 years 5 months 8 days | 3 years 5 months 8 days | ||
Expected term (years) | December 2019 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Expected term | 3 years 5 months 19 days | 4 years 5 months 19 days | ||
Expected term (years) | December 2019 Placement Agent Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Expected term | 2 years 11 months 19 days | 3 years 11 months 19 days | ||
Expected term (years) | May 2019 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Expected term | 2 years 4 months 24 days | 3 years 4 months 24 days | ||
Volatility of stock | 2021 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Measurement input percentage | 1.071 | 0.983 | ||
Volatility of stock | June 2020 Investor Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Measurement input percentage | 1.039 | 1.053 | ||
Volatility of stock | June 2020 placement agent warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Measurement input percentage | 1.068 | 1 | ||
Volatility of stock | December 2019 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Measurement input percentage | 0.997 | 1.079 | ||
Volatility of stock | December 2019 Placement Agent Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Measurement input percentage | 1.029 | 1.094 | ||
Volatility of stock | May 2019 Warrants | ||||
Schedule of Capitalization, Equity [Line Items] | ||||
Measurement input percentage | 1.091 | 1.072 |
Stock-based Compensation - 2014
Stock-based Compensation - 2014 Equity Incentive Plan (Details) - shares shares in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (in shares) | 137 | ||
2014 Equity incentive plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for future issuance (in shares) | 137 | ||
Number of shares authorized (in shares) | 1,974 | ||
Shares available for grant (in shares) | 587 | 1,113 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Increase in Maximum Number of Shares Issuable to Stockholders (Details) - shares shares in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2020 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2015 | Dec. 31, 2021 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Original share pool (in shares) | 137 | |||||||
Increase (in shares) | 333 | 293 | 67 | 800 | 233 | 111 | ||
2014 Equity incentive plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Original share pool (in shares) | 137 | |||||||
Total share authorized for grant (in shares) | 1,974 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Shares Available for Future Grant (Details) - 2014 Equity incentive plan shares in Thousands | 12 Months Ended |
Dec. 31, 2021shares | |
Shares Available For Grant | |
Beginning balance (in shares) | 1,113 |
Granted (in shares) | (620) |
Forfeited (in shares) | 71 |
Expired (in shares) | 23 |
Ending balance (in shares) | 587 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Options Narrative (Details) - 2014 Equity incentive plan | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021USD ($)$ / sharesshares | |
Options Outstanding | |
Outstanding at beginning of year (in shares) | shares | 529 |
Forfeited (in shares) | shares | (15) |
Expired (in shares) | shares | (23) |
Outstanding at end of year (in shares) | shares | 491 |
Vested and expected to vest (in shares) | shares | 491 |
Exercisable at year end (in shares) | shares | 405 |
Weighted Average Exercise Price | |
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 31.62 |
Forfeited (in dollars per share) | $ / shares | 8.65 |
Expired (in dollars per share) | $ / shares | 27.01 |
Outstanding at end of year (in dollars per share) | $ / shares | 32.53 |
Vested and expected to vest (in dollars per share) | $ / shares | 32.53 |
Exercisable at year end (in dollars per share) | $ / shares | $ 36.41 |
Weighted Average Remaining Contractual Life (Years), Ending Balance | 6 years 4 months 28 days |
Weighted Average Remaining Contractual Life (Years), Vested and expected to vest | 6 years 4 months 28 days |
Weighted Average Remaining Contractual Life (Years), Exercisable | 6 years 1 month 28 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) - Options to purchase common stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options granted (in shares) | 0 | 0 |
Granted (in dollars per share) | $ 0 | $ 4.42 |
Fair value of vested shares | $ 1,194 | $ 1,900 |
Unrecognized compensation expense | $ 936 | |
Period of unrecognized compensation expense | 1 year 3 months 18 days |
Stock-based Compensation - Su_4
Stock-based Compensation - Summary of Stock Options Outstanding (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Option Outstanding, Number of Shares (in shares) | shares | 491 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 6 years 4 months 24 days |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 32.53 |
Options Exercisable, Number of Shares (in shares) | shares | 405 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 36.41 |
$5.55 - $9.15 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices, Lower (in dollars per share) | 5.55 |
Range of Exercise Prices, Upper (in dollars per share) | $ 9.15 |
Option Outstanding, Number of Shares (in shares) | shares | 187 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 7 years 10 months 24 days |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 7.84 |
Options Exercisable, Number of Shares (in shares) | shares | 127 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 7.34 |
$16.95 - $27.30 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices, Lower (in dollars per share) | 16.95 |
Range of Exercise Prices, Upper (in dollars per share) | $ 27.30 |
Option Outstanding, Number of Shares (in shares) | shares | 139 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 6 years 8 months 12 days |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 24.12 |
Options Exercisable, Number of Shares (in shares) | shares | 120 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 24.35 |
$27.45 - $54.15 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices, Lower (in dollars per share) | 27.45 |
Range of Exercise Prices, Upper (in dollars per share) | $ 54.15 |
Option Outstanding, Number of Shares (in shares) | shares | 93 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 6 years 2 months 12 days |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 35.49 |
Options Exercisable, Number of Shares (in shares) | shares | 85 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 35.48 |
$56.70 - $229.95 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of Exercise Prices, Lower (in dollars per share) | 56.70 |
Range of Exercise Prices, Upper (in dollars per share) | $ 229.95 |
Option Outstanding, Number of Shares (in shares) | shares | 72 |
Options Outstanding, Weighted-Average Remaining Contractual Life (Years) | 2 years 8 months 12 days |
Options Outstanding, Weighted Average Price (in dollars per share) | $ 108.36 |
Options Exercisable, Number of Shares (in shares) | shares | 72 |
Options Exercisable, Weighted Average Price (in dollars per share) | $ 108.36 |
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, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Risk-free interest rate, minimum | 1.44% |
Risk-free interest rate, maximum | 1.70% |
Expected term (in years) | 5 years 3 months 7 days |
Volatility, minimum | 100.00% |
Volatility, maximum | 102.00% |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Unvested Restricted Stock Units Activity (Details) - RSUs $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)$ / sharesshares | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |
Right to receive per award | 1 |
Number of Shares | |
Unvested, beginning balance (in shares) | 143,000 |
Granted (in shares) | 620,000 |
Vested (in shares) | (52,000) |
Forfeited (in shares) | (56,000) |
Unvested, ending balance (in shares) | 655,000 |
Weighted Average Grant- Date Fair Value | |
Unvested, beginning balance (in dollars per share) | $ / shares | $ 6.21 |
Granted (in dollars per share) | $ / shares | 5.70 |
Vested (in dollars per share) | $ / shares | 6.25 |
Forfeited (in dollars per share) | $ / shares | 7.69 |
Unvested, ending balance (in dollars per share) | $ / shares | $ 5.63 |
Fair value of vested shares | $ | $ 218 |
Unrecognized compensation expense | $ | $ 2,790 |
Period of unrecognized compensation expense | 2 years 1 month 13 days |
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, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | $ 2,329 | $ 2,410 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | 450 | 476 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | 270 | 293 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | $ 1,609 | $ 1,641 |
Stock-based Compensation - Empl
Stock-based Compensation - Employee Stock Purchase Plan (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 137 | |
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% | |
Offering period | 6 months | |
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, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ (9,069) | $ (14,954) |
Foreign | (695) | (871) |
Loss before income taxes | $ (9,764) | $ (15,825) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Examination [Line Items] | ||
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 | 4,587,000 | $ 3,192,000 |
Federal | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | 176,926,000 | |
Federal | Research and development tax credit | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | 1,997,000 | |
State | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | 114,741,000 | |
State | Research and development tax credit | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | 677,000 | |
Foreign | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | 10,350,000 | |
Generated before 2018, expire 2027 | Federal | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | 120,792,000 | |
Generated before 2018, carryforward indefinitely | Federal | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | $ 56,134,000 |
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, 2021 | Dec. 31, 2020 | |
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 | 0.40% | 0.00% |
Change in valuation allowance | (31.30%) | (16.60%) |
Unrealized gain on warrant | 8.50% | (4.50%) |
PPP Loan Forgiveness | 2.40% | 0.00% |
Other | (1.90%) | 0.60% |
Foreign exchange | 0.90% | (0.50%) |
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, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Depreciation and other | $ 257 | $ 235 |
Net operating loss carryforwards | 47,579 | 43,241 |
Research and development tax credits | 1,899 | 1,837 |
Accruals and reserves | 395 | 380 |
Deferred revenue | 377 | 401 |
Stock compensation expense | 2,763 | 2,547 |
Lease assets | 30 | 110 |
Other | 20 | 37 |
Deferred tax liabilities: | ||
Lease liabilities | (28) | (88) |
Prepaid expenses | (32) | (27) |
Less: Valuation allowance | (53,260) | (48,673) |
Net deferred tax asset (liability) | $ 0 | $ 0 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 645 | $ 637 |
Increase of unrecognized tax benefits taken in prior years | 1 | 1 |
Increase of unrecognized tax benefits related to current year | 22 | 7 |
Ending balance | $ 668 | $ 645 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($)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 | $ 323 |
Contractual obligation | 2,406 |
Purchase obligation | 1,446 |
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% |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Outstanding Contractual Obligations Including Interest Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Other Commitments [Line Items] | |
Total | $ 2,406 |
Less than one year | 323 |
1-3 Years | 2,083 |
3-5 Years | 0 |
Facility operating lease | |
Other Commitments [Line Items] | |
Total | 233 |
Less than one year | 233 |
1-3 Years | 0 |
3-5 Years | 0 |
Term loans | |
Other Commitments [Line Items] | |
Total | 2,173 |
Less than one year | 90 |
1-3 Years | 2,083 |
3-5 Years | $ 0 |
Segment Disclosures - Schedule
Segment Disclosures - Schedule of Segment Reporting Information (Details) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Revenue | $ 11,246 | $ 8,882 | $ 11,246 | $ 8,882 |
Cost of revenue | 4,497 | 3,812 | ||
Gross profit | 6,749 | 5,070 | ||
EksoHealth | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 9,750 | 8,066 | ||
Cost of revenue | 3,746 | 3,219 | ||
Gross profit | 6,004 | 4,847 | ||
EksoWorks | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,496 | 816 | ||
Cost of revenue | 751 | 593 | ||
Gross profit | $ 745 | $ 223 |
Segment Disclosures - Schedul_2
Segment Disclosures - Schedule of Geographic Revenue Information (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 11,246 | $ 8,882 | $ 11,246 | $ 8,882 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 6,451 | 5,882 | ||
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 127 | 79 | ||
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 6,578 | 5,961 | ||
Germany | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,327 | 884 | ||
Other | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,084 | 849 | ||
EMEA | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 3,411 | 1,733 | ||
APAC | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 1,257 | $ 1,188 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event $ in Thousands | Jan. 21, 2022USD ($) |
Subsequent Event [Line Items] | |
Severance costs | $ 263 |
Chief Executive Officer | |
Subsequent Event [Line Items] | |
Additional lump sum payment | $ 187 |