Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 23, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
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 | 101 Glacier Point | ||
Entity Address, Address Line Two | Suite A | ||
Entity Address, City or Town | San Rafael | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94901 | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 18,860,934 | ||
Entity Common Stock, Shares Outstanding | 13,341,505 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE: Portions of the registrant’s Proxy Statement for the 2023 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, 2022. | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Central Index Key | 0001549084 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and restricted cash | $ 20,525 | $ 40,406 |
Accounts receivable, net of allowances of $40 and $28, respectively | 4,625 | 4,662 |
Inventories | 5,187 | 2,242 |
Prepaid expenses and other current assets | 700 | 485 |
Total current assets | 31,037 | 47,795 |
Property and equipment, net | 2,680 | 991 |
Right-of-use assets | 1,307 | 216 |
Intangible assets, net | 5,217 | 0 |
Goodwill | 431 | 0 |
Other assets | 231 | 164 |
Total assets | 40,903 | 49,166 |
Current liabilities: | ||
Accounts payable | 3,151 | 3,107 |
Accrued liabilities | 2,278 | 2,299 |
Deferred revenues, current | 1,121 | 1,220 |
Notes payable, current | 2,310 | 0 |
Lease liabilities, current | 341 | 229 |
Total current liabilities | 9,201 | 6,855 |
Deferred revenues | 1,032 | 1,475 |
Notes payable, net | 3,767 | 1,993 |
Lease liabilities | 1,087 | 0 |
Warrant liabilities | 233 | 1,550 |
Other non-current liabilities | 141 | 74 |
Total liabilities | 15,461 | 11,947 |
Commitments and contingencies (Note 16) | ||
Stockholders' equity: | ||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and outstanding at December 31, 2022 and 2021 | 0 | 0 |
Common stock, $0.001 par value; 141,429 shares authorized; 13,203 and 12,693 shares issued and outstanding at December 31, 2022 and 2021, respectively | 13 | 13 |
Additional paid-in capital | 248,813 | 246,090 |
Accumulated other comprehensive gain (loss) | 563 | (17) |
Accumulated deficit | (223,947) | (208,867) |
Total stockholders' equity | 25,442 | 37,219 |
Total liabilities and stockholders' equity | $ 40,903 | $ 49,166 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance | $ 40 | $ 28 |
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 |
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) | 13,203,000 | 12,693,000 |
Common stock, shares, outstanding (in shares) | 13,203,000 | 12,693,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Revenue | $ 12,912 | $ 11,246 |
Cost of revenue | 6,698 | 4,497 |
Gross profit | 6,214 | 6,749 |
Operating expenses: | ||
Sales and marketing | 7,157 | 7,305 |
Research and development | 3,626 | 2,549 |
General and administrative | 10,987 | 10,723 |
Total operating expenses | 21,770 | 20,577 |
Loss from operations | (15,556) | (13,828) |
Other (expense) income, net: | ||
Interest expense | (156) | (113) |
Gain on revaluation of warrant liabilities | 1,317 | 3,962 |
Gain on forgiveness of note payable | 0 | 1,099 |
Unrealized loss on foreign exchange | (655) | (867) |
Other expense, net | (30) | (17) |
Total other income, net | 476 | 4,064 |
Net loss | (15,080) | (9,764) |
Foreign currency translation adjustments | 580 | 830 |
Comprehensive loss | $ (14,500) | $ (8,934) |
Basic net loss per share applicable to common shareholders (in dollars per share) | $ (1.16) | $ (0.80) |
Diluted net loss per share applicable to common shareholders (in dollars per share) | $ (1.16) | $ (0.88) |
Weighted-average number of shares outstanding, basic (in shares) | 12,962 | 12,193 |
Weighted average number of shares outstanding, diluted (in shares) | 12,962 | 12,269 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Convertible Preferred Stock Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit |
Beginning balance (in shares) at Dec. 31, 2020 | 0 | |||||
Beginning balance (in shares) at Dec. 31, 2020 | 8,349,000 | |||||
Beginning balance at Dec. 31, 2020 | $ 4,434 | $ 0 | $ 8 | $ 204,376 | $ (847) | $ (199,103) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (9,764) | (9,764) | ||||
Issuance of common stock under: | ||||||
Equity financing, net (in shares) | 3,980,000 | |||||
Equity financing, net | $ 35,360 | $ 4 | 35,356 | |||
Equity incentive plan (in shares) | 38,000 | |||||
Exercise of warrants (in shares) | 300,000 | 300,000 | ||||
Exercise of warrants | $ 3,878 | $ 1 | 3,877 | |||
Matching contribution to 401(k) plan (in shares) | 26,000 | |||||
Matching contribution to 401(k) plan | 152 | 152 | ||||
Stock-based compensation | 2,329 | 2,329 | ||||
Foreign currency translation adjustments | $ 830 | 830 | ||||
Ending balance (in shares) at Dec. 31, 2021 | 0 | 0 | ||||
Ending balance (in shares) at Dec. 31, 2021 | 12,693,000 | 12,693,000 | ||||
Ending balance at Dec. 31, 2021 | $ 37,219 | $ 0 | $ 13 | 246,090 | (17) | (208,867) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | $ (15,080) | (15,080) | ||||
Issuance of common stock under: | ||||||
Equity incentive plan (in shares) | 442,000 | |||||
Exercise of warrants (in shares) | 0 | |||||
Matching contribution to 401(k) plan (in shares) | 68,000 | |||||
Matching contribution to 401(k) plan | $ 177 | 177 | ||||
Stock-based compensation | 2,546 | 2,546 | ||||
Foreign currency translation adjustments | $ 580 | 580 | ||||
Ending balance (in shares) at Dec. 31, 2022 | 0 | 0 | ||||
Ending balance (in shares) at Dec. 31, 2022 | 13,203,000 | 13,203,000 | ||||
Ending balance at Dec. 31, 2022 | $ 25,442 | $ 0 | $ 13 | $ 248,813 | $ 563 | $ (223,947) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities | ||
Net loss | $ (15,080) | $ (9,764) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 887 | 1,023 |
Changes in allowance for doubtful accounts | 33 | 75 |
Gain on forgiveness of note payable | 0 | (1,099) |
Common stock contribution to 401(k) plan | 186 | 171 |
Stock-based compensation expense | 2,546 | 2,329 |
Gain on revaluation of warrant liabilities | (1,317) | (3,962) |
Other adjustments | (18) | 134 |
Unrealized loss on foreign currency transactions | 655 | 867 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (67) | (1,624) |
Inventories | (1,400) | (752) |
Prepaid expenses and other assets current and noncurrent | (303) | 19 |
Accounts payable | (102) | 1,612 |
Accrued, lease and other current and noncurrent liabilities | (197) | 379 |
Deferred revenues | (511) | (564) |
Net cash used in operating activities | (14,688) | (11,156) |
Investing activities | ||
Payment in connection with acquisition | (5,000) | 0 |
Acquisition of property and equipment | (194) | (59) |
Proceeds from sales of equipment | 19 | 0 |
Net cash used in investing activities | (5,175) | (59) |
Financing activities | ||
Proceeds from issuance of common stock and warrants, net | 0 | 37,295 |
Proceeds from exercise of common stock warrants | 0 | 1,417 |
Net cash provided by financing activities | 0 | 38,712 |
Effect of exchange rate changes on cash | (18) | 47 |
Net (decrease) increase in cash | (19,881) | 27,544 |
Cash and restricted cash at beginning of the year | 40,406 | 12,862 |
Cash and restricted cash at end of the year | 20,525 | 40,406 |
Supplemental disclosure of cash flow activities | ||
Cash paid for interest | 126 | 104 |
Cash paid for income taxes | 13 | 1 |
Supplemental disclosure of non-cash activities | ||
Reclassification of warrant liability to equity upon exercise of warrants | 0 | 2,461 |
Share issuance for common stock contribution to 401(k) plan | 176 | 152 |
Transfer of inventory to property and equipment | 385 | 434 |
Issuance of promissory note, net in connection with acquisition | 4,055 | 0 |
Fair value of warrants issued upon equity financing | 0 | 1,936 |
Initial recognition of operating lease liabilities and right of use assets | $ 1,459 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2022 | |
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 by persons with physical disabilities. The Company has marketed devices that (i) enable individuals with neurological conditions affecting gait, including acquired brain injury ("ABI") and multiple sclerosis ("MS"), 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”. On December 5, 2022, the Company acquired the Human Motion and Control (“HMC”) Business Unit from Parker Hannifin Corporation (“Parker”), an Ohio corporation. The assets acquired from the business unit include intellectual property rights for devices which are FDA-cleared lower-limb powered exoskeletons that enable task-specific, overground gait training to patients with weakness or paralysis in their lower extremities. Products include Ekso Indego Personal, a light-weight exoskeleton for safe use in most home and community environments, and Ekso Indego Therapy, an adjustable exoskeleton for patients with spinal cord injury and stroke complementing Ekso’s product offering in outpatient facilities. 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, 2022, the Company had an accumulated deficit of $223,947. 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, 2022, the Company used $14,688 of cash in its operations. Cash on hand at December 31, 2022 was $20,525. As described in Note 10, 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, 2022, $2,000 of cash must remain as restricted. After considering cash restrictions, effective unrestricted cash as of December 31, 2022 is approximately $18,525. In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, we evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about our ability to continue as a going concern within one year after the date that the consolidated financial statements are issued. This evaluation initially does not take into consideration the potential mitigating effect of our plans that have not been fully implemented as of the date the financial statements are issued. When substantial doubt exists under this methodology, we evaluate whether the mitigating effect of its plans sufficiently alleviates substantial doubt about our ability to continue as a going concern. The mitigating effect of our plans, however, is only considered if both (1) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (2) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about our ability to continue as a going concern within one year after the date that the financial statements are issued. In performing this analysis, we excluded certain elements of our operating plan that cannot be considered probable. Our expectation to generate operating losses and negative operating cash flows in the future and the need for additional funding to support our planned operations raise substantial doubt regarding our ability to continue as a going concern for a period of one year after the date that the financial statements are issued. Management intends on completing additional equity financings, However, due to several factors, including those outside management’s control, there can be no assurance that the Company will be able to complete additional equity financings. If we are unable to complete sufficient additional financings, management’s plans include delaying or abandoning certain product development projects, cost reduction efforts for our products, and refocused sales efforts to accelerate revenue growth above historical results. We have concluded the likelihood that our plan to successfully reduce expenses to align with our available cash is probable. Accordingly, we believe our plan will be sufficient to alleviate substantial doubt for a period of at least 12 months from the date of issuance of these consolidated financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Estimates | 12 Months Ended |
Dec. 31, 2022 | |
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"). All significant intercompany transactions and balances have been eliminated in consolidation. Reclassifications For the year ended December 31, 2022, the Company reclassified the amortization of operating lease right-of-use assets in its consolidated statements of cash flows. Amounts amortized related to operating lease right-of-use assets have been reclassified to "Depreciation and amortization" from "Prepaid expenses and other assets, current and noncurrent" as applicable. Accordingly, prior period amounts have been reclassified to conform to the current period presentation, in all material respects. These reclassifications did not affect changes in cash flow used in operating activities or net (decrease) in cash for the year ended December 31, 2021. For the year ended December 31, 2022, the Company reclassified certain expenses presented in the consolidated statement operations and comprehensive loss. Amounts associated with the maintenance of patents which had previously been presented as research and development operating expenses have been reclassified to general and administrative operating expenses. Accordingly, prior period amounts of $175 for the year ended 2022 and $199 for the year ended 2021, have been reclassified to conform to the current period presentation, in all material respects. These reclassifications did not affect total operating expenses, net operating loss, or net loss for the year ended December 31, 2022 and December 31, 2021. 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, assets acquired and liabilities assumed in business combinations, revenue recognition, deferred revenue, the valuation of warrants and employee equity awards, 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 Gain (Loss) The Company's accumulated other comprehensive gain consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments. The change in accumulated other comprehensive gain (loss) presented on the consolidated balance sheets for the year ended December 31, 2022, is reflected in the table below net of tax: Accumulated Other Comprehensive Gain (Loss) Balance at December 31, 2020 $ (847) Net unrealized gain on foreign currency translation 830 Balance at December 31, 2021 (17) Net unrealized gain on foreign currency translation 580 Balance at December 31, 2022 $ 563 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 has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows. 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 allowance for potential credit losses on trade receivables reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance 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. The Company has not experienced material losses related to accounts receivable during the years ended December 31, 2022 and 2021. 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. The Company had no customers with an accounts receivable balance totaling 10% or more of the Company's total accounts receivable as of December 31, 2022 and December 31, 2021. The Company had one customer with sales of 10% or more of the Company’s total revenue for the years ended December 31, 2022 and 2021. 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, 2022 2021 Raw materials $ 3,837 $ 2,061 Work in progress 487 145 Finished goods 863 36 Inventories $ 5,187 $ 2,242 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 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 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, 2022 and 2021. No impairment loss has been recognized in the years ended December 31, 2022 and 2021. 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. Such indicators include, among others, material departures from projected sales volume, deteriorating gross margins, and uncertainties regarding continued commercialization as a result of changing business strategies. The Company determined no impairment exists for the years ended December 31, 2022 and December 31, 2021. Intangible Assets Other intangible assets include developed technology, acquired intellectual property, and customer relationships, in the case of finite-lived intangibles, and trade names in the case of indefinite-lived intangibles. Finite-lived intangibles are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Indefinite lived intangible assets are tested for impairment annually, or as deemed necessary if potential indicators of impairment exist. The Company determined no impairment exists for the years ended December 31, 2022 and December 31, 2021. 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 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 customer. 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, 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 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 Company will adopt ASU 2016-13 as of January 1, 2023, using the modified retrospective transition method. The adoption of ASU 2016-13 is not expected to have a material impact on the Company's financial position or the results of operations. 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 2024 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, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share of Common Stock | Net Loss Per Share of Common Stock Basic net loss per share of common stock is computed using the weighted average number of shares of common stock outstanding during the period. Diluted net loss per share is computed, when applicable, using the weighted average number of shares of common stock, adjusted to include conversion of "in-the-money" 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, 2022 2021 Numerator: Net loss $ (15,080) $ (9,764) Adjustment for gain on fair value of warrant liability — (1,029) Adjusted net loss used for dilution calculation $ (15,080) $ (10,793) Denominator Weighted-average number of shares outstanding 12,962 12,193 Effect of potential dilutive shares — 76 Dilutive weighted-average number of shares outstanding 12,962 12,269 Net loss per share Basic $ (1.16) $ (0.80) Diluted $ (1.16) $ (0.88) 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, 2022 2021 Options to purchase common stock 270 491 Restricted stock units 1,383 655 Warrants for common stock 1,240 920 Total common stock equivalents 2,893 2,066 |
Human Motion and Control Acquis
Human Motion and Control Acquisition | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Human Motion and Control Acquisition | Human Motion and Control Acquisition On December 5, 2022, the Company acquired the human motion and control (“HMC”) business from Parker Hannifin Corporation (“Parker”), an Ohio corporation (the "HMC Acquisition"). The assets acquired from the business unit include intellectual property rights for devices which are FDA-cleared lower-limb powered exoskeletons that enable task-specific, overground gait training to patients with weakness or paralysis in their lower extremities. Products include Ekso Indego Personal, a light-weight exoskeleton for safe use in most home and community environments, and Ekso Indego Therapy, an adjustable exoskeleton for patients with spinal cord injury and stroke complementing Ekso’s product offering in outpatient facilities. The assets purchased by the Company include intellectual property related to the aforementioned Ekso Indego devices and future products in the orthotics and prosthetics space, inventories related to the Ekso Indego product line, fixed assets configured for the manufacture of the Ekso Indego products, and Ekso Indego devices maintained for service and sales demonstrations. The Company did not acquire any cash in connection with the acquisition of the business unit. As consideration for the assets acquired, the Company (i) paid the Seller $5,000 in cash and (ii) delivered to the Seller a $5,000 unsecured, subordinated zero percent interest promissory note (the “Promissory Note”). Under the terms of the Promissory Note, the Company shall pay the Seller sixteen (16) equal quarterly installments of $313, with the first payment being due and payable December 31, 2023, and the last payment being due and payable September 30, 2027. For additional information see Note 10. Notes Payable, Net in the notes to our consolidated financial statements included elsewhere in the Annual Report on Form 10-K. The Company accounted for the acquisition as a business combination in accordance with ASC 805, Business Combinations, by applying the acquisition method, and accordingly, the purchase price of $9,055, as calculated in the table below, was allocated to the assets acquired and liabilities assumed based on their fair values at the acquisition date. The fair values presented for fixed assets, intangible assets, and goodwill are preliminary figures pending final fair value analyses. In accordance with ASC 805, the acquirer has a year from the date of acquisition to recognize measurement period adjustments. The preliminary fair values presented below could be subject to change as result of the aforementioned adjustments. The excess of the purchase price over the preliminary net assets acquired of $431 was recorded as goodwill. The goodwill recognized is attributed primarily to expected synergies of HMC with the Company. From the acquisition date and as of December 31, 2022, there were no changes in the recognized amounts of goodwill resulting from the acquisition. The following table summarizes the preliminary fair values of the assets acquired, liabilities assumed and consideration given as of the acquisition date. These estimates are preliminary, pending final evaluation of certain assets, and therefore, are subject to revisions that may result in adjustments to the values presented below: Inventories $ 1,935 Fixed assets 1,599 Intangible assets 5,240 Goodwill 431 Total assets $ 9,205 Accrued royalties 150 Total liabilities $ 150 Net assets acquired $ 9,055 Cash delivered at close $ 5,000 Fair value of promissory note 4,055 Total consideration $ 9,055 The fair value of finished goods inventories acquired was estimated at retail selling price less estimated costs to sell and a reasonable profit allowance for the selling effort. The fair value of raw materials acquired were estimated using current prices from suppliers. The fair value of fixed assets was estimated using a cost approach, adjusting historical gross asset values for inflation, reduced for the remaining estimated economic life of the assets. The fair values of intangible assets were estimated using a relief from royalty method, the excess earnings method, and a distributor method, all income approaches, which required significant estimates from management regarding future sales expectations, long term operating margins, the weighted average cost of capital or other appropriate discount rates, and royalty rates. The fair value of the promissory note was estimated as the present value of scheduled principal payments discounted at the Company's estimated borrowing rate. The Company recorded $5,240 to intangible assets as of the acquisition date and is amortizing the value of the developed technology, customer relationships and intellectual property over a weighted average estimated useful life of 8 years. Amortization expense related to the acquired definite lived intangible assets was $23 for the year ended December 31, 2022, and was included as a component of operating expenses and cost of revenue in the consolidated statement of operations and comprehensive loss. Of the $431 of goodwill, none was expected to be deductible for tax purposes. Aggregate incremental revenues and net loss attributable to the acquired business included in the consolidated statement of operations for the year ended December 31, 2022 were $103 and $289 respectively. The table below presents the pro forma revenue and earnings of the combined business as though the combination were enacted January 1, 2021: Year Ended December 31, 2022 2021 Revenue $ 15,736 $ 14,675 Net loss $ (18,506) $ (14,083) Such pro forma results are based on historical results of the Company, and the historical results of HMC as they occurred under the ownership of Parker Hannifin Corporation, and certain pro forma adjustments relating to interest for debt discount amortization, depreciation of fixed assets and amortization of certain intangible assets. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 Liabilities Warrant liabilities $ 233 $ — $ — $ 233 December 31, 2021 Liabilities Warrant liabilities $ 1,550 $ — $ — $ 1,550 During the years ended December 31, 2022 and 2021, 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, 2022, which were measured at fair value on a recurring basis: Warrant Balance as of December 31, 2020 $ 6,037 Initial fair value of warrants issued 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 Gain on revaluation of warrants issued in 2021, June 2020, December 2019, and May 2019 equity financings (1,317) Balance as of December 31, 2022 $ 233 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, 2022 | |
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, EksoUE, Ekso Indego Therapy, and Ekso Indego Personal devices, along with the sale of support and maintenance contracts. 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, Ekso UE, Ekso Indego Therapy, and Ekso Indego Personal devices. Support and maintenance contracts extend coverage beyond the Company’s standard warranty agreements. The separately priced support and maintenance contracts range from 12 to 48 months. The Company typically 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 contract term, typically over 12 months. The Company’s industrial device segment (EksoWorks) revenue is primarily generated through the sale and subscription of the upper body exoskeleton EVO and associated accessories. 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. In June of 2022, the Company ceased commercialization of the EksoZeroG support arm and related products and accessories. Refer to Note 16. Commitment and Contingencies for further information regarding commitments and obligations related to the EksoZeroG product line. Deferred Revenue Deferred revenue is comprised mainly of unearned revenue related to extended support and maintenance contracts, 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, 2022 December 31, 2021 Deferred extended maintenance and support $ 2,124 $ 2,349 Deferred royalties — 280 Deferred device and advances 29 66 Total deferred revenues 2,153 2,695 Less current portion (1,121) (1,220) Deferred revenues, non-current $ 1,032 $ 1,475 Deferred revenue activity consisted of the following for the years ended December 31, 2021 and December 31, 2022: Year Ended December 31, 2022 Year Ended December 31, 2021 Beginning balance $ 2,695 $ 3,302 Deferral of revenue 1,397 1,189 Recognition of deferred revenue (1,939) (1,796) Ending balance $ 2,153 $ 2,695 At December 31, 2022, the Company’s deferred revenue was $2,153 . The Company expects to recognize approximately $1,121 of the deferred revenue during 2023, $579 in 2024, and $453 thereafter. In addition to deferred revenue, the Company has a non-cancellable backlog of $2,288, expected to be recognized between 2023 and 2025, related to its contracts for subscription units with its customers. These subscription contracts typically have twelve twenty-four Disaggregation of revenue The following table disaggregates the Company’s revenue by major source for the year ended December 31, 2022: EksoHealth EksoWorks Total Device revenue $ 8,305 $ 588 $ 8,893 Service and support 1,923 — 1,923 Subscriptions 967 136 1,103 Parts and other 528 358 886 Collaborative arrangements 107 — 107 $ 11,830 $ 1,082 $ 12,912 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 |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2022 | |
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) 2022 2021 Company-owned fleet 2-5 $ 3,468 $ 3,693 Computer software 3-5 234 390 Leasehold improvement 5-10 142 631 Furniture, office and leased equipment 3-7 279 554 Machinery and equipment 3-7 207 289 Tools, molds, dies and jigs 3-5 1,347 96 Computers and peripherals 3-5 — 77 5,677 5,730 Accumulated depreciation and amortization (2,997) (4,739) Property and equipment, net $ 2,680 $ 991 Depreciation expense of property and equipment, net totaled $486 and $561 for the years ended December 31, 2022 and 2021, respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following: December 31, 2022 2021 Salaries, benefits and related expenses $ 1,843 $ 2,015 Device warranty 274 195 Other 161 89 Total $ 2,278 $ 2,299 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 2022 2021 Balance at beginning of the period $ 270 $ 226 Additions for estimated future expense 425 304 Incurred costs (282) (260) Balance at end of the period $ 413 $ 270 Current portion $ 274 $ 195 Long-term portion 139 75 Total $ 413 $ 270 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill The following table summarizes the changes in carrying amount of goodwill (in thousands): Amount Balance as of December 31, 2021 $ — Acquisition activity 431 Balance as of December 31, 2022 $ 431 The Company determined no impairment existed for goodwill for the year ended December 31, 2022. Intangible Assets The following table summarizes the components of preliminary gross assets, accumulated amortization, and net carrying values for definite and indefinite lived intangible asset balances as of December 31, 2022: December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 2,310 $ (22) $ 2,288 Trade name 2,310 N/A 2,310 Intellectual property 460 — 460 Customer relationships 140 (1) 139 Below market lease 20 $ — $ 20 Total intangible assets $ 5,240 $ (23) $ 5,217 Definite lived intangible assets are amortized over their estimated lives using the straight line method, which is estimated as 8 years for developed technology, 12 years for intellectual property, 8 years for customer relationships and 1 year for below market lease. The acquired trade name was estimated to have an indefinite life, and consequently, no amortization expense was recorded. The Company determined no impairment existed for intangible assets for the year ended December 31, 2022. The estimated future amortization expenses related to definite lived intangible assets as of December 31, 2022 is as follows (in thousands): Fiscal Year Amount 2023 $ 325 2024 306 2025 345 2026 345 2027 345 2028 and thereafter 1,241 Total $ 2,907 |
Notes payable, net
Notes payable, net | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Notes Payable, Net | Notes payable, net PWB Term Loan In August 2020, the Company entered into a loan agreement (the "PWB Loan Agreement") with 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 a previous term 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, among others, 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, 2022. On December 31, 2022, with cash on hand of $20,525, the Company was compliant with this covenant. The PWB Loan Agreement also contains a primary depository covenant which restricts the Company from having more than $800 held in subsidiary accounts outside of the United States. As of December 31, 2022, the Company was in violation of this covenant; however, Pacific Western Bank granted the Company a waiver. The debt issuance costs and debt discounts combined with the stated interest resulted in an effective interest rate of 5.93% for the year ended December 31, 2022. 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 PWB Term Loan totaled $119 and $113 for the years ended December 31, 2022 and 2021, respectively. The following table presents scheduled principal payments of the Company's note payable as of December 31, 2022: Period Amount 2023 $ 2,000 Total principal payments 2,000 Less debt discount and issuance costs (3) Note payable, net $ 1,997 Current portion $ 1,997 Long-term portion — Note payable, net $ 1,997 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. 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 consolidated statement of operations for the twelve months ended December 31, 2021. Parker Hannifin Promissory Note In connection with the HMC Acquisition, refer to Note 4 Human Motion and Control Acquisition , on December 5, 2022, the Company delivered a $5,000 unsecured, subordinated promissory note (the "Promissory Note") to Parker Hannifin Corporation. The Promissory Note, subordinate to the PWB Term Loan, bears no interest with principal payable in sixteen equal installments due on the last day of each quarter, commencing on December 31, 2023 and maturing on September 30, 2027. The Promissory Note, upon the occurrence of an event of default, allows for the levying of interest equal to the lesser of (a) 5% per annum and (b) the maximum interest rate permitted under applicable law on the then entire outstanding principal balance, and also for the acceleration of all outstanding liabilities and obligations, making them immediately payable. Under the terms of the Promissory Note, the following occurrences constitute a default, and could, upon written notice or declaration by Parker Hannifin Corporation, allow for the levying of interest and or the acceleration of principal outstanding: (i) failure to pay any amount of the principal when due and payable, (ii) the dissolution of the Company (including the declaration of bankruptcy), and (iii) the acquisition of the Company by another entity or the sale of substantially all of its assets to another entity. The Company recorded the Promissory Note of $4,055 in its consolidated balance sheets under the captions Notes Payable, Current and Notes Payable, Net, estimating an implicit discount rate of 7.5% via reference to the interest charged on the Company's PWB Term Loan and other relevant economic factors present at the execution date of the Promissory Note. The amortization of debt discounts resulted in an effective interest rate of 7.7% for the year ended December 31, 2022. The debt discount is amortized to interest expense using the effective interest method over the life of the loan. Interest expense on the Promissory Note was $25 for the year ended December 31, 2022. The following table presents scheduled principal payments of the Company's note payable as of December 31, 2022: Period Amount 2023 $ 313 2024 1,250 2025 1,250 2026 1,250 2027 937 Total principal payments 5,000 Less debt discount (920) Note payable, net $ 4,080 Current portion 313 Long-term portion 3,767 Note payable, net $ 4,080 |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Lease Obligations | Lease Obligations The Company maintained a five-year operating lease agreement for its headquarters and manufacturing facility in Richmond, California (the "Richmond Lease") which expired at the end of May 2022. The Company continued to maintain its tenancy at this location until the end of August 2022 and continued to incur monthly lease and related expenses pursuant to the terms of the original lease agreement through August 2022. In July 2022, the Company entered into an operating lease agreement for its new headquarters and manufacturing facility in San Rafael, California (the "San Rafael Lease") expiring in October 2026 with the option to renew for an additional three-year period at the prevailing market rate at the time of extension. At the end of August 2022, the Company relocated to its new headquarters and manufacturing facility in San Rafael. The Company has determined that the new San Rafael Lease constitutes an operating lease under ASC 842 and estimates the lease term as July 2022 through October 2026. The option to extend for a three-year period lacks significant economic incentives and disincentives, which would make exercise reasonably certain. Fixed lease payments for identified lease components over the identified term have been discounted at the Company's estimated incremental borrowing rate as of the date of contract execution and are reflected in the consolidated balance sheets under the captions Lease liabilities, current and Lease liabilities, and the corresponding right of use asset is reflected in the consolidated balance sheets under the caption Right-of-use assets. Non-lease components, such as common area maintenance costs, are excluded from the lease liability calculation and expensed as incurred. The Company records a straight-line monthly rent expense for the San Rafael Lease equal to the sum of all fixed lease payments divided by the number of months in the lease term. The Company previously maintained a five-year operating lease agreement for its European operations office in Hamburg, Germany, which was originally set to expire in July 2022. In February 2022, the Company executed a new lease agreement with the same landlord for a replacement office in Hamburg, Germany commencing May 1, 2022 and expiring June 30, 2025 with an option to renew for one five-year period. Upon the early termination of the previous lease agreement, it was agreed between the landlord and the Company that access to the previously leased office space would be revoked and the Company would be relieved of its payment obligations for the final two months of the lease term. Consequently, the Company removed the right of use asset and lease liability, $15 and $16 respectively, recorded in its consolidated financial statements related to the original Hamburg tenancy. The Company has determined that the new Hamburg lease agreement constitutes a lease under ASC 842 and estimates the lease term as May 2022 through June 2025. The option to extend for a five-year period lacks significant economic incentives and disincentives which would make exercise reasonably certain. Fixed lease payments for identified lease components over the identified term have been discounted at the Company's estimated incremental borrowing rate and are reflected in the consolidated balance sheets under the captions Lease liabilities, current and Lease liabilities, and the corresponding right of use asset is reflected in the consolidated balance sheets under the caption Right-of-use assets. Non-lease components, such as common area maintenance costs, are excluded from the lease liability calculation and expensed as incurred. The Company records a straight-line monthly rent expense for this lease equal to the sum of all fixed lease payments divided by the number of months in the lease term. The Company’s future lease payments as of December 31, 2022 are as follows, which are presented as Lease liabilities, current and Lease liabilities on the Company’s consolidated balance sheets: Period Operating 2023 $ 408 2024 420 2025 401 2026 349 Total lease payments 1,578 Less: imputed interest (150) Present value of lease liabilities $ 1,428 Lease liabilities, current $ 341 Lease liabilities 1,087 Total lease liabilities $ 1,428 Weighted-average remaining term (in years) 3.7 Weighted-average discount rate 5.4 % |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2022 | |
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 $186 and $171 for the years ended December 31, 2022 and 2021, respectively. |
Capitalization and Equity Struc
Capitalization and Equity Structure | 12 Months Ended |
Dec. 31, 2022 | |
Capitalization, Long-Term Debt and Equity [Abstract] | |
Capitalization and Equity Structure | Capitalization and Equity Structure Summary The Company’s authorized capital stock at December 31, 2022 consisted of 141,429 shares of common stock and 10,000 shares of preferred stock. As of December 31, 2022, there were 13,203 shares of common stock 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 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 the Company's 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. 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, 2022, the Company did not sell any shares under the ATM Agreement. As of December 31, 2022, the Company has $6,668 available for future offerings under the prospectus filed with respect to the ATM Agreement. 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, 2022 and December 31, 2021 were as follows: Source Exercise Term December 31, 2021 Issued Expired Exercised December 31, 2022 2021 Warrants $ 12.81 5 273 — — — 273 June 2020 Investor Warrants $ 5.18 5.5 127 — — — 127 June 2020 Placement Agent Warrants $ 5.64 5 39 — — — 39 December 2019 Warrants $ 8.10 5 556 — — — 556 December 2019 Placement Agent Warrants $ 8.44 5 52 — — — 52 May 2019 Warrants $ 3.52 3 193 — — — 193 1,240 — — — 1,240 During the years ended December 31, 2022 and 2021, the Company received net proceeds of $0 and $1,417 from the exercise of 0 and 358 warrants and issued 0 and 300 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, 2022 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. For the years ended December 31, 2021 and December 31, 2022, no shares of the 2021 Warrants were exercised. 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, 2022 December 31, 2021 Current share price $ 1.19 $ 2.65 Conversion price $ 12.81 $ 12.81 Risk-free interest rate 4.21 % 1.13 % Expected term (years) 3.11 4.11 Volatility of stock 99.6 % 98.3 % 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. For the years ended December 31, 2021 and December 31, 2022, 270 and no shares of the June 2020 Investor Warrants were exercised respectively. 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, 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, 2022 December 31, 2021 Current share price $ 1.19 $ 2.65 Conversion price $ 5.18 $ 5.18 Risk-free interest rate 4.23 % 1.11 % Expected term (years) 2.94 3.94 Volatility of stock 99.6 % 103.9 % 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. For the years ended December 31, 2021 and December 31, 2022, 83 and no shares of the June 2020 Investor Warrants were exercised respectively. 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, 2022 December 31, 2021 Current share price $ 1.19 $ 2.65 Conversion price $ 5.64 $ 5.64 Risk-free interest rate 4.33 % 1.03 % Expected term (years) 2.44 3.44 Volatility of stock 73.5 % 100.0 % 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, 2022 December 31, 2021 Current share price $ 1.19 $ 2.65 Conversion price $ 8.10 $ 8.10 Risk-free interest rate 4.32 % 1.04 % Expected term (years) 2.47 3.47 Volatility of stock 73.3 % 99.7 % December 2019 Placement Agent Warrants In December 2019, in connection with the December 2019 Offering, the Company issued warrants to purchase 52 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 $8.44, subject to adjustment in certain circumstances, and will expire on December 18, 2025. For the years ended December 31, 2021 and December 31, 2022, zero shares of the December 2019 Placement Agent Warrants were exercised. 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, 2022 December 31, 2021 Current share price $ 1.19 $ 2.65 Conversion price $ 8.44 $ 8.44 Risk-free interest rate 4.42 % 0.96 % Expected term (years) 1.97 2.97 Volatility of stock 71.8 % 102.9 % 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 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. For the years ended December 31, 2021 and December 31, 2022, 5 and no shares of the May 2019 Warrants were exercised respectively. 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. Because of the price protection feature contained in the May 2019 Warrants, the Company uses a combination of the Black-Scholes Model and the Lattice Model to estimate the fair value of the warrants at each reporting period. The following assumptions were used in the Black-Scholes Model in combination with the Lattice Model to measure the fair value of the May 2019 Warrants: December 31, 2022 December 31, 2021 Current share price $ 1.19 $ 2.65 Conversion price $ 3.52 $ 3.52 Risk-free interest rate 4.6 % 0.83 % Expected term (years) 1.40 2.40 Volatility of stock 74.5 % 109.1 % 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, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-based Compensation | Stock-based Compensation 2014 Equity Incentive Plan In 2014, 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 June 2022 increase 550 Total share authorized for grant as of December 31, 2022 2,524 As of December 31, 2022, the total shares authorized for grant under the 2014 Plan was 2,524, of which 50 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, 2021 587 Share pool increase 550 Granted (1,499) Forfeited 243 Expired 169 Available as of December 31, 2022 50 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, 2022 is presented below: Options Weighted Weighted Aggregate Outstanding at beginning of year 491 $ 32.53 Forfeited (51) $ 12.66 Expired (170) $ 29.86 Outstanding at end of year 270 $ 37.96 5.26 $ — Vested and expected to vest 270 $ 37.96 5.26 $ — Exercisable at year end 261 $ 38.93 5.21 $ — No stock options were exercised during the years ended December 31, 2022 and 2021. As no stock options were granted during the years ended December 31, 2022 and December 31, 2021, there was no related weighted-average grant date fair value. The total grant date fair value of stock options vested during the years ended December 31, 2022 and 2021 was $428 and $1,194, respectively. As of December 31, 2022, total unrecognized compensation cost related to unvested stock options was $57. 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 0.83 years. The following table summarizes information about stock options outstanding as of December 31, 2022: Options Outstanding Options Exercisable Range of Number of Weighted-Average Weighted Number of Weighted $5.55 - $9.15 98 7 $ 6.66 90 $ 6.51 $16.95 - $27.90 60 5.36 $ 23.52 59 $ 23.52 $30.75 - $85.50 74 4.87 $ 39.75 75 $ 39.75 $101.85 - $229.95 38 1.85 $ 138.41 37 $ 138.41 270 5.26 $ 37.96 261 $ 38.93 The Company recognizes compensation expense using the straight-line method over the requisite service period. 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, 2022 is summarized below: Number of Weighted Average Grant- Date Fair Value Unvested as of January 1, 2022 655 $ 5.63 Granted 1,499 $ 1.76 Vested (579) $ 3.93 Forfeited (192) $ 5.52 Unvested as of December 31, 2022 1,383 $ 2.17 The total grant-date fair value of RSUs and PSUs that vested during the year ended December 31, 2022 was $1,081. As of December 31, 2022, $2,215 of total unrecognized compensation expense related to unvested RSUs and PSUs was expected to be recognized over a weighted average period of 1.41 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 was recorded as follows: Years Ended December 31, 2022 2021 Sales and marketing $ 263 $ 450 Research and development 339 270 General and administrative 1,944 1,609 $ 2,546 $ 2,329 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, 2022, the Company had not initiated employee enrollment to the plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The domestic and foreign components of pre-tax loss for the years ended December 31, 2022 and 2021 were as follows: Years Ended December 31, 2022 2021 Domestic $ (13,749) $ (9,069) Foreign (1,331) (695) Loss before income taxes $ (15,080) $ (9,764) The Company had no current or deferred federal and state income tax expense or benefit for the years ended December 31, 2022 and 2021 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, 2022 and 2021 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, 2022 and 2021 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, 2022 2021 Federal tax at statutory rate 21.0 % 21.0 % State tax, net of federal tax effect — — R&D credit 0.7 0.4 Change in valuation allowance (15.1) (31.3) Unrealized gain on warrant 1.8 8.5 PPP Loan Forgiveness — 2.4 Stock-based compensation (7.7) (2.8) Other (1.8) 0.9 Foreign exchange 1.1 0.9 Total tax expense (benefit) — % — % The tax effects of temporary differences and related deferred tax assets and liabilities as of December 31, 2022 and 2021 were as follows: December 31, 2022 2021 Deferred tax assets: Depreciation and other $ 249 $ 257 Net operating loss carryforwards 48,829 47,579 Research and development tax credits 2,034 1,899 Accruals and reserves 356 395 Capitalized research and development costs 640 — Deferred revenue 213 377 Stock compensation expense 1,670 2,763 Lease assets 236 30 Other 22 20 Deferred tax liabilities: Lease liabilities (208) (28) Prepaid expenses (41) (32) Less: Valuation allowance (54,000) (53,260) 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 $740 and $4,587 in the years ended December 31, 2022 and December 31, 2021, 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, 2022 and December 31, 2021. The Tax Cuts and Jobs Act of 2017 (TCJA) made a significant change to Section 174 that went into effect for taxable years beginning after December 31, 2021. The change eliminated the ability to currently deduct research and development costs. Instead, these costs must be capitalized and amortized. As a result, the Company capitalized research and development costs of $3.3 million for the years ended December 31, 2022. 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 changes did not result in a significant impact on the value of the Company's deferred tax assets. As of December 31, 2022 the Company had federal net operating loss carryforwards of $186,722. The federal net operating loss carryforwards of $120,792 generated before January 1, 2018 will begin to expire in 2027, and $65,930 will carryforward indefinitely but are subject to the 80% taxable income limitation. The Company also had federal research and development tax credit carryforwards of $2,142 that will expire beginning in 2031, if not utilized. As of December 31, 2022, the Company had state net operating loss carryforwards of $120,724, which will begin to expire in 2028. The Company also had state research and development tax credit carryforwards of $723, which have no expiration. As of December 31, 2022, the Company had foreign net operating loss carryforwards of $11,650. 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, 2022 and 2021, were as follows: Years Ended December 31, 2022 2021 Beginning balances as of January 1, 2022 and 2021 $ 668 $ 645 Increase of unrecognized tax benefits taken in prior years — 1 Increase of unrecognized tax benefits related to current year 48 22 Ending balances as of December 31, 2022 and 2021 $ 716 $ 668 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, 2022 | |
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. 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. Since January 2022, the Company has assisted 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. In connection with the HMC Acquisition, the Company assumed two license agreements with Vanderbilt University to maintain exclusive rights to patents on the Company's behalf. The Vanderbilt Exoskeleton License Agreement was entered into as of October 15, 2012 and will continue until April 29, 2038, unless sooner terminated. Under this agreement, the Company is required to pay 6% of net sales of licensed patent products and 3% of net sales of licensed software products and the minimum annual royalty for licensed products is $250,000 after July 31, 2018. The Vanderbilt Knee License Agreement was entered into as of March 1, 2022 and will continue until February 15, 2041, unless sooner terminated. Under this agreement, the Company is required to pay 3.75% of net sales for licensed patent products and the minimum annual royalty is $75,000 due on or before July 31, 2028 and $100,000 after that. In addition to the assumption of the license agreements, the Company entered into transitional use agreements with Parker granting the Company access to certain information technology systems and manufacturing facilities in Macedonia, Ohio for twelve months following the date of the acquisition. As consideration for access to these resources, the Company will make monthly payments of $20. 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. 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 and increased pricing. Numerous factors, such as the ongoing pandemic or further trade tensions between the United States and China, may prolong or deepen these challenges. The Company had purchase obligations primarily for purchases of inventory and manufacturing related service contracts totaling $3,480 as of December 31, 2022, which are expected to be paid wit hin one 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. 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. The Company has operating lease commitments totaling $1,578 payable over 45 months related to the San Rafael and Hamburg leases disclosed in Note 11. Lease Obligations . Other Contractual Obligations The following table summarizes the Company's outstanding contractual obligations, including interest payments, as of December 31, 2022 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 loan $ 2,107 $ 2,107 $ — $ — Promissory Note 5,000 313 2,500 2,187 Facility operating leases 1,578 408 821 349 Total $ 8,685 $ 2,828 $ 3,321 $ 2,536 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, 2022 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Segment DisclosuresThe 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, 2022 Revenue $ 11,830 $ 1,082 $ 12,912 Cost of revenue 5,949 749 6,698 Gross profit $ 5,881 $ 333 $ 6,214 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 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, 2022 2021 United States $ 6,557 $ 6,451 Other 252 127 Americas 6,809 6,578 Germany 1,002 1,327 Other 2,847 2,084 EMEA 3,849 3,411 APAC 2,254 1,257 $ 12,912 $ 11,246 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsOn February 4, 2023, the Company entered into a mutual release and settlement agreement with an entity to settle and resolve any and all potential claims brought forth in connection with a consulting agreement executed between itself and the Company in July of 2017. Under the terms of the consulting agreement, the Company was required to make milestone payments for the introduction of potential partners for, and the consummation of, a strategic joint venture. A member of the Company's board of directors is affiliated with one of two entities under common control. In connection with the settlement agreement, the Company recorded $205 in general and administrative operating expenses for the year ended December 31, 2022 and has recorded a liability of $325 in its consolidated balance sheet as of December 31, 2022. There were no expenses or liabilities recorded related to the settlement agreement for the year ended December 31, 2021. The total settlement amount of $325 is expected to be paid in cash over the next fourteen months. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Estimates (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
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"). |
Principles of Consolidation | All significant intercompany transactions and balances have been eliminated in consolidation. |
Reclassifications | Reclassifications For the year ended December 31, 2022, the Company reclassified the amortization of operating lease right-of-use assets in its consolidated statements of cash flows. Amounts amortized related to operating lease right-of-use assets have been reclassified to "Depreciation and amortization" from "Prepaid expenses and other assets, current and noncurrent" as applicable. Accordingly, prior period amounts have been reclassified to conform to the current period presentation, in all material respects. These reclassifications did not affect changes in cash flow used in operating activities or net (decrease) in cash for the year ended December 31, 2021. |
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, assets acquired and liabilities assumed in business combinations, revenue recognition, deferred revenue, the valuation of warrants and employee equity awards, 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 Gain (Loss) | Accumulated Other Comprehensive Gain (Loss) The Company's accumulated other comprehensive gain consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments. |
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 has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows. 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 allowance for potential credit losses on trade receivables reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance 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. The Company has not experienced material losses related to accounts receivable during the years ended December 31, 2022 and 2021. 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, netProperty 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 | The Company assesses the impairment of long-lived assets whenever events or changes in circumstances indicate that their carrying value may not be recoverable from the estimated future cash flows expected to result from the Company’s use or eventual disposition. If estimates of future undiscounted net cash flows are insufficient to recover the carrying value of the assets, the Company will record an impairment loss in the amount by which the carrying value of the assets exceeds the fair value. If the assets are determined to be recoverable, but the useful lives are shorter than originally estimated, the Company will depreciate or amortize the net book value of the assets over the newly determined remaining useful lives. |
Goodwill | Goodwill The Company records goodwill when the purchase price of an acquisition exceeds the fair value of the net tangible and identified intangible assets acquired. The Company performs an annual impairment assessment, 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. Such indicators include, among others, material departures from projected sales volume, deteriorating gross margins, and uncertainties regarding continued commercialization as a result of changing business strategies. |
Intangible Assets | Intangible Assets Other intangible assets include developed technology, acquired intellectual property, and customer relationships, in the case of finite-lived intangibles, and trade names in the case of indefinite-lived intangibles. Finite-lived intangibles are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that the carrying value of the assets may not be recoverable. Indefinite lived intangible assets are tested for impairment annually, or as deemed necessary if potential indicators of impairment exist. |
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 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 customer. 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, 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 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 | 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 Company will adopt ASU 2016-13 as of January 1, 2023, using the modified retrospective transition method. The adoption of ASU 2016-13 is not expected to have a material impact on the Company's financial position or the results of operations. 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 2024 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, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Accumulated Other Comprehensive Gain (Loss) | The change in accumulated other comprehensive gain (loss) presented on the consolidated balance sheets for the year ended December 31, 2022, is reflected in the table below net of tax: Accumulated Other Comprehensive Gain (Loss) Balance at December 31, 2020 $ (847) Net unrealized gain on foreign currency translation 830 Balance at December 31, 2021 (17) Net unrealized gain on foreign currency translation 580 Balance at December 31, 2022 $ 563 |
Schedule of Inventories | Inventories consisted of the following: December 31, 2022 2021 Raw materials $ 3,837 $ 2,061 Work in progress 487 145 Finished goods 863 36 Inventories $ 5,187 $ 2,242 |
Net Loss Per Share of Common _2
Net Loss Per Share of Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, when applicable, using the weighted average number of shares of common stock, adjusted to include conversion of "in-the-money" 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, 2022 2021 Numerator: Net loss $ (15,080) $ (9,764) Adjustment for gain on fair value of warrant liability — (1,029) Adjusted net loss used for dilution calculation $ (15,080) $ (10,793) Denominator Weighted-average number of shares outstanding 12,962 12,193 Effect of potential dilutive shares — 76 Dilutive weighted-average number of shares outstanding 12,962 12,269 Net loss per share Basic $ (1.16) $ (0.80) Diluted $ (1.16) $ (0.88) |
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, 2022 2021 Options to purchase common stock 270 491 Restricted stock units 1,383 655 Warrants for common stock 1,240 920 Total common stock equivalents 2,893 2,066 |
Human Motion and Control Acqu_2
Human Motion and Control Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired, liabilities assumed and consideration given as of the acquisition date. These estimates are preliminary, pending final evaluation of certain assets, and therefore, are subject to revisions that may result in adjustments to the values presented below: Inventories $ 1,935 Fixed assets 1,599 Intangible assets 5,240 Goodwill 431 Total assets $ 9,205 Accrued royalties 150 Total liabilities $ 150 Net assets acquired $ 9,055 Cash delivered at close $ 5,000 Fair value of promissory note 4,055 Total consideration $ 9,055 |
Business Acquisition, Pro Forma Information | The table below presents the pro forma revenue and earnings of the combined business as though the combination were enacted January 1, 2021: Year Ended December 31, 2022 2021 Revenue $ 15,736 $ 14,675 Net loss $ (18,506) $ (14,083) |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s fair value hierarchies for its financial assets and liabilities which require fair value measurement on a recurring basis are as follows: Total Level 1 Level 2 Level 3 December 31, 2022 Liabilities Warrant liabilities $ 233 $ — $ — $ 233 December 31, 2021 Liabilities Warrant liabilities $ 1,550 $ — $ — $ 1,550 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets forth a summary of the changes in the fair value of Company’s Level 3 financial liabilities during the year ended December 31, 2022, which were measured at fair value on a recurring basis: Warrant Balance as of December 31, 2020 $ 6,037 Initial fair value of warrants issued 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 Gain on revaluation of warrants issued in 2021, June 2020, December 2019, and May 2019 equity financings (1,317) Balance as of December 31, 2022 $ 233 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Deferred Revenue Activity | Deferred revenue consisted of the following: December 31, 2022 December 31, 2021 Deferred extended maintenance and support $ 2,124 $ 2,349 Deferred royalties — 280 Deferred device and advances 29 66 Total deferred revenues 2,153 2,695 Less current portion (1,121) (1,220) Deferred revenues, non-current $ 1,032 $ 1,475 Deferred revenue activity consisted of the following for the years ended December 31, 2021 and December 31, 2022: Year Ended December 31, 2022 Year Ended December 31, 2021 Beginning balance $ 2,695 $ 3,302 Deferral of revenue 1,397 1,189 Recognition of deferred revenue (1,939) (1,796) Ending balance $ 2,153 $ 2,695 |
Summary of Disaggregation of Revenue | The following table disaggregates the Company’s revenue by major source for the year ended December 31, 2022: EksoHealth EksoWorks Total Device revenue $ 8,305 $ 588 $ 8,893 Service and support 1,923 — 1,923 Subscriptions 967 136 1,103 Parts and other 528 358 886 Collaborative arrangements 107 — 107 $ 11,830 $ 1,082 $ 12,912 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 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following: Estimated December 31, Life (Years) 2022 2021 Company-owned fleet 2-5 $ 3,468 $ 3,693 Computer software 3-5 234 390 Leasehold improvement 5-10 142 631 Furniture, office and leased equipment 3-7 279 554 Machinery and equipment 3-7 207 289 Tools, molds, dies and jigs 3-5 1,347 96 Computers and peripherals 3-5 — 77 5,677 5,730 Accumulated depreciation and amortization (2,997) (4,739) Property and equipment, net $ 2,680 $ 991 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: December 31, 2022 2021 Salaries, benefits and related expenses $ 1,843 $ 2,015 Device warranty 274 195 Other 161 89 Total $ 2,278 $ 2,299 |
Schedule of Warranty Costs | Warranty 2022 2021 Balance at beginning of the period $ 270 $ 226 Additions for estimated future expense 425 304 Incurred costs (282) (260) Balance at end of the period $ 413 $ 270 Current portion $ 274 $ 195 Long-term portion 139 75 Total $ 413 $ 270 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes the changes in carrying amount of goodwill (in thousands): Amount Balance as of December 31, 2021 $ — Acquisition activity 431 Balance as of December 31, 2022 $ 431 |
Schedule of Finite-Lived Intangible Assets | The following table summarizes the components of preliminary gross assets, accumulated amortization, and net carrying values for definite and indefinite lived intangible asset balances as of December 31, 2022: December 31, 2022 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Developed technology $ 2,310 $ (22) $ 2,288 Trade name 2,310 N/A 2,310 Intellectual property 460 — 460 Customer relationships 140 (1) 139 Below market lease 20 $ — $ 20 Total intangible assets $ 5,240 $ (23) $ 5,217 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The estimated future amortization expenses related to definite lived intangible assets as of December 31, 2022 is as follows (in thousands): Fiscal Year Amount 2023 $ 325 2024 306 2025 345 2026 345 2027 345 2028 and thereafter 1,241 Total $ 2,907 |
Notes payable, net (Tables)
Notes payable, net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022: Period Amount 2023 $ 2,000 Total principal payments 2,000 Less debt discount and issuance costs (3) Note payable, net $ 1,997 Current portion $ 1,997 Long-term portion — Note payable, net $ 1,997 The following table presents scheduled principal payments of the Company's note payable as of December 31, 2022: Period Amount 2023 $ 313 2024 1,250 2025 1,250 2026 1,250 2027 937 Total principal payments 5,000 Less debt discount (920) Note payable, net $ 4,080 Current portion 313 Long-term portion 3,767 Note payable, net $ 4,080 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Maturities of Future Obligations | The Company’s future lease payments as of December 31, 2022 are as follows, which are presented as Lease liabilities, current and Lease liabilities on the Company’s consolidated balance sheets: Period Operating 2023 $ 408 2024 420 2025 401 2026 349 Total lease payments 1,578 Less: imputed interest (150) Present value of lease liabilities $ 1,428 Lease liabilities, current $ 341 Lease liabilities 1,087 Total lease liabilities $ 1,428 Weighted-average remaining term (in years) 3.7 Weighted-average discount rate 5.4 % |
Capitalization and Equity Str_2
Capitalization and Equity Structure (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Capitalization, Long-Term Debt and Equity [Abstract] | |
Schedule of Warrant Share Activity | Warrant shares outstanding as of December 31, 2022 and December 31, 2021 were as follows: Source Exercise Term December 31, 2021 Issued Expired Exercised December 31, 2022 2021 Warrants $ 12.81 5 273 — — — 273 June 2020 Investor Warrants $ 5.18 5.5 127 — — — 127 June 2020 Placement Agent Warrants $ 5.64 5 39 — — — 39 December 2019 Warrants $ 8.10 5 556 — — — 556 December 2019 Placement Agent Warrants $ 8.44 5 52 — — — 52 May 2019 Warrants $ 3.52 3 193 — — — 193 1,240 — — — 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, 2022 December 31, 2021 Current share price $ 1.19 $ 2.65 Conversion price $ 12.81 $ 12.81 Risk-free interest rate 4.21 % 1.13 % Expected term (years) 3.11 4.11 Volatility of stock 99.6 % 98.3 % December 31, 2022 December 31, 2021 Current share price $ 1.19 $ 2.65 Conversion price $ 5.18 $ 5.18 Risk-free interest rate 4.23 % 1.11 % Expected term (years) 2.94 3.94 Volatility of stock 99.6 % 103.9 % December 31, 2022 December 31, 2021 Current share price $ 1.19 $ 2.65 Conversion price $ 5.64 $ 5.64 Risk-free interest rate 4.33 % 1.03 % Expected term (years) 2.44 3.44 Volatility of stock 73.5 % 100.0 % December 31, 2022 December 31, 2021 Current share price $ 1.19 $ 2.65 Conversion price $ 8.10 $ 8.10 Risk-free interest rate 4.32 % 1.04 % Expected term (years) 2.47 3.47 Volatility of stock 73.3 % 99.7 % December 31, 2022 December 31, 2021 Current share price $ 1.19 $ 2.65 Conversion price $ 8.44 $ 8.44 Risk-free interest rate 4.42 % 0.96 % Expected term (years) 1.97 2.97 Volatility of stock 71.8 % 102.9 % December 31, 2022 December 31, 2021 Current share price $ 1.19 $ 2.65 Conversion price $ 3.52 $ 3.52 Risk-free interest rate 4.6 % 0.83 % Expected term (years) 1.40 2.40 Volatility of stock 74.5 % 109.1 % |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 June 2022 increase 550 Total share authorized for grant as of December 31, 2022 2,524 Shares available for future grant under the 2014 Plan was as follows: Shares Available For Grant Available as of December 31, 2021 587 Share pool increase 550 Granted (1,499) Forfeited 243 Expired 169 Available as of December 31, 2022 50 |
Summary of Stock Option Activity | A summary of the stock option activity during the year ended December 31, 2022 is presented below: Options Weighted Weighted Aggregate Outstanding at beginning of year 491 $ 32.53 Forfeited (51) $ 12.66 Expired (170) $ 29.86 Outstanding at end of year 270 $ 37.96 5.26 $ — Vested and expected to vest 270 $ 37.96 5.26 $ — Exercisable at year end 261 $ 38.93 5.21 $ — The following table summarizes information about stock options outstanding as of December 31, 2022: Options Outstanding Options Exercisable Range of Number of Weighted-Average Weighted Number of Weighted $5.55 - $9.15 98 7 $ 6.66 90 $ 6.51 $16.95 - $27.90 60 5.36 $ 23.52 59 $ 23.52 $30.75 - $85.50 74 4.87 $ 39.75 75 $ 39.75 $101.85 - $229.95 38 1.85 $ 138.41 37 $ 138.41 270 5.26 $ 37.96 261 $ 38.93 |
Schedule of Unvested Restricted Stock Units Activity | Combined RSU and PSU activity for the year ended December 31, 2022 is summarized below: Number of Weighted Average Grant- Date Fair Value Unvested as of January 1, 2022 655 $ 5.63 Granted 1,499 $ 1.76 Vested (579) $ 3.93 Forfeited (192) $ 5.52 Unvested as of December 31, 2022 1,383 $ 2.17 |
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 was recorded as follows: Years Ended December 31, 2022 2021 Sales and marketing $ 263 $ 450 Research and development 339 270 General and administrative 1,944 1,609 $ 2,546 $ 2,329 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 and 2021 were as follows: Years Ended December 31, 2022 2021 Domestic $ (13,749) $ (9,069) Foreign (1,331) (695) Loss before income taxes $ (15,080) $ (9,764) |
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, 2022 and 2021 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, 2022 2021 Federal tax at statutory rate 21.0 % 21.0 % State tax, net of federal tax effect — — R&D credit 0.7 0.4 Change in valuation allowance (15.1) (31.3) Unrealized gain on warrant 1.8 8.5 PPP Loan Forgiveness — 2.4 Stock-based compensation (7.7) (2.8) Other (1.8) 0.9 Foreign exchange 1.1 0.9 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, 2022 and 2021 were as follows: December 31, 2022 2021 Deferred tax assets: Depreciation and other $ 249 $ 257 Net operating loss carryforwards 48,829 47,579 Research and development tax credits 2,034 1,899 Accruals and reserves 356 395 Capitalized research and development costs 640 — Deferred revenue 213 377 Stock compensation expense 1,670 2,763 Lease assets 236 30 Other 22 20 Deferred tax liabilities: Lease liabilities (208) (28) Prepaid expenses (41) (32) Less: Valuation allowance (54,000) (53,260) 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, 2022 and 2021, were as follows: Years Ended December 31, 2022 2021 Beginning balances as of January 1, 2022 and 2021 $ 668 $ 645 Increase of unrecognized tax benefits taken in prior years — 1 Increase of unrecognized tax benefits related to current year 48 22 Ending balances as of December 31, 2022 and 2021 $ 716 $ 668 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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, 2022 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 loan $ 2,107 $ 2,107 $ — $ — Promissory Note 5,000 313 2,500 2,187 Facility operating leases 1,578 408 821 349 Total $ 8,685 $ 2,828 $ 3,321 $ 2,536 |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment reporting information is as follows: EksoHealth EksoWorks Total Year ended December 31, 2022 Revenue $ 11,830 $ 1,082 $ 12,912 Cost of revenue 5,949 749 6,698 Gross profit $ 5,881 $ 333 $ 6,214 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 |
Schedule of Geographic Information | Geographic information for revenue based on location of customers is as follows: Year ended December 31, 2022 2021 United States $ 6,557 $ 6,451 Other 252 127 Americas 6,809 6,578 Germany 1,002 1,327 Other 2,847 2,084 EMEA 3,849 3,411 APAC 2,254 1,257 $ 12,912 $ 11,246 |
Organization (Details)
Organization (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 223,947 | $ 208,867 |
Cash used in operating activities | 14,688 | $ 11,156 |
Cash and cash equivalents, at carrying value | 20,525 | |
Debt covenant, unrestricted cash | 2,000 | |
Unrestricted cash | $ 18,525 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies and Estimates - Reclassifications (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
General and administrative | ||
Reclassification [Line Items] | ||
Maintenance expense | $ 175 | $ 199 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies and Estimates - Accumulated Other Comprehensive Gain (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 37,219 | $ 4,434 |
Ending balance | 25,442 | 37,219 |
Accumulated Other Comprehensive Gain (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (17) | (847) |
Net unrealized gain on foreign currency translation | 580 | 830 |
Ending balance | $ 563 | $ (17) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies and Estimates - Schedule of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accounting Policies [Abstract] | ||
Raw materials | $ 3,837 | $ 2,061 |
Work in progress | 487 | 145 |
Finished goods | 863 | 36 |
Inventories | $ 5,187 | $ 2,242 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies and Estimates - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2022 USD ($) customer | Dec. 31, 2021 USD ($) customer | |
Significant Accounting Policies [Line Items] | ||
Impairment loss on long-lived assets | $ 0 | $ 0 |
Goodwill, impairment loss | 0 | 0 |
Impairment of intangible assets | $ 0 | $ 0 |
Revenue benchmark | Customer concentration risk | ||
Significant Accounting Policies [Line Items] | ||
Number of customers | customer | 1 | 1 |
Revenue benchmark | Customer concentration risk | Customer A | ||
Significant Accounting Policies [Line Items] | ||
Concentration risk percentage | 10% | 10% |
Minimum | ||
Significant Accounting Policies [Line Items] | ||
Estimated life | 3 years | |
Maximum | ||
Significant Accounting Policies [Line Items] | ||
Estimated life | 10 years |
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, 2022 | Dec. 31, 2021 | |
Numerator: | ||
Net loss | $ (15,080) | $ (9,764) |
Adjustment for gain on fair value of warrant liability | 0 | (1,029) |
Adjusted net loss used for dilution calculation | $ (15,080) | $ (10,793) |
Denominator | ||
Weighted-average number of shares outstanding (in shares) | 12,962 | 12,193 |
Effect of potential dilutive shares (in shares) | 0 | 76 |
Dilutive weighted-average number of shares outstanding (in shares) | 12,962 | 12,269 |
Net loss per share, basic (in dollars per share) | $ (1.16) | $ (0.80) |
Net loss per share, diluted (in dollars per share) | $ (1.16) | $ (0.88) |
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, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 2,893 | 2,066 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 270 | 491 |
Restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 1,383 | 655 |
Warrants for common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 1,240 | 920 |
Human Motion and Control Acqu_3
Human Motion and Control Acquisition - Narrative (Details) | 12 Months Ended | ||
Dec. 05, 2022 USD ($) installment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Business Acquisition [Line Items] | |||
Cash delivered at close | $ 5,000,000 | $ 0 | |
Goodwill | 431,000 | $ 0 | |
Human Motion and Control | |||
Business Acquisition [Line Items] | |||
Cash delivered at close | $ 5,000,000 | ||
Fair value of promissory note | 4,055,000 | ||
Total consideration | 9,055,000 | ||
Goodwill | 431,000 | 431,000 | |
Goodwill expected to be deducted | 0 | ||
Intangible assets | $ 5,240,000 | ||
Acquired finite-lived intangible assets, weighted average useful life | 8 years | ||
Amortization of intangible assets | $ 23,000 | ||
Human Motion and Control | Subordinated Debt | |||
Business Acquisition [Line Items] | |||
Fair value of promissory note | $ 5,000 | ||
Stated rate | 0% | ||
Number of installments | installment | 16 | ||
Periodic payment | $ 313,000 |
Human Motion and Control Acqu_4
Human Motion and Control Acquisition - Assets Acquired and Liabilities Assumed and Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 05, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||
Goodwill | $ 431 | $ 0 | |
Cash delivered at close | 5,000 | $ 0 | |
Human Motion and Control | |||
Business Acquisition [Line Items] | |||
Inventories | $ 1,935 | ||
Fixed assets | 1,599 | ||
Intangible assets | 5,240 | ||
Goodwill | 431 | $ 431 | |
Total assets | 9,205 | ||
Accrued royalties | 150 | ||
Total liabilities | 150 | ||
Net assets acquired | 9,055 | ||
Cash delivered at close | 5,000 | ||
Fair value of promissory note | 4,055 | ||
Total consideration | $ 9,055 |
Human Motion and Control Acqu_5
Human Motion and Control Acquisition - Pro Forma (Details) - Human Motion and Control - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||
Revenues from acquiree | $ 103 | |
Net loss from acquiree | 289 | |
Revenue | 15,736 | $ 14,675 |
Net loss | $ (18,506) | $ (14,083) |
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, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liabilities | $ 233 | $ 1,550 |
Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Warrant liabilities | 233 | 1,550 |
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 | $ 233 | $ 1,550 |
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, 2022 | Dec. 31, 2021 | |
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 | $ (1,317) | $ (3,962) |
Warrant Liability | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 1,550 | 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 | (1,317) | (3,962) |
Reclassification of warrant liability to equity upon exercise of warrants | (2,461) | |
Ending balance | $ 233 | $ 1,550 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Total deferred revenues | $ 2,153 | $ 2,695 | $ 3,302 |
Non-cancellable backlog | $ 2,288 | ||
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]: 2023-01-01 | |||
Disaggregation of Revenue [Line Items] | |||
Remaining performance obligation, amount | $ 1,121 | ||
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 | $ 579 | ||
Remaining performance obligation, period | 1 year | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |||
Disaggregation of Revenue [Line Items] | |||
Remaining performance obligation, amount | $ 453 | ||
Remaining performance obligation, period | |||
Minimum | |||
Disaggregation of Revenue [Line Items] | |||
Term of contract | 12 months | ||
Minimum | EksoHealth | |||
Disaggregation of Revenue [Line Items] | |||
Payment terms | 12 months | ||
Maximum | |||
Disaggregation of Revenue [Line Items] | |||
Term of contract | 24 months | ||
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, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | |||
Deferred extended maintenance and support | $ 2,124 | $ 2,349 | |
Deferred royalties | 0 | 280 | |
Deferred device and advances | 29 | 66 | |
Total deferred revenues | 2,153 | 2,695 | $ 3,302 |
Less current portion | (1,121) | (1,220) | |
Deferred revenues, non-current | $ 1,032 | $ 1,475 |
Revenue - Summary of Deferred_2
Revenue - Summary of Deferred Revenue Activity (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Change In Contract With Customer, Liability Rollforward [Roll Forward] | ||
Beginning balance | $ 2,695 | $ 3,302 |
Deferral of revenue | 1,397 | 1,189 |
Recognition of deferred revenue | (1,939) | (1,796) |
Ending balance | $ 2,153 | $ 2,695 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 12,912 | $ 11,246 |
Device revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,893 | 7,566 |
Service and support | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,923 | 1,891 |
Subscriptions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,103 | 977 |
Parts and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 886 | 682 |
Collaborative arrangements | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 107 | 130 |
EksoHealth | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 11,830 | 9,750 |
EksoHealth | Device revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 8,305 | 6,428 |
EksoHealth | Service and support | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,923 | 1,891 |
EksoHealth | Subscriptions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 967 | 723 |
EksoHealth | Parts and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 528 | 578 |
EksoHealth | Collaborative arrangements | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 107 | 130 |
EksoWorks | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 1,082 | 1,496 |
EksoWorks | Device revenue | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 588 | 1,138 |
EksoWorks | Service and support | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 0 | 0 |
EksoWorks | Subscriptions | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 136 | 254 |
EksoWorks | Parts and other | ||
Disaggregation of Revenue [Line Items] | ||
Revenue | 358 | 104 |
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, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5,677 | $ 5,730 |
Accumulated depreciation and amortization | (2,997) | (4,739) |
Property and equipment, net | $ 2,680 | 991 |
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 | $ 3,468 | 3,693 |
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 | 5 years | |
Computer software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 234 | 390 |
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 | $ 142 | 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 | $ 279 | 554 |
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 | $ 207 | 289 |
Machinery and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 3 years | |
Machinery and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Estimated life | 7 years | |
Tools, molds, dies and jigs | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,347 | 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 | $ 0 | $ 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, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 486 | $ 561 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $ 1,843 | $ 2,015 |
Device warranty | 274 | 195 |
Other | 161 | 89 |
Total | $ 2,278 | $ 2,299 |
Accrued Liabilities - Schedul_2
Accrued Liabilities - Schedule of Warranty Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Accrued Liabilities [Line Items] | ||
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 | $ 270 | $ 226 |
Additions for estimated future expense | 425 | 304 |
Incurred costs | (282) | (260) |
Balance at end of the period | 413 | 270 |
Current portion | 274 | 195 |
Long-term portion | 139 | 75 |
Total | $ 413 | $ 270 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Carrying Amount of Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning balance | $ 0 |
Acquisition activity | 431 |
Goodwill, ending balance | $ 431 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (23) | |
Net Carrying Amount | 2,907 | |
Gross Carrying Amount | 20 | |
Accumulated Amortization | 0 | |
Net Carrying Amount | 20 | |
Intangible assets, gross | 5,240 | |
Intangible assets, net | $ 5,217 | $ 0 |
Below Market Lease, Amortization Period | 1 year | |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Indefinite lived assets | $ 2,310 | |
Developed technology | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 2,310 | |
Accumulated Amortization | (22) | |
Net Carrying Amount | $ 2,288 | |
Estimated useful life | 8 years | |
Intellectual property | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 460 | |
Accumulated Amortization | 0 | |
Net Carrying Amount | $ 460 | |
Estimated useful life | 12 years | |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 140 | |
Accumulated Amortization | (1) | |
Net Carrying Amount | $ 139 | |
Estimated useful life | 8 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Future Amortization Expenses (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2023 | $ 325 |
2024 | 306 |
2025 | 345 |
2026 | 345 |
2027 | 345 |
2028 and thereafter | 1,241 |
Net Carrying Amount | $ 2,907 |
Notes payable, net - Additional
Notes payable, net - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||
Dec. 05, 2022 USD ($) installment | Jun. 28, 2021 USD ($) | Apr. 20, 2020 USD ($) | Aug. 31, 2020 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | ||||||
Payment of remaining balance of long-term debt | $ 1,512,000 | |||||
Cash and restricted cash | $ 20,525,000 | |||||
Unsecured debt | ||||||
Debt Instrument [Line Items] | ||||||
Stated rate | 1% | |||||
Face amount | $ 1,086,000 | |||||
Debt term | 2 years | |||||
Extinguishment of debt amount | $ 1,099,000 | |||||
PWB loan agreement | Term loan | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity | $ 2,000,000 | |||||
Stated rate | 4.50% | |||||
Available for corporate purposes | $ 480,000 | |||||
Long term debt gross | $ 2,000,000 | |||||
Effective percentage | 5.93% | |||||
Interest expense, debt | $ 119,000 | $ 113,000 | ||||
Debt Instrument, Covenant Compliance, Maximum Deposits Outside Of United States | 800,000 | |||||
PWB loan agreement | Prime rate | Term loan | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 0.50% | |||||
Promissory Note | Subordinated Debt | ||||||
Debt Instrument [Line Items] | ||||||
Variable rate | 5% | |||||
Stated rate | 0% | |||||
Long term debt gross | $ 5,000,000 | |||||
Effective percentage | 7.70% | |||||
Interest expense, debt | $ 25,000 | |||||
Face amount | $ 5,000,000 | |||||
Number of installments | installment | 16 | |||||
Subordinated debt | $ 4,055,000 | |||||
Discount rate | 7.50% |
Notes payable, net - Principal
Notes payable, net - Principal Repayment (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Promissory Note | Subordinated Debt | |
Debt Instrument [Line Items] | |
2023 | $ 313 |
2024 | 1,250 |
2025 | 1,250 |
2026 | 1,250 |
2027 | 937 |
Total principal payments | 5,000 |
Less debt discount | (920) |
Note payable, net | 4,080 |
Current portion | 313 |
Long-term portion | 3,767 |
Note payable, net | 4,080 |
PWB loan agreement | Term loan | |
Debt Instrument [Line Items] | |
2023 | 2,000 |
Total principal payments | 2,000 |
Less debt discount and issuance costs | (3) |
Note payable, net | 1,997 |
Current portion | 1,997 |
Long-term portion | 0 |
Note payable, net | $ 1,997 |
Lease Obligations - Additional
Lease Obligations - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 31, 2022 | Feb. 28, 2022 extension | |
Lessee, Lease, Description [Line Items] | ||||
Right-of-use assets | $ 1,307 | $ 216 | ||
Lease liability | 1,428 | |||
Lease expense | $ 605 | $ 527 | ||
Richmond, California | ||||
Lessee, Lease, Description [Line Items] | ||||
Term of lease | 5 years | |||
San Rafael, California | ||||
Lessee, Lease, Description [Line Items] | ||||
Renewal term | 3 years | 3 years | ||
Hamburg,Germany | ||||
Lessee, Lease, Description [Line Items] | ||||
Term of lease | 5 years | |||
Renewal term | 5 years | 5 years | ||
Number of extension | extension | 1 | |||
Lease term | 2 months | |||
Right-of-use assets | $ 15 | |||
Lease liability | $ 16 |
Lease Obligations - Schedule of
Lease Obligations - Schedule of Lease Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2023 | $ 408 | |
2024 | 420 | |
2025 | 401 | |
2026 | 349 | |
Total lease payments | 1,578 | |
Less: imputed interest | (150) | |
Lease liabilities, current | 341 | $ 229 |
Lease liabilities | 1,087 | $ 0 |
Total lease liabilities | $ 1,428 | |
Weighted-average remaining lease term (in years) | 3 years 8 months 12 days | |
Weighted-average discount rate | 5.40% |
Employee Benefit Plan (Details)
Employee Benefit Plan (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Retirement Benefits [Abstract] | ||
Employer matching percentage | 50% | |
Contribution expense | $ 186 | $ 171 |
Capitalization and Equity Str_3
Capitalization and Equity Structure - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Jun. 08, 2020 | Feb. 28, 2021 | Oct. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | May 30, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | May 31, 2019 | |
Class of Warrant or Right [Line Items] | ||||||||||
Common stock, shares authorized (in shares) | 141,429,000 | 141,429,000 | ||||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | ||||||||
Common stock, shares issued (in shares) | 13,203,000 | 12,693,000 | ||||||||
Common stock, shares, outstanding (in shares) | 13,203,000 | 12,693,000 | ||||||||
Preferred stock, shares issued (in shares) | 0 | 0 | ||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||||||||
Proceeds from issuance of common stock and warrants, net | $ 0 | $ 37,295 | ||||||||
Warrants issued (in shares) | 0 | |||||||||
Exercise price (in dollars per share) | $ 8.06 | |||||||||
Aggregate proceeds | $ 0 | $ 1,417 | ||||||||
Warrants expired (in shares) | 0 | (358,000) | ||||||||
Exercise of warrants (in shares) | 0 | 300,000 | ||||||||
Warrants exercised (in shares) | 0 | |||||||||
Warrants outstanding (in shares) | 1,240,000 | 1,240,000 | ||||||||
February 2021 Offering | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Percentage of warrants issued to purchase shares of common stock | 7% | |||||||||
Exercise price (in dollars per share) | $ 12.81 | |||||||||
2021 Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Warrants issued (in shares) | 273,000 | 0 | ||||||||
Exercise price (in dollars per share) | $ 12.81 | $ 12.81 | ||||||||
Warrants expired (in shares) | 0 | |||||||||
Class of warrant or right expiration period | 5 years | 5 years | ||||||||
Warrants exercised (in shares) | 0 | 0 | ||||||||
Duration of put option | 30 days | |||||||||
Put option pay period | 5 days | |||||||||
Warrants outstanding (in shares) | 273,000 | 273,000 | ||||||||
2021 Warrants | Conversion price | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Conversion price (in dollars per share) | $ 12.81 | $ 12.81 | ||||||||
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] | ||||||||||
Warrants issued (in shares) | 0 | |||||||||
Exercise price (in dollars per share) | $ 5.18 | $ 5.18 | ||||||||
Warrants expired (in shares) | 0 | |||||||||
Class of warrant or right expiration period | 5 years 6 months | |||||||||
Warrants exercised (in shares) | 0 | (270,000) | ||||||||
Duration of put option | 30 days | |||||||||
Warrants outstanding (in shares) | 127,000 | 127,000 | ||||||||
June 2020 Placement Agent Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Warrants issued (in shares) | 122,000 | 0 | ||||||||
Exercise price (in dollars per share) | $ 5.64 | $ 5.64 | ||||||||
Warrants expired (in shares) | 0 | |||||||||
Class of warrant or right expiration period | 5 years | |||||||||
Warrants exercised (in shares) | 0 | (83,000) | ||||||||
Warrants outstanding (in shares) | 39,000 | 39,000 | ||||||||
June 2020 Placement Agent Warrants | Conversion price | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Conversion price (in dollars per share) | $ 5.64 | $ 5.64 | ||||||||
December 2019 warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Warrants issued (in shares) | 0 | |||||||||
Exercise price (in dollars per share) | $ 8.10 | $ 8.10 | ||||||||
Warrants expired (in shares) | 0 | |||||||||
Class of warrant or right expiration period | 5 years | 5 years | ||||||||
Warrants exercised (in shares) | 0 | 0 | ||||||||
Duration of put option | 30 days | |||||||||
Put option pay period | 5 days | |||||||||
Warrants outstanding (in shares) | 556,000 | 556,000 | ||||||||
December 2019 Placement Agent Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Warrants issued (in shares) | 0 | |||||||||
Exercise price (in dollars per share) | $ 8.44 | |||||||||
Warrants expired (in shares) | 0 | |||||||||
Class of warrant or right expiration period | 5 years | |||||||||
Warrants exercised (in shares) | 0 | 0 | ||||||||
Warrants outstanding (in shares) | 52,000 | |||||||||
December 2019 Placement Agent Warrants | Conversion price | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Conversion price (in dollars per share) | $ 8.44 | $ 8.44 | ||||||||
May 2019 Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Warrants issued (in shares) | 0 | |||||||||
Exercise price (in dollars per share) | $ 3.52 | |||||||||
Warrants expired (in shares) | 0 | |||||||||
Class of warrant or right expiration period | 3 years | |||||||||
Warrants exercised (in shares) | 0 | (5,000) | ||||||||
Duration of put option | 90 days | |||||||||
Put option pay period | 5 days | |||||||||
Warrants outstanding (in shares) | 193,000 | 193,000 | 444,000 | |||||||
May 2019 Warrants | Conversion price | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Conversion price (in dollars per share) | $ 3.52 | $ 3.52 | ||||||||
Common Stock | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Common stock, shares, outstanding (in shares) | 13,203,000 | 12,693,000 | 8,349,000 | |||||||
Exercise of warrants (in shares) | 300,000 | |||||||||
Over-allotment option | February 2021 Offering | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Number of shares sold (in shares) | 3,902,000 | |||||||||
Sale of shares (in dollars per share) | $ 10.25 | |||||||||
Value of shares sold | $ 40,000 | |||||||||
Proceeds from issuance of common stock and warrants, net | $ 36,504 | |||||||||
Expected term (years) | 5 years | |||||||||
At-the-market offering | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Number of shares sold (in shares) | 0 | |||||||||
Sale of shares (in dollars per share) | $ 6.75 | |||||||||
Value of shares sold | $ 7,500 | |||||||||
At-the-market offering | Common Stock | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Sale of stock, stock available for issuance, value | $ 6,668 | |||||||||
Direct offering | Common Stock | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Number warrants called (in shares) | 556,000 | |||||||||
Direct offering | Common Stock | June 2020 Investor Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Number warrants called (in shares) | 874,000 | |||||||||
Direct offering | Common Stock | May 2019 Warrants | ||||||||||
Class of Warrant or Right [Line Items] | ||||||||||
Sale of shares (in dollars per share) | $ 4.51 |
Capitalization and Equity Str_4
Capitalization and Equity Structure - Schedule of Warrant Share Activity (Details) - $ / shares | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 8.06 | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Warrants outstanding (in shares) | 1,240,000 | ||||
Warrants issued (in shares) | 0 | ||||
Warrants expired (in shares) | 0 | (358,000) | |||
Warrants exercised (in shares) | 0 | ||||
Warrants outstanding (in shares) | 1,240,000 | 1,240,000 | |||
2021 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 12.81 | $ 12.81 | |||
Term (Years) | 5 years | 5 years | |||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Warrants outstanding (in shares) | 273,000 | ||||
Warrants issued (in shares) | 273,000 | 0 | |||
Warrants expired (in shares) | 0 | ||||
Warrants exercised (in shares) | 0 | 0 | |||
Warrants outstanding (in shares) | 273,000 | 273,000 | |||
June 2020 Investor Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 5.18 | $ 5.18 | |||
Term (Years) | 5 years 6 months | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Warrants outstanding (in shares) | 127,000 | ||||
Warrants issued (in shares) | 0 | ||||
Warrants expired (in shares) | 0 | ||||
Warrants exercised (in shares) | 0 | (270,000) | |||
Warrants outstanding (in shares) | 127,000 | 127,000 | |||
June 2020 Placement Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 5.64 | $ 5.64 | |||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Warrants outstanding (in shares) | 39,000 | ||||
Warrants issued (in shares) | 122,000 | 0 | |||
Warrants expired (in shares) | 0 | ||||
Warrants exercised (in shares) | 0 | (83,000) | |||
Warrants outstanding (in shares) | 39,000 | 39,000 | |||
December 2019 warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 8.10 | $ 8.10 | |||
Term (Years) | 5 years | 5 years | |||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Warrants outstanding (in shares) | 556,000 | ||||
Warrants issued (in shares) | 0 | ||||
Warrants expired (in shares) | 0 | ||||
Warrants exercised (in shares) | 0 | 0 | |||
Warrants outstanding (in shares) | 556,000 | 556,000 | |||
December 2019 Placement Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 8.44 | ||||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Warrants issued (in shares) | 0 | ||||
Warrants expired (in shares) | 0 | ||||
Warrants exercised (in shares) | 0 | 0 | |||
Warrants outstanding (in shares) | 52,000 | ||||
May 2019 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 3.52 | ||||
Term (Years) | 3 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Warrants outstanding (in shares) | 193,000 | ||||
Warrants issued (in shares) | 0 | ||||
Warrants expired (in shares) | 0 | ||||
Warrants exercised (in shares) | 0 | (5,000) | |||
Warrants outstanding (in shares) | 193,000 | 193,000 |
Capitalization and Equity Str_5
Capitalization and Equity Structure - Schedule of Assumptions used in Black-Scholes Model to Measure Fair Value (Details) | 12 Months Ended | |
Dec. 31, 2022 $ / shares | Dec. 31, 2021 $ / shares | |
Current share price | 2021 Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | $ 1.19 | $ 2.65 |
Current share price | June 2020 Investor Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | 1.19 | 2.65 |
Current share price | June 2020 Placement Agent Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | 1.19 | 2.65 |
Current share price | December 2019 Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | 1.19 | 2.65 |
Current share price | December 2019 Placement Agent Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | 1.19 | 2.65 |
Current share price | May 2019 Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | 1.19 | 2.65 |
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 | 0.0421 | 0.0113 |
Risk-free interest rate | June 2020 Investor Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.0423 | 0.0111 |
Risk-free interest rate | June 2020 Placement Agent Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.0433 | 0.0103 |
Risk-free interest rate | December 2019 Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.0432 | 0.0104 |
Risk-free interest rate | December 2019 Placement Agent Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.0442 | 0.0096 |
Risk-free interest rate | May 2019 Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.046 | 0.0083 |
Expected term (years) | 2021 Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Expected term (years) | 3 years 1 month 9 days | 4 years 1 month 9 days |
Expected term (years) | June 2020 Investor Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Expected term (years) | 2 years 11 months 8 days | 3 years 11 months 8 days |
Expected term (years) | June 2020 Placement Agent Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Expected term (years) | 2 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 (years) | 2 years 5 months 19 days | 3 years 5 months 19 days |
Expected term (years) | December 2019 Placement Agent Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Expected term (years) | 1 year 11 months 19 days | 2 years 11 months 19 days |
Expected term (years) | May 2019 Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Expected term (years) | 1 year 4 months 24 days | 2 years 4 months 24 days |
Volatility of stock | 2021 Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.996 | 0.983 |
Volatility of stock | June 2020 Investor Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.996 | 1.039 |
Volatility of stock | June 2020 Placement Agent Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.735 | 1 |
Volatility of stock | December 2019 Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.733 | 0.997 |
Volatility of stock | December 2019 Placement Agent Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.718 | 1.029 |
Volatility of stock | May 2019 Warrants | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 0.745 | 1.091 |
Stock-based Compensation - 2014
Stock-based Compensation - 2014 Equity Incentive Plan (Details) - shares shares in Thousands | Dec. 31, 2022 | 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 | ||
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) | 2,524 | ||
Shares available for grant (in shares) | 50 | 587 |
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 | |||||||
Jun. 30, 2022 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Original share pool (in shares) | 137 | ||||||||
Increase (in shares) | 550 | 800 | 333 | 293 | 67 | 233 | 111 | ||
2014 Equity incentive plan | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Original share pool (in shares) | 137 | ||||||||
Increase (in shares) | 550 | ||||||||
Total share authorized for grant (in shares) | 2,524 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Shares Available for Future Grant (Details) - shares shares in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Jun. 30, 2022 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2022 | Dec. 31, 2019 | Dec. 31, 2015 | |
Shares Available For Grant | ||||||||
Share pool increase (in shares) | 550 | 800 | 333 | 293 | 67 | 233 | 111 | |
2014 Equity incentive plan | ||||||||
Shares Available For Grant | ||||||||
Beginning balance (in shares) | 587 | |||||||
Share pool increase (in shares) | 550 | |||||||
Granted (in shares) | (1,499) | |||||||
Forfeited (in shares) | 243 | |||||||
Expired (in shares) | 169 | |||||||
Ending balance (in shares) | 50 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Options Narrative (Details) - 2014 Equity incentive plan | 12 Months Ended |
Dec. 31, 2022 | |
Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Purchase price of common stock percentage | 100% |
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, 2022 USD ($) $ / shares shares | |
Options Outstanding | |
Outstanding at beginning of year (in shares) | shares | 491 |
Forfeited (in shares) | shares | (51) |
Expired (in shares) | shares | (170) |
Outstanding at end of year (in shares) | shares | 270 |
Vested and expected to vest (in shares) | shares | 270 |
Exercisable at year end (in shares) | shares | 261 |
Weighted Average Exercise Price | |
Outstanding at beginning of year (in dollars per share) | $ / shares | $ 32.53 |
Forfeited (in dollars per share) | $ / shares | 12.66 |
Expired (in dollars per share) | $ / shares | 29.86 |
Outstanding at end of year (in dollars per share) | $ / shares | 37.96 |
Vested and expected to vest (in dollars per share) | $ / shares | 37.96 |
Exercisable at year end (in dollars per share) | $ / shares | $ 38.93 |
Weighted average remaining contractual life (years), ending balance | 5 years 3 months 3 days |
Weighted average remaining contractual life (years), vested and expected to vest | 5 years 3 months 3 days |
Weighted average remaining contractual life (years), exercisable | 5 years 2 months 15 days |
Aggregate intrinsic value, ending balance | $ | $ 0 |
Aggregate intrinsic value, vested and expected to vest | $ | 0 |
Aggregate intrinsic value, exercisable | $ | $ 0 |
Stock-based Compensation - Exer
Stock-based Compensation - Exercised Options Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options exercised (in shares) | 0 | 0 |
Options granted (in shares) | 0 | 0 |
Granted (in dollars per share) | $ 0 | |
Fair value of vested shares | $ 428 | $ 1,194 |
Unrecognized compensation expense | $ 57 | |
Options to purchase common stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Period of unrecognized compensation expense | 9 months 29 days |
Stock-based Compensation - Su_4
Stock-based Compensation - Summary of Stock Options Outstanding (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Option outstanding, number of shares (in shares) | shares | 270 |
Weighted-Average Remaining Contractual Life (Years) | 5 years 3 months 3 days |
Options outstanding, weighted average price (in dollars per share) | $ 37.96 |
Options exercisable, number of shares (in shares) | shares | 261 |
Options exercisable, weighted average price (in dollars per share) | $ 38.93 |
$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 | 98 |
Weighted-Average Remaining Contractual Life (Years) | 7 years |
Options outstanding, weighted average price (in dollars per share) | $ 6.66 |
Options exercisable, number of shares (in shares) | shares | 90 |
Options exercisable, weighted average price (in dollars per share) | $ 6.51 |
$16.95 - $27.90 | |
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) | $ 27.90 |
Option outstanding, number of shares (in shares) | shares | 60 |
Weighted-Average Remaining Contractual Life (Years) | 5 years 4 months 9 days |
Options outstanding, weighted average price (in dollars per share) | $ 23.52 |
Options exercisable, number of shares (in shares) | shares | 59 |
Options exercisable, weighted average price (in dollars per share) | $ 23.52 |
$30.75 - $85.50 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, lower (in dollars per share) | 30.75 |
Range of exercise prices, upper (in dollars per share) | $ 85.50 |
Option outstanding, number of shares (in shares) | shares | 74 |
Weighted-Average Remaining Contractual Life (Years) | 4 years 10 months 13 days |
Options outstanding, weighted average price (in dollars per share) | $ 39.75 |
Options exercisable, number of shares (in shares) | shares | 75 |
Options exercisable, weighted average price (in dollars per share) | $ 39.75 |
$101.85 - $229.95 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Range of exercise prices, lower (in dollars per share) | 101.85 |
Range of exercise prices, upper (in dollars per share) | $ 229.95 |
Option outstanding, number of shares (in shares) | shares | 38 |
Weighted-Average Remaining Contractual Life (Years) | 1 year 10 months 6 days |
Options outstanding, weighted average price (in dollars per share) | $ 138.41 |
Options exercisable, number of shares (in shares) | shares | 37 |
Options exercisable, weighted average price (in dollars per share) | $ 138.41 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Unvested Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Shares | ||
Granted (in shares) | 0 | 0 |
Weighted Average Grant- Date Fair Value | ||
Granted (in dollars per share) | $ 0 | |
Fair value of vested shares | $ 428 | $ 1,194 |
Unrecognized compensation expense | $ 57 | |
RSUs | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Right to receive per award | 1 | |
Number of Shares | ||
Unvested, beginning balance (in shares) | 655,000 | |
Granted (in shares) | 1,499,000 | |
Vested (in shares) | (579,000) | |
Forfeited (in shares) | (192,000) | |
Unvested, ending balance (in shares) | 1,383,000 | 655,000 |
Weighted Average Grant- Date Fair Value | ||
Unvested, beginning balance (in dollars per share) | $ 5.63 | |
Granted (in dollars per share) | 1.76 | |
Vested (in dollars per share) | 3.93 | |
Forfeited (in dollars per share) | 5.52 | |
Unvested, ending balance (in dollars per share) | $ 2.17 | $ 5.63 |
Fair value of vested shares | $ 1,081 | |
Unrecognized compensation expense | $ 2,215 | |
Period of unrecognized compensation expense | 1 year 4 months 28 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, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | $ 2,546 | $ 2,329 |
Sales and marketing | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | 263 | 450 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | 339 | 270 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Compensation expense | $ 1,944 | $ 1,609 |
Stock-based Compensation - Empl
Stock-based Compensation - Employee Stock Purchase Plan (Details) - shares shares in Thousands | 12 Months Ended | |
Dec. 31, 2022 | 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% | |
ESPP | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares reserved for future issuance (in shares) | 500 | |
Employer matching percentage | 25% | |
Offering period | 6 months | |
Maximum annual contribution percentage | 85% |
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, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ (13,749) | $ (9,069) |
Foreign | (1,331) | (695) |
Loss before income taxes | $ (15,080) | $ (9,764) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 | 740,000 | $ 4,587,000 |
Capitalized research and development costs | 3,300,000 | |
Federal | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | 186,722,000 | |
Federal | Research and development tax credit | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | 2,142,000 | |
State | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | 120,724,000 | |
State | Research and development tax credit | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | 723,000 | |
Foreign | ||
Income Tax Examination [Line Items] | ||
Operating loss carryforwards | 11,650,000 | |
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 | $ 65,930,000 |
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, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Federal tax at statutory rate | 21% | 21% |
State tax, net of federal tax effect | 0% | 0% |
R&D credit | 0.70% | 0.40% |
Change in valuation allowance | (15.10%) | (31.30%) |
Unrealized gain on warrant | 1.80% | 8.50% |
PPP Loan Forgiveness | 0% | 2.40% |
Stock-based compensation | (7.70%) | (2.80%) |
Other | (1.80%) | 0.90% |
Foreign exchange | 1.10% | 0.90% |
Total tax expense (benefit) | 0% | 0% |
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, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Depreciation and other | $ 249 | $ 257 |
Net operating loss carryforwards | 48,829 | 47,579 |
Research and development tax credits | 2,034 | 1,899 |
Accruals and reserves | 356 | 395 |
Capitalized research and development costs | 640 | 0 |
Deferred revenue | 213 | 377 |
Stock compensation expense | 1,670 | 2,763 |
Lease assets | 236 | 30 |
Other | 22 | 20 |
Deferred tax liabilities: | ||
Lease liabilities | (208) | (28) |
Prepaid expenses | (41) | (32) |
Less: Valuation allowance | (54,000) | (53,260) |
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, 2022 | Dec. 31, 2021 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Beginning balance | $ 668 | $ 645 |
Increase of unrecognized tax benefits taken in prior years | 0 | 1 |
Increase of unrecognized tax benefits related to current year | 48 | 22 |
Ending balance | $ 716 | $ 668 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Mar. 01, 2022 USD ($) | Oct. 15, 2012 USD ($) | Dec. 31, 2022 USD ($) license_agreement | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Number of license agreements | license_agreement | 2 | ||
Other expense | $ 20 | ||
Purchase obligation | $ 3,480 | ||
Payment period for purchase obligations | 1 year | ||
Total lease payments | $ 1,578 | ||
San Rafael and Hamburg | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Term of lease | 45 months | ||
Royalty agreement terms | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Royalty percentage | 3.75% | ||
Royalty expense | $ 75 | $ 250 | |
Royalty expense after year one | $ 100 | ||
Royalty agreement terms | Licensed Patent Products | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Royalty percentage | 6% | ||
Royalty agreement terms | Licensed Software Products | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Royalty percentage | 3% | ||
Royalty agreement terms | Net sales | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Royalty percentage | 1% | ||
Royalty agreement terms | License fees | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Royalty percentage | 21% |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Outstanding Contractual Obligations Including Interest Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Other Commitments [Line Items] | |
Total | $ 8,685 |
Less than one year | 2,828 |
1-3 Years | 3,321 |
3-5 Years | 2,536 |
Facility operating leases | |
Other Commitments [Line Items] | |
Total | 1,578 |
Less than one year | 408 |
1-3 Years | 821 |
3-5 Years | 349 |
Term loan | |
Other Commitments [Line Items] | |
Total | 2,107 |
Less than one year | 2,107 |
1-3 Years | 0 |
3-5 Years | 0 |
Promissory Note | |
Other Commitments [Line Items] | |
Total | 5,000 |
Less than one year | 313 |
1-3 Years | 2,500 |
3-5 Years | $ 2,187 |
Segment Disclosures - Schedule
Segment Disclosures - Schedule of Segment Reporting Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) segment | Dec. 31, 2021 USD ($) | |
Segment Reporting [Abstract] | ||
Number of reportable segments | segment | 2 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 12,912 | $ 11,246 |
Cost of revenue | 6,698 | 4,497 |
Gross profit | 6,214 | 6,749 |
EksoHealth | ||
Segment Reporting Information [Line Items] | ||
Revenue | 11,830 | 9,750 |
Cost of revenue | 5,949 | 3,746 |
Gross profit | 5,881 | 6,004 |
EksoWorks | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,082 | 1,496 |
Cost of revenue | 749 | 751 |
Gross profit | $ 333 | $ 745 |
Segment Disclosures - Schedul_2
Segment Disclosures - Schedule of Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Revenue | $ 12,912 | $ 11,246 |
United States | ||
Segment Reporting Information [Line Items] | ||
Revenue | 6,557 | 6,451 |
Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | 252 | 127 |
Americas | ||
Segment Reporting Information [Line Items] | ||
Revenue | 6,809 | 6,578 |
Germany | ||
Segment Reporting Information [Line Items] | ||
Revenue | 1,002 | 1,327 |
Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,847 | 2,084 |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3,849 | 3,411 |
APAC | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 2,254 | $ 1,257 |
Related Party Transactions (Det
Related Party Transactions (Details) - Angel Pond Capital LLC $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Related Party Transaction [Line Items] | |
General and administrative operating expenses | $ 205 |
Due to related parties | 325 |
Related party transaction amounts of transaction | $ 325 |
Related party payment term | 14 months |