Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | EKSO BIONICS HOLDINGS, INC. | |
Entity Central Index Key | 1,549,084 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Trading Symbol | EKSO | |
Entity Common Stock, Shares Outstanding | 62,642,256 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash | $ 12,995 | $ 27,813 |
Accounts receivable, net of allowances of $59 and $212, respectively | 2,988 | 2,760 |
Inventories, net | 3,361 | 3,025 |
Prepaid expenses and other current assets | 509 | 1,339 |
Total current assets | 19,853 | 34,937 |
Property and equipment, net | 2,170 | 2,249 |
Intangible assets, net | 90 | 491 |
Goodwill | 189 | 189 |
Other assets | 121 | 122 |
Total assets | 22,423 | 37,988 |
Current liabilities: | ||
Accounts payable | 3,438 | 2,420 |
Accrued liabilities | 3,469 | 3,503 |
Deferred revenues, current | 945 | 1,103 |
Note payable, current | 2,333 | 2,139 |
Total current liabilities | 10,185 | 9,165 |
Deferred revenues | 1,535 | 816 |
Note payable, net | 3,199 | 4,830 |
Warrant liability | 1,810 | 1,648 |
Contingent liabilities | 80 | 81 |
Other non-current liabilities | 27 | 57 |
Total liabilities | 16,836 | 16,597 |
Commitments and contingencies (Note 14) | ||
Stockholders' equity: | ||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding at September 30, 2018 and December 31, 2017 | 0 | 0 |
Common stock, $0.001 par value; 141,429 shares authorized; 62,617 and 59,943, shares issued and outstanding at September 30, 2018 and December 31, 2017, respectively | 63 | 60 |
Additional paid-in capital | 172,721 | 165,825 |
Accumulated other comprehensive loss | (183) | (340) |
Accumulated deficit | (167,014) | (144,154) |
Total stockholders' equity | 5,587 | 21,391 |
Total liabilities and stockholders' equity | $ 22,423 | $ 37,988 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 59 | $ 212 |
Convertible Preferred stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Convertible Preferred stock, shares issued (in shares) | 0 | 0 |
Convertible Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 141,429,000 | 141,429,000 |
Common stock, shares issued (in shares) | 62,617,000 | 59,943,000 |
Common stock, shares outstanding (in shares) | 62,617,000 | 59,943,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenue: | ||||
Total revenue | $ 2,550 | $ 1,597 | $ 8,036 | $ 4,900 |
Cost of revenue: | ||||
Total cost of revenue | 1,467 | 1,053 | 5,217 | 3,608 |
Gross profit | 1,083 | 544 | 2,819 | 1,292 |
Operating expenses: | ||||
Sales and marketing | 3,106 | 3,226 | 10,892 | 9,563 |
Research and development | 1,282 | 1,986 | 4,479 | 7,491 |
General and administrative | 2,785 | 2,414 | 9,350 | 7,430 |
Restructuring | 0 | 0 | 0 | 665 |
Change in fair value, contingent consideration | 4 | (16) | (11) | (191) |
Total operating expenses | 7,177 | 7,610 | 24,710 | 24,958 |
Loss from operations | (6,094) | (7,066) | (21,891) | (23,666) |
Other income (expense), net: | ||||
Interest expense | (145) | (165) | (469) | (482) |
Gain (loss) on warrant liabilities | (681) | 1,814 | (162) | 4,851 |
Loss on repurchase of warrants | 0 | (1,067) | 0 | (1,067) |
Other income (expense), net | (63) | 149 | (338) | 220 |
Total other income (expense), net | (889) | 731 | (969) | 3,522 |
Net loss | (6,983) | (6,335) | (22,860) | (20,144) |
Foreign currency translation adjustments | 44 | (122) | 157 | (356) |
Comprehensive loss | $ (6,939) | $ (6,457) | $ (22,703) | $ (20,500) |
Basic and diluted net loss per share (in dollars per share) | $ (0.11) | $ (0.18) | $ (0.38) | $ (0.73) |
Weighted average number of shares of common stock outstanding, basic and diluted (in shares) | 61,381 | 34,720 | 60,721 | 27,425 |
Device and related | ||||
Revenue: | ||||
Total revenue | $ 2,533 | $ 1,587 | $ 8,008 | $ 4,862 |
Cost of revenue: | ||||
Total cost of revenue | 1,445 | 1,045 | 5,182 | 3,593 |
Engineering services | ||||
Revenue: | ||||
Total revenue | 17 | 10 | 28 | 38 |
Cost of revenue: | ||||
Total cost of revenue | $ 22 | $ 8 | $ 35 | $ 15 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Operating activities: | ||
Net loss | $ (22,860) | $ (20,144) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization | 1,174 | 1,314 |
Inventory allowance expense | 161 | 0 |
Provision for doubtful accounts | (119) | 100 |
Loss on disposal of property and equipment | 126 | 0 |
Loss (gain) on change in fair value of warrant liabilities | 162 | (4,851) |
Stock-based compensation expense | 2,232 | 1,755 |
Accretion of final payment fee of debt | 64 | 72 |
Amortization of debt discounts | 55 | 63 |
Gain on change in fair value of contingent liabilities | (13) | (72) |
Common stock contribution to 401(k) plan | 156 | 0 |
Loss on repurchase of warrants | 0 | 1,067 |
Unrealized loss (gain) on foreign currency transactions | 291 | (425) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (109) | (488) |
Inventories | (1,254) | (1,239) |
Prepaid expense and other assets | 831 | (1,618) |
Deferred costs of revenue | 0 | (86) |
Accounts payable | 1,058 | (750) |
Accrued liabilities | 477 | (577) |
Deferred revenues | 557 | 297 |
Net cash used in operating activities | (17,011) | (25,582) |
Investing activities: | ||
Acquisition of property and equipment | (51) | (353) |
Net cash used in investing activities | (51) | (353) |
Financing activities: | ||
Proceeds from issuance of common stock and warrants, net | 3,961 | 42,463 |
Principal payments on note payable | (1,585) | (46) |
Proceeds from exercise of stock options | 1 | 42 |
Net cash provided by financing activities | 2,377 | 42,459 |
Effect of exchange rate changes on cash | (133) | 69 |
Net increase (decrease) in cash | (14,818) | 16,593 |
Cash at beginning of period | 27,813 | 16,846 |
Cash at end of period | 12,995 | 33,439 |
Supplemental disclosure of cash flow activities | ||
Cash paid for interest | 350 | 309 |
Cash paid for income taxes | 0 | 2 |
Supplemental disclosure of non-cash activities | ||
Transfer of inventory to equipment | 757 | 417 |
Share issuance for common stock contribution to 401(k) plan | 508 | 0 |
Share issuance for employee bonuses | 230 | 0 |
Equipois sales earn-out | 28 | 47 |
Equipois supply earn-out | 0 | 189 |
Cumulative retrospective adjustment to retained earnings for ASU 2016-09 adoption | 0 | 171 |
Repurchase of warrants and share issuance | 0 | 2,245 |
April 2017 warrant issuance | $ 0 | $ 3,301 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Description of Business Ekso Bionics Holdings, Inc. (the “Company”) designs, develops and sells exoskeleton technology to augment human strength, endurance and mobility. The Company’s exoskeleton technology serves multiple markets and can be used both by able-bodied users as well as by persons with physical disabilities. The Company has sold or leased devices that (a) enable individuals with neurological conditions affecting gait (stroke and spinal cord injury) to rehabilitate and to walk again and (b) allow industrial workers to perform heavy duty work for extended periods. Founded in 2005, the Company is headquartered in the Bay Area and is listed on the Nasdaq Capital Market under the symbol “EKSO”. Liquidity and Going Concern As of September 30, 2018 , the Company had an accumulated deficit of $167,014 . Largely as a result of significant research and development activities related to the development of the Company’s advanced technology and commercialization of this technology into its medical device business, the Company has incurred significant operating losses and negative cash flows from operations since inception. In the nine months ended September 30, 2018 , the Company used $17,011 of cash in its operations. Cash on hand at September 30, 2018 was $12,995 , compared to $27,813 at December 31, 2017 . As noted in Note 9, Long-Term Debt , borrowings under the Company’s long-term debt agreement have a requirement of minimum cash on hand roughly equivalent to three months of cash burn. As of September 30, 2018 , the most recent determination of this restriction, $ 6,380 of cash must remain as unrestricted, with such amounts to be re-computed at each month end period. After considering cash restrictions, effective unrestricted cash as of September 30, 2018 is estimated to be $ 6,615 . Based on the current forecast, the Company’s cash on hand will not be sufficient to satisfy the Company’s operations for the next twelve months from the date of issuance of these condensed consolidated financial statements, which raises substantial doubt about the Company’s ability to continue as a going concern. Based upon the Company’s current cash resources, the recent rate of using cash for operations and investment, and assuming modest increases in current revenue offset by incremental increases in expenses related to increased sales and marketing, the Company believes it has sufficient resources to meet its financial obligations into the first quarter of 2019. The Company will require significant additional financing. The Company’s actual capital requirements may vary significantly and will depend on many factors. The Company plans to continue its investments (i) in its clinical and sales initiatives to accelerate adoption of the Ekso robotic exoskeleton in the rehabilitation market, (ii) in its research, development and commercialization activities with respect to an Ekso robotic exoskeleton for rehabilitation, and/or (iii) in the development and commercialization of able-bodied exoskeletons for industrial use. The Company is actively pursuing opportunities to obtain additional financing in the future through public or private equity and/or debt financings, corporate collaborations, or warrant solicitations. Sales of additional equity securities by the Company could result in the dilution of the interests of existing stockholders. There can be no assurance that financing will be available when required in sufficient amounts, on acceptable terms or at all. In the event that the necessary additional financing is not obtained, the Company may be required to further reduce its discretionary overhead costs substantially, including research and development, general and administrative, and sales and marketing expenses or otherwise curtail operations. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies and Estimates | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies and Estimates | Basis of Presentation and Summary of Significant Accounting Policies and Estimates Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements for the fiscal year ended December 31, 2017 , and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and therefore, omit certain information and footnote disclosure necessary to present the financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 , which was filed with the SEC on March 13, 2018. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the entire fiscal year or any future periods. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to: revenue recognition, deferred revenue and the deferral of the associated costs, future warranty costs, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, the valuation of employee stock options and warrants, and contingencies. Actual results could differ from those estimates. Inventory Inventories are recorded at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or market. Parts from vendors are received and recorded as raw material. Once the raw materials are incorporated in the fabrication of the product, the related value of the component is recorded as work in progress (“WIP”). Direct labor and manufacturing 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, obsolete, and impaired inventories identified, if any, are recorded as an inventory impairment charge to the consolidated statements of operations and comprehensive loss. The Company’s estimate of write downs for excess and obsolete inventory is based on a detailed analysis of on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of an inventory reserve. Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. Nature of Products and Services The Company’s medical device segment revenue is primarily generated through the sale and lease of the Ekso GT and associated software (SmartAssist, VariableAssist), and sale of accessories, and support and maintenance contracts (Ekso Care). Revenue from medical device product sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility for sales of the Ekso GT, software, and accessories. Ekso Care support and maintenance contracts extend coverage beyond the Company’s standard warranty agreements. The separately priced Ekso Care contracts range from 12 to 48 months. The Company receives payment at the inception of the contract and recognize revenue over the term of the agreement. Revenue from medical device leases is recognized over the lease term, typically over 12 months. The Company’s industrial device segment revenue is generated by the sales of the support arm (EksoZeroG) and the upper body exoskeleton (EksoVest). 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 for sales of the EksoZeroG and EksoVest. The Company’s engineering services segment revenue is generated by collaborative arrangements or government grants. Cost reimbursements or grant revenue are recognized over the life of the contract in proportion to the costs incurred in satisfying the obligations under the contract. Refer to Note 6 – Revenue Recognition for further information, including revenue disaggregated by source. Going Concern The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with Accounting Standards Codification 205-40. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains its cash accounts in excess of federally insured limits. However, the Company believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. The Company extends credit to customers 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 condensed consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable. Accounts receivable are derived from the sale of products shipped to and services performed for customers. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and records an allowance for credit losses, as needed. The Company has not experienced any material losses related to accounts receivable as of September 30, 2018 and December 31, 2017 . Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency. The Company does not enter into any foreign currency hedging agreements and is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon settling foreign currency denominated accounts receivable. As of September 30, 2018 , the Company had no customers with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable compared with one customer as of December 31, 2017 ( 10% ). In the three months ended September 30, 2018 , the Company had no customers with sales of 10% or more of the Company’s total revenue, compared with one customer in the three months ended September 30, 2017 ( 16% ). In the nine months ended September 30, 2018 and 2017 , the Company had no customers with sales comprising 10% or more of the Company's total customer sales. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02-Leases (ASC 842) and subsequent amendments to the initial guidance under ASU 2017-13, ASU 2018-10 and ASU 2018-11 (collectively, Topic 842) to supersede existing guidance on accounting for leases in ASC 840, Leases (ASC 840). Topic 842 requires the Company to recognize on its balance sheet a lease liability representing the present value of future lease payments and a right-of-use asset representing the lessee's right to use, or control the use of a specified asset for the lease term for any operating lease with a term greater than one year. This standard is effective for annual and interim reporting periods beginning after December 15, 2018. The Company will adopt the new standard effective January 1, 2019 using the modified retrospective approach, under which the Company will initially apply the new leases standard at the beginning of the earliest period presented in the financial statements The Company is still in the process of quantifying the impact at this time, but anticipates that this standard will impact its condensed consolidated balance sheets with material increases in current and non-current assets and current and non-current lease liabilities associated with our property leases representing our office locations. The Company does not anticipate a material impact on its condensed consolidated statements of operations, as the majority of its leases will remain operating leases for which the right-of-use assets amortization will be similar to previously required straight-line expense treatment for operating leases. The adoption of Topic 842 will not have a material impact on the financial covenants set forth in the Company's long-term debt agreement. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminated the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities are required to record an impairment charge based on the excess of the carrying amount over its fair value. This update will be effective for the Company beginning January 1, 2020 and early adoption is permitted. The Company does not expect the impact of adopting ASU 2017-04 to be material on its consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . The Update expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. Under the amended guidance, equity-classified share-based payment awards issued to nonemployees will be measured at grant date fair value. Upon transition, the entity is required to remeasure these nonemployee awards at fair value as of the adoption date. The improvement is effective for the Company in the first quarter of 2019. The Company is currently evaluating the impact that the adoption of the amendments in this update will have on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The standard modifies the disclosure requirements on fair value measurements in Topic 820 by removing the requirement to disclose the reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. The standard expands the disclosure requirements for Level 3 fair value measurement, primarily focused on changes in unrealized gains and losses included in other comprehensive income. The amendments in this Update will be effective for all the Company in the first quarter of 2020. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of the amendments in this update will have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements which are more extensive than those required under prior U.S. GAAP. The FASB has issued numerous amendments to ASU 2014-09 from August 2015 through January 2018, which provide supplemental and clarifying guidance, as well as amend the effective date of the new standard. ASU 2014-09, as amended, is effective for the Company in the first quarter of 2018. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. Effective January 1, 2018, the Company adopted the new standard using the modified retrospective transition method. The adoption did not result in a cumulative adjustment to the Company’s consolidated balance sheet as of January 1, 2018, nor did it materially impact the aggregate amount and timing of the Company’s revenue recognition subsequent to adoption. The Company has provided enhanced revenue recognition disclosures as required by the new standard (Refer to Note 6, Revenue Recognition ). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss The following table sets forth the changes to accumulated comprehensive loss, net of tax, by component for the nine months ended September 30, 2018 : Foreign Currency Translation Balance at December 31, 2017 $ (340 ) Other comprehensive gain before reclassification 157 Balance at September 30, 2018 $ (183 ) |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Three levels of inputs, of which the first two are considered observable and the last unobservable, may be used to measure fair value which are the following: • Level 1 —Quoted prices in active markets for identical assets or liabilities. The Company considers a market to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis. • Level 2 —Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation. The Company’s fair value hierarchies for its financial assets and liabilities which require fair value measurement are as follows: Total Level 1 Level 2 Level 3 September 30, 2018 Liabilities Warrant liabilities $ 1,810 $ — $ — $ 1,810 Contingent consideration liability $ 47 $ — $ — $ 47 Contingent success fee liability $ 33 $ — $ — $ 33 December 31, 2017 Liabilities Warrant liability $ 1,648 $ — $ — $ 1,648 Contingent consideration liability $ 42 $ — $ — $ 42 Contingent success fee liability $ 39 $ — $ — $ 39 The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the period ended September 30, 2018 , which were measured at fair value on a recurring basis: Warrant Liability Contingent Consideration Liability Contingent Success Fee Liability Balance at December 31, 2017 $ 1,648 $ 42 $ 39 Loss on revaluation of warrants issued in conjunction with 2015 financing 162 — — Gain on revaluation of liability — (5 ) (6 ) Reclassification from accrued liabilities — 10 — Balance at September 30, 2018 $ 1,810 $ 47 $ 33 Refer to Note 11 Capitalization and Equity Structure – Warrants for additional information regarding the valuation of warrants. |
Inventories, net
Inventories, net | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories, net | Inventories, net Inventories consisted of the following: September 30, December 31, Raw materials $ 2,144 $ 1,737 Work in progress 254 — Finished goods 1,299 1,463 3,697 3,200 Less: inventory reserve (336 ) (175 ) Inventories, net $ 3,361 $ 3,025 |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition Disclosure | 6. Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. Revenue recognition is evaluated based on the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are determined based on observable prices at which the Company separately sells its products or services. If a standalone selling price is not directly observable, the Company estimates the selling price based on market conditions and entity-specific factors including features and functionality of the product and/or services, the geography of the Company’s customers, type of the Company’s markets. Any discounts or other reductions to the transaction price are allocated proportionately to all performance obligations within the multiple-element arrangement. Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers and receipt of payment. For the sale of its products, the Company generally recognizes revenue at a point in time through the ship-and-bill performance obligations. For the lease of its products, the Company generally recognizes revenue over the lease term commencing upon the completion of customer training. For service agreements, the Company generally invoices customers at the beginning of the coverage period and record revenue related to the billed amounts over time, equivalent to the coverage period of the maintenance and support contract. Deferred revenue is comprised mainly of unearned revenue related to extended support and maintenance contracts (Ekso Care) but also includes other offerings for which the Company has been paid in advance and earns revenue when the Company transfers control of the product or service. Deferred revenues consisted of the following: September 30, December 31, Deferred extended maintenance and support $ 2,358 $ 1,763 Deferred rental income 32 73 Customer deposits and advances 56 52 Deferred device revenues 34 31 Total deferred revenues 2,480 1,919 Less current portion (945 ) (1,103 ) Deferred revenues, non-current $ 1,535 $ 816 Deferred revenue activity consisted of the following: Nine months ended September 30, 2018 Beginning balance $ 1,919 Deferral of revenue 1,828 Recognition of deferred revenue (1,267 ) Ending balance $ 2,480 At September 30, 2018 , the Company’s deferred revenue, was $2,480 . Excluding customer deposits, the Company expects to recognize approximately $311 of the deferred revenue in the remainder of 2018 , $744 in 2019 , and $1,369 thereafter. As of September 30, 2018 , and December 31, 2017 , accounts receivable, net of allowance for doubtful accounts, were $2,988 and $2,760 , respectively, and are included in current assets on the Company’s condensed consolidated balance sheets. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 60 days. Disaggregation of revenue The following table disaggregates the Company’s revenue by major source for the three months ended September 30, 2018 : Device and related Engineering Medical Industrial Total services Total Device revenue $ 1,084 $ 736 $ 1,820 $ — $ 1,820 Service, support and rentals 644 9 653 — 653 Parts and other 16 44 60 — 60 Collaborative arrangements — — — 17 17 $ 1,744 $ 789 $ 2,533 $ 17 $ 2,550 The following table disaggregates the Company’s revenue by major source for the nine months ended September 30, 2018 : Device and related Engineering Medical Industrial Total services Total Device revenue $ 4,691 $ 1,669 $ 6,360 $ — $ 6,360 Service, support and rentals 1,425 9 1,434 — 1,434 Parts and other 150 64 214 — 214 Collaborative arrangements — — — 28 28 $ 6,266 $ 1,742 $ 8,008 $ 28 $ 8,036 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | Intangible Assets The following table reflects the amortization of the purchased intangible assets as of September 30, 2018 : Cost Accumulated Amortization Net Developed technology $ 1,160 $ (1,095 ) $ 65 Customer relationships 70 (66 ) 4 Customer trade name 380 (359 ) 21 $ 1,610 $ (1,520 ) $ 90 Estimated future amortization for the remainder of 2018 is $90 . |
Accrued Liabilities
Accrued Liabilities | 9 Months Ended |
Sep. 30, 2018 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following: September 30, December 31, 2017 Salaries, benefits and related expenses $ 2,275 $ 2,850 Severance 488 — Device warranty 300 232 Clinical trials 214 136 Device maintenance 78 121 Capital lease obligation 35 34 Other 79 130 Total $ 3,469 $ 3,503 A reconciliation of the changes in the current portion of device maintenance and warranty liabilities for the nine -month period ended September 30, 2018 is as follows: Maintenance Warranty Total Balance at December 31, 2017 $ 121 $ 232 $ 353 Additions for estimated future expense — 312 312 Incurred costs (43 ) (244 ) (287 ) Balance at September 30, 2018 $ 78 $ 300 $ 378 |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 9. Long-Term Debt In December 2016, the Company entered into a loan agreement and received $7,000 that bears interest on the outstanding daily balance at a floating per annum rate equal to the 30-day U.S. LIBOR plus 5.41% . The loan agreement created a first priority security interest with respect to substantially all assets of the Company, including proceeds of intellectual property, but expressly excluding intellectual property itself. The Company was required to pay accrued interest on the current loan on the first day of each month through and including January 1, 2018. Commencing on February 1, 2018, the Company is required to make equal monthly payments of principal, together with accrued and unpaid interest. The principal balance of the current loan amortizes ratably over 36 months , and matures on January 1, 2021, at which time all unpaid principal and accrued and unpaid interest shall be due and payable in full. In addition, a final payment of $245 will be due on the maturity date, of which $161 has accreted as of September 30, 2018 , to be paid in 2021 and is included as a component of note payable on the Company’s condensed consolidated balance sheets. In December 2016, and pursuant to the loan agreement, the Company entered into a success fee agreement with the lender under which the Company agreed to pay the lender a $250 success fee upon the first to occur of any of the following events: (a) a sale or other disposition by the Company of all or substantially all of its assets; (b) a merger or consolidation of the Company into or with another person or entity, where the holders of the Company’s outstanding voting equity securities immediately prior to such merger or consolidation hold less than a majority of the issued and outstanding voting equity securities of the successor or surviving person or entity immediately following the consummation of such merger or consolidation; or (c) the closing price per share for the Company’s common stock being $8.00 or more for five successive business days. The estimated fair value of the success fee was determined using the Binomial Lattice Model and was recorded as a discount to the debt obligation. The fair value of the contingent success fee is re-measured each reporting period with any adjustments in fair value being recognized in the consolidated statements of operations and comprehensive loss. The success fee is classified as a liability on the condensed consolidated balance sheets. At September 30, 2018 , the fair value of the contingent success fee liability was $33 . The loan agreement includes a liquidity covenant requiring that the Company maintain unrestricted cash and cash equivalents in accounts of the lender or subject to control agreements in favor of the lender in an amount equal to at least three months of “Monthly Cash Burn,” which is the Company’s average monthly net income (loss) for the trailing six-month period plus certain expenses and plus the average monthly principal due and payable on interest-bearing liabilities in the immediately succeeding three-month period. Such amount was determined to be $ 6,380 as of September 30, 2018 , the most current determination, with the amount subject to change on a month-to-month basis. At September 30, 2018 , with cash on hand of $12,995 , the Company was compliant with this liquidity covenant and all other covenants. The final payment fee, debt issuance costs, and the initial fair value of the success fee combined with the stated interest resulted in an effective interest rate of 10.11% for the three months ended September 30, 2018 and 9.92% for the nine months ended September 30, 2018 . The final payment fee, initial fair value of the success fee and debt issuance costs was and will be accreted, amortized and amortized, respectively, to interest expense using the effective interest method over the life of the loan. The following table presents scheduled principal payments of the Company’s long-term debt and final payment fee as of September 30, 2018 : Period Amount 2018 - remainder $ 583 2019 2,333 2020 2,333 2021 440 Total principal payments 5,689 Less accreted portion of final payment fee, net of issuance cost and success fee discounts 157 Long-term debt, net $ 5,532 Current portion 2,333 Long-term portion 3,199 Long-term debt, net $ 5,532 |
Lease Obligations
Lease Obligations | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Lease Obligations | Lease Obligations In May 2017, the Company renewed its operating lease agreement for its headquarters and manufacturing facility in Richmond, California. The lease term will expire in May 2022. In July 2017, the Company entered into an operating lease agreement for its European operations office in Hamburg, Germany. The initial Hamburg lease term will expire in July 2022, and the Company has an option to extend the lease for another five -year term. The Company has an unoccupied leased sales office in Freiburg, which has a lease term expiring in December 2020. In the second quarter of 2018, the Company recorded a $175 charge in sales and marketing expense in the condensed consolidated statement of operations and comprehensive loss relating to remaining obligation of the lease. In August 2015, the Company entered into a long-term capital lease obligation for equipment. The aggregate principal of the lease at inception was $166 , with an interest rate of 4.7% , minimum monthly payments of $3 and a July 1, 2020 maturity. This capital lease is classified as a component of accrued liabilities and other non-current liabilities in the condensed consolidated balance sheets. The Company estimates future minimum payments as of September 30, 2018 to be the following: Period Capital Lease Operating Leases 2018 - remainder $ 6 $ 134 2019 37 543 2020 22 555 2021 — 568 2022 — 263 Total minimum payments 65 $ 2,063 Less interest (3 ) Present value minimum payments 62 Less current portion (35 ) Long-term portion $ 27 Rent expense under the Company’s operating leases was $130 and $138 for the three months ended September 30, 2018 and 2017 , respectively, and $589 and $347 for the nine months ended September 30, 2018 and 2017 , respectively. |
Capitalization and Equity Struc
Capitalization and Equity Structure | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Capitalization and Equity Structure | 11. Capitalization and Equity Structure Summary The Company’s authorized capital stock at September 30, 2018 consisted of 141,429 shares of common stock and 10,000 shares of preferred stock. At September 30, 2018 , 62,617 shares of common stock were issued and outstanding and no shares of preferred stock were issued and outstanding. Common Stock On August 21, 2018, the Company entered into a Controlled Equity Offering SM Sales Agreement ("ATM Agreement") with Cantor Fitzgerald & Co. (the “Agent”) under which the Company may issue and sell shares of its common stock, from time to time, to or through the Agent, by methods deemed to be an “at the market offering.” Shares having an aggregate offering price of up to $ 25,000 may b e offered pursuant to a prospectus dated August 21, 2018 (the “ATM Prospectus”) under the Company’s previously filed and currently effective shelf registration statement on Form S-3 (Registration No. 333-218517). For the three and nine months ended September 30, 2018 , the Company sold 1,747 shares of common stock under the ATM Agreement at an average price of $2.48 per share, for aggregate proceeds of $ 3,961 , net of commission and issuance costs, to the Company. As of September 30, 2018 , approximately $20,664 aggregate offering price of the Company's common stock remained available for issuance pursuant to the ATM Prospectus. Warrants Warrant shares outstanding as of December 31, 2017 and September 30, 2018 were as follows: Source Exercise Price Term (Years) December 31, Issued Expired September 30, 2018 Information Agent Warrants $ 1.50 3 200 — — 200 2015 Warrants $ 3.74 5 1,604 — — 1,604 2014 PPO and Merger Placement agent warrants $ 7.00 5 426 — — 426 PPO warrants $ 14.00 5 1,078 — — 1,078 Pre-2014 warrants $ 9.66 9-10 88 — — 88 3,396 — — 3,396 Information Agent Warrants In September 2017, in connection with the Rights Offering in August 2017, the Company issued warrants to purchase 200 shares of the Company’s common stock with an exercise price of $1.50 per share to an information agent (the “Information Agent Warrants”). The Information Agent Warrants became exercisable immediately upon issuance. These warrants were recorded in stockholders’ equity on the Company’s condensed consolidated balance sheet. 2015 Warrants In December 2015, the Company issued warrants to purchase 2,122 shares with an exercise price of $3.74 per share (the “2015 Warrants”). The 2015 Warrants contain a put-option provision. Under this provision, while the 2015 Warrants are outstanding, if the Company enters into a Fundamental Transaction, defined as a merger, consolidation or similar transaction, the Company or any successor entity will, at the option of each warrant holder, exercisable at any time within 30 days after the consummation of the Fundamental Transaction, purchase the warrant from the holder exercising such option by paying to the holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s warrant on the date of the consummation of the Fundamental Transaction. Because of this put-option provision, the 2015 Warrants are classified as a liability and are marked to market at each reporting date. During the years ended December 31, 2016 and 2017, 488 shares and 30 shares, respectively, of the 2015 warrants, were exercised. The warrant liability related to the 2015 Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black Scholes Option Pricing Model to measure the fair value of the 2015 warrants as of September 30, 2018 : Current share price $ 2.34 Conversion price $ 3.74 Risk-free interest rate 2.83% Term (years) 2.25 Volatility of stock 105.5% |
Stock-based Compensation
Stock-based Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | 12. Stock-based Compensation In June 2018, the Company’s stockholders ratified an amendment to the Company’s Amended and Restated 2014 Equity Incentive Plan (the “2014 Plan”), which was first approved by the stockholders in December 2017, to increase the number of shares available for grant by 4,400 shares. As of September 30, 2018 , the total shares authorized for grant under the 2014 Plan was 9,114 , of which 1,837 were available for future grants. Stock Options The following table summarizes information about the Company’s stock options outstanding as of September 30, 2018 , and activity during the nine months then ended: Stock Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Balance as of December 31, 2017 3,156 $ 4.96 Options granted 3,295 $ 1.90 Options exercised (1 ) 1.13 Options forfeited (427 ) $ 4.68 Options cancelled (135 ) $ 8.07 Balance as of September 30, 2018 5,888 $ 3.20 8.36 $ 2,358 Vested and expected to vest at September 30, 2018 5,888 $ 3.20 8.36 $ 2,358 Exercisable as of September 30, 2018 2,065 $ 5.45 5.98 $ 308 As of September 30, 2018 , total unrecognized compensation cost related to unvested stock options was $5,569 . This amount is expected to be recognized as stock-based compensation expense in the Company’s condensed consolidated statements of operations and comprehensive income over the remaining weighted average vesting period of 3.3 years. The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes option pricing model using the following assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Dividend yield — — — — Risk-free interest rate 2.75%-2.99% 1.83%-1.94% 2.70% - 2.99% 1.83%-2.29% Expected term (in years) 5-6 5-6 5-10 5-9 Volatility 106 % 87 % 104 % 82 % Restricted Stock Units Beginning in 2017, the Company issued restricted stock units (“RSUs”) to employees and non-employee service providers as permitted by the 2014 Plan. Each restricted stock unit represents the right to receive one share of the Company’s common stock upon vesting and subsequent settlement. The fair value of restricted stock units is determined based on the closing price of the Company’s common stock on the date of grant. RSU activity for the period ended September 30, 2018 is summarized below: Number of Shares Weighted- Average Grant Date Fair Value Unvested as of December 31, 2017 617 $ 1.65 Granted 354 $ 1.78 Vested (584 ) $ 1.45 Forfeited (94 ) $ 2.78 Unvested at September 30, 2018 293 $ 1.82 As of September 30, 2018 , $475 of total unrecognized compensation expense related to unvested RSUs was expected to be recognized over a weighted average period of 3.68 years. Compensation Expense Total stock-based compensation expense related to options and RSUs granted to employees and non-employees is included in the condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Sales and marketing $ 171 $ 187 $ 446 $ 365 Research and development 87 103 312 287 General and administrative 680 360 1,474 917 Restructuring charges — — — 186 $ 938 $ 650 $ 2,232 $ 1,755 401(k) Plan Share Match In August 2017, the Company’s Board of Directors approved a match benefit to the Ekso Bionics 401(k) plan (the “401(k) Plan”) in the form of shares of the Company’s common stock. The Company made a matching contribution to the 401(k) Plan in an amount equal to 100% of each eligible employee’s elected deferral (up to the statutory limit) for the year ending December 31, 2017 and will make a matching contribution equal to 50% of each employee’s elected deferral for each year thereafter. During the nine months ended September 30, 2018 , the Company issued 221 shares of common stock to the eligible employees’ deferral accounts for the 401(k) Plan matching contribution for the year ended December 31, 2017 . |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes There were no material changes to the unrecognized tax benefits in the nine months ended September 30, 2018 , and the Company does not expect significant changes to unrecognized tax benefits through the end of the fiscal year. Because of the Company’s history of tax losses, all years remain open to tax examination. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Material Contracts The Company enters various license, research collaboration and development agreements which provide for payments to the Company for government grants, fees, cost reimbursements typically with a markup, technology transfer and license fees, and royalty payments on sales. The Company has two license agreements with the Regents of the University of California to maintain exclusive rights to certain patents. Pursuant to those license agreements, the Company is required to pay 1% of net sales of products sold to entities other than the U.S. government and, in the event of a sub-license, the Company will owe 21% of license fees and must pass through 1% of the sub-licensee’s net sales of products sold to entities other than the U.S. government. The agreements also stipulate minimum annual royalties of $50 . In connection with acquisition of Equipois, the Company assumed the rights and obligations of Equipois under a license agreement with the developer of certain intellectual property related to mechanical balance and support arm technologies, which grants the Company an exclusive license with respect to the technology and patent rights for certain fields of use. Pursuant to the terms of the license agreement, the Company pays the developer a single-digit royalty on net receipts, subject to a $50 annual minimum royalty requirement. The Company purchases components from a variety of suppliers and use contract manufacturers to provide manufacturing services for its products. Purchase obligations are defined as agreements that are enforceable and legally binding and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. The Company had purchase obligations primarily for purchases of inventory and manufacturing related service contracts totaling $2,033 as of September 30, 2018 , which is expected to be paid within a year. Timing of payments and actual amounts paid may be different depending on the time of receipt of goods or services or changes to agreed-upon amounts for some obligations. Contingencies In the normal course of business, the Company is subject to various legal matters. In the opinion of management, the resolution of such matters will not have a material adverse effect on the Company’s condensed consolidated financial statements. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Numerator: Net loss applicable to common stockholders, basic and diluted $ (6,983 ) $ (6,335 ) $ (22,860 ) $ (20,144 ) Denominator: Weighted-average number of shares, basic and diluted 61,381 34,720 60,721 27,425 Net loss per share, basic and diluted $ (0.11 ) $ (0.18 ) $ (0.38 ) $ (0.73 ) The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Options to purchase common stock 5,888 2,972 5,888 2,972 Restricted stock 293 609 293 609 Warrants for common stock 3,396 3,426 3,396 3,426 Total common stock equivalents 9,577 7,007 9,577 7,007 |
Segment Disclosures
Segment Disclosures | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Disclosures | Segment Disclosures The Company has three reportable segments: Medical Devices, Industrial Sales, and Engineering Services. The Medical Devices segment designs and engineers technology for, and commercializes, manufactures, and sells exoskeletons for applications in the medical markets. The Industrial Sales segment designs, engineers, commercializes, manufactures, and sells exoskeleton devices to allow able-bodied users to perform heavy duty work for extended periods. Engineering Services generates revenue principally from collaborative research and development service arrangements, technology license agreements, and government grants where the Company uses its robotics domain knowledge in bionic exoskeletons to bid on and procure contracts and grants from entities such as the National Science Foundation and the Defense Advanced Research Projects Agency. The Company evaluates performance and allocates resources based on segment gross profit margin. The reportable segments are each managed separately because they serve distinct markets, and one segment provides a service and the others manufacture and distribute unique products. The Company does not consider net assets as a segment measure and, accordingly, assets are not allocated. Segment reporting information is as follows: Device and Related Engineering Medical Industrial Total Services Total Three months ended September 30, 2018 Revenue $ 1,744 $ 789 $ 2,533 $ 17 $ 2,550 Cost of revenue 827 618 1,445 22 1,467 Gross profit $ 917 $ 171 $ 1,088 $ (5 ) $ 1,083 Three months ended September 30, 2017 Revenue $ 1,320 $ 267 $ 1,587 $ 10 $ 1,597 Cost of revenue 880 165 1,045 8 1,053 Gross profit $ 440 $ 102 $ 542 $ 18 $ 544 Device and Related Engineering Medical Industrial Total Services Total Nine months ended September 30, 2018 Revenue $ 6,266 $ 1,742 $ 8,008 $ 28 $ 8,036 Cost of revenue 3,699 1,483 5,182 35 5,217 Gross profit $ 2,567 $ 259 $ 2,826 $ (7 ) $ 2,819 Nine months ended September 30, 2017 Revenue $ 3,692 $ 1,170 $ 4,862 $ 38 $ 4,900 Cost of revenue 2,786 807 3,593 15 3,608 Gross profit $ 906 $ 363 $ 1,269 $ 23 $ 1,292 Geographic information for revenue based on location of customers is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 United States $ 1,845 $ 1,130 $ 4,976 $ 3,092 All Other 705 467 3,060 1,808 $ 2,550 $ 1,597 $ 8,036 $ 4,900 |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions One of the Company’s directors, Dr. Ted Wang, is the founder, general partner and Chief Investment Officer of Puissance Capital Management LP (“Puissance Capital”), which is an affiliate of Puissance Cross-Border Opportunities II LLC, one of the Company’s significant stockholders. Prior to Dr. Wang’s appointment to the Board in September 2017, the Company entered into a one-year consulting agreement with Angel Pond Capital LLC (“Angel Pond”), an entity affiliated with Puissance Capital. Angel Pond assists the Company with strategic positioning in the Asia Pacific region, including the introduction to potential strategic and capital partners and the development of strategic partnerships for the sale and manufacture of the Company’s products in that market. During the year ended December 31, 2017, the Company made aggregate payments of $2,150 to Angel Pond, representing consulting services for one year. These fees were recognized ratably to expense over the one-year period, resulting $1,075 expense charged to general and administrative expense for the nine months ended September 30, 2018 . During the nine months ended September 30, 2018 , the Company made additional aggregate payments of $90 to Angel Pond in connection with consulting services provided by Angel Pond, which were expensed in the condensed consolidated statement of operations and comprehensive loss. |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements for the fiscal year ended December 31, 2017 , and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and therefore, omit certain information and footnote disclosure necessary to present the financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2017 , which was filed with the SEC on March 13, 2018. The results of operations for the three and nine months ended September 30, 2018 are not necessarily indicative of the results to be expected for the entire fiscal year or any future periods. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to: revenue recognition, deferred revenue and the deferral of the associated costs, future warranty costs, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, the valuation of employee stock options and warrants, and contingencies. Actual results could differ from those estimates. |
Inventory | Inventory Inventories are recorded at the lower of standard cost (which approximates actual cost on a first-in, first-out basis) or market. Parts from vendors are received and recorded as raw material. Once the raw materials are incorporated in the fabrication of the product, the related value of the component is recorded as work in progress (“WIP”). Direct labor and manufacturing 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, obsolete, and impaired inventories identified, if any, are recorded as an inventory impairment charge to the consolidated statements of operations and comprehensive loss. The Company’s estimate of write downs for excess and obsolete inventory is based on a detailed analysis of on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of an inventory reserve. |
Revenue Recognition | Revenue Recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. Nature of Products and Services The Company’s medical device segment revenue is primarily generated through the sale and lease of the Ekso GT and associated software (SmartAssist, VariableAssist), and sale of accessories, and support and maintenance contracts (Ekso Care). Revenue from medical device product sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility for sales of the Ekso GT, software, and accessories. Ekso Care support and maintenance contracts extend coverage beyond the Company’s standard warranty agreements. The separately priced Ekso Care contracts range from 12 to 48 months. The Company receives payment at the inception of the contract and recognize revenue over the term of the agreement. Revenue from medical device leases is recognized over the lease term, typically over 12 months. The Company’s industrial device segment revenue is generated by the sales of the support arm (EksoZeroG) and the upper body exoskeleton (EksoVest). 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 for sales of the EksoZeroG and EksoVest. The Company’s engineering services segment revenue is generated by collaborative arrangements or government grants. Cost reimbursements or grant revenue are recognized over the life of the contract in proportion to the costs incurred in satisfying the obligations under the contract. Refer to Note 6 – Revenue Recognition for further information, including revenue disaggregated by source. |
Going Concern | Going Concern The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with Accounting Standards Codification 205-40. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. |
Concentration of Credit Risk and Other Risks and Uncertainties | Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable. The Company maintains its cash accounts in excess of federally insured limits. However, the Company believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. The Company extends credit to customers 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 condensed consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable. Accounts receivable are derived from the sale of products shipped to and services performed for customers. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and records an allowance for credit losses, as needed. The Company has not experienced any material losses related to accounts receivable as of September 30, 2018 and December 31, 2017 . Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency. The Company does not enter into any foreign currency hedging agreements and is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon settling foreign currency denominated accounts receivable. As of September 30, 2018 , the Company had no customers with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable compared with one customer as of December 31, 2017 ( 10% ). In the three months ended September 30, 2018 , the Company had no customers with sales of 10% or more of the Company’s total revenue, compared with one customer in the three months ended September 30, 2017 ( 16% ). In the nine months ended September 30, 2018 and 2017 , the Company had no customers with sales comprising 10% or more of the Company's total customer sales. |
Recent Accounting Pronouncements/Recently Adopted Accounting Standards | Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02-Leases (ASC 842) and subsequent amendments to the initial guidance under ASU 2017-13, ASU 2018-10 and ASU 2018-11 (collectively, Topic 842) to supersede existing guidance on accounting for leases in ASC 840, Leases (ASC 840). Topic 842 requires the Company to recognize on its balance sheet a lease liability representing the present value of future lease payments and a right-of-use asset representing the lessee's right to use, or control the use of a specified asset for the lease term for any operating lease with a term greater than one year. This standard is effective for annual and interim reporting periods beginning after December 15, 2018. The Company will adopt the new standard effective January 1, 2019 using the modified retrospective approach, under which the Company will initially apply the new leases standard at the beginning of the earliest period presented in the financial statements The Company is still in the process of quantifying the impact at this time, but anticipates that this standard will impact its condensed consolidated balance sheets with material increases in current and non-current assets and current and non-current lease liabilities associated with our property leases representing our office locations. The Company does not anticipate a material impact on its condensed consolidated statements of operations, as the majority of its leases will remain operating leases for which the right-of-use assets amortization will be similar to previously required straight-line expense treatment for operating leases. The adoption of Topic 842 will not have a material impact on the financial covenants set forth in the Company's long-term debt agreement. In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminated the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities are required to record an impairment charge based on the excess of the carrying amount over its fair value. This update will be effective for the Company beginning January 1, 2020 and early adoption is permitted. The Company does not expect the impact of adopting ASU 2017-04 to be material on its consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . The Update expands the scope of ASC 718 to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. Under the amended guidance, equity-classified share-based payment awards issued to nonemployees will be measured at grant date fair value. Upon transition, the entity is required to remeasure these nonemployee awards at fair value as of the adoption date. The improvement is effective for the Company in the first quarter of 2019. The Company is currently evaluating the impact that the adoption of the amendments in this update will have on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The standard modifies the disclosure requirements on fair value measurements in Topic 820 by removing the requirement to disclose the reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. The standard expands the disclosure requirements for Level 3 fair value measurement, primarily focused on changes in unrealized gains and losses included in other comprehensive income. The amendments in this Update will be effective for all the Company in the first quarter of 2020. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of the amendments in this update will have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Standards In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). The updated standard will replace most existing revenue recognition guidance in U.S. GAAP. The new standard introduces a five-step process to be followed in determining the amount and timing of revenue recognition. It also provides guidance on accounting for costs incurred to obtain or fulfill contracts with customers, and establishes disclosure requirements which are more extensive than those required under prior U.S. GAAP. The FASB has issued numerous amendments to ASU 2014-09 from August 2015 through January 2018, which provide supplemental and clarifying guidance, as well as amend the effective date of the new standard. ASU 2014-09, as amended, is effective for the Company in the first quarter of 2018. The standard permits the use of either the retrospective or modified retrospective (cumulative effect) transition method. Effective January 1, 2018, the Company adopted the new standard using the modified retrospective transition method. The adoption did not result in a cumulative adjustment to the Company’s consolidated balance sheet as of January 1, 2018, nor did it materially impact the aggregate amount and timing of the Company’s revenue recognition subsequent to adoption. The Company has provided enhanced revenue recognition disclosures as required by the new standard (Refer to Note 6, Revenue Recognition ). |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Loss (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table sets forth the changes to accumulated comprehensive loss, net of tax, by component for the nine months ended September 30, 2018 : Foreign Currency Translation Balance at December 31, 2017 $ (340 ) Other comprehensive gain before reclassification 157 Balance at September 30, 2018 $ (183 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s fair value hierarchies for its financial assets and liabilities which require fair value measurement are as follows: Total Level 1 Level 2 Level 3 September 30, 2018 Liabilities Warrant liabilities $ 1,810 $ — $ — $ 1,810 Contingent consideration liability $ 47 $ — $ — $ 47 Contingent success fee liability $ 33 $ — $ — $ 33 December 31, 2017 Liabilities Warrant liability $ 1,648 $ — $ — $ 1,648 Contingent consideration liability $ 42 $ — $ — $ 42 Contingent success fee liability $ 39 $ — $ — $ 39 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the period ended September 30, 2018 , which were measured at fair value on a recurring basis: Warrant Liability Contingent Consideration Liability Contingent Success Fee Liability Balance at December 31, 2017 $ 1,648 $ 42 $ 39 Loss on revaluation of warrants issued in conjunction with 2015 financing 162 — — Gain on revaluation of liability — (5 ) (6 ) Reclassification from accrued liabilities — 10 — Balance at September 30, 2018 $ 1,810 $ 47 $ 33 |
Inventories, net (Tables)
Inventories, net (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory, Current | Inventories consisted of the following: September 30, December 31, Raw materials $ 2,144 $ 1,737 Work in progress 254 — Finished goods 1,299 1,463 3,697 3,200 Less: inventory reserve (336 ) (175 ) Inventories, net $ 3,361 $ 3,025 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Contract with customer, liability | Deferred revenues consisted of the following: September 30, December 31, Deferred extended maintenance and support $ 2,358 $ 1,763 Deferred rental income 32 73 Customer deposits and advances 56 52 Deferred device revenues 34 31 Total deferred revenues 2,480 1,919 Less current portion (945 ) (1,103 ) Deferred revenues, non-current $ 1,535 $ 816 Deferred revenue activity consisted of the following: Nine months ended September 30, 2018 Beginning balance $ 1,919 Deferral of revenue 1,828 Recognition of deferred revenue (1,267 ) Ending balance $ 2,480 |
Disaggregation of Revenue | The following table disaggregates the Company’s revenue by major source for the three months ended September 30, 2018 : Device and related Engineering Medical Industrial Total services Total Device revenue $ 1,084 $ 736 $ 1,820 $ — $ 1,820 Service, support and rentals 644 9 653 — 653 Parts and other 16 44 60 — 60 Collaborative arrangements — — — 17 17 $ 1,744 $ 789 $ 2,533 $ 17 $ 2,550 The following table disaggregates the Company’s revenue by major source for the nine months ended September 30, 2018 : Device and related Engineering Medical Industrial Total services Total Device revenue $ 4,691 $ 1,669 $ 6,360 $ — $ 6,360 Service, support and rentals 1,425 9 1,434 — 1,434 Parts and other 150 64 214 — 214 Collaborative arrangements — — — 28 28 $ 6,266 $ 1,742 $ 8,008 $ 28 $ 8,036 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Finite-lived Intangible Assets Amortization Expense | The following table reflects the amortization of the purchased intangible assets as of September 30, 2018 : Cost Accumulated Amortization Net Developed technology $ 1,160 $ (1,095 ) $ 65 Customer relationships 70 (66 ) 4 Customer trade name 380 (359 ) 21 $ 1,610 $ (1,520 ) $ 90 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accrued Liabilities and Other Liabilities [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following: September 30, December 31, 2017 Salaries, benefits and related expenses $ 2,275 $ 2,850 Severance 488 — Device warranty 300 232 Clinical trials 214 136 Device maintenance 78 121 Capital lease obligation 35 34 Other 79 130 Total $ 3,469 $ 3,503 |
Product Maintenance And Warranty | A reconciliation of the changes in the current portion of device maintenance and warranty liabilities for the nine -month period ended September 30, 2018 is as follows: Maintenance Warranty Total Balance at December 31, 2017 $ 121 $ 232 $ 353 Additions for estimated future expense — 312 312 Incurred costs (43 ) (244 ) (287 ) Balance at September 30, 2018 $ 78 $ 300 $ 378 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Long-term Debt | The following table presents scheduled principal payments of the Company’s long-term debt and final payment fee as of September 30, 2018 : Period Amount 2018 - remainder $ 583 2019 2,333 2020 2,333 2021 440 Total principal payments 5,689 Less accreted portion of final payment fee, net of issuance cost and success fee discounts 157 Long-term debt, net $ 5,532 Current portion 2,333 Long-term portion 3,199 Long-term debt, net $ 5,532 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Maturities of Future Obligations | The Company estimates future minimum payments as of September 30, 2018 to be the following: Period Capital Lease Operating Leases 2018 - remainder $ 6 $ 134 2019 37 543 2020 22 555 2021 — 568 2022 — 263 Total minimum payments 65 $ 2,063 Less interest (3 ) Present value minimum payments 62 Less current portion (35 ) Long-term portion $ 27 |
Capitalization and Equity Str_2
Capitalization and Equity Structure (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of Warrant share activity | Warrant shares outstanding as of December 31, 2017 and September 30, 2018 were as follows: Source Exercise Price Term (Years) December 31, Issued Expired September 30, 2018 Information Agent Warrants $ 1.50 3 200 — — 200 2015 Warrants $ 3.74 5 1,604 — — 1,604 2014 PPO and Merger Placement agent warrants $ 7.00 5 426 — — 426 PPO warrants $ 14.00 5 1,078 — — 1,078 Pre-2014 warrants $ 9.66 9-10 88 — — 88 3,396 — — 3,396 |
Schedule of assumption used in valuation | The following assumptions were used in the Black Scholes Option Pricing Model to measure the fair value of the 2015 warrants as of September 30, 2018 : Current share price $ 2.34 Conversion price $ 3.74 Risk-free interest rate 2.83% Term (years) 2.25 Volatility of stock 105.5% |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about the Company’s stock options outstanding as of September 30, 2018 , and activity during the nine months then ended: Stock Awards Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (Years) Aggregate Intrinsic Value Balance as of December 31, 2017 3,156 $ 4.96 Options granted 3,295 $ 1.90 Options exercised (1 ) 1.13 Options forfeited (427 ) $ 4.68 Options cancelled (135 ) $ 8.07 Balance as of September 30, 2018 5,888 $ 3.20 8.36 $ 2,358 Vested and expected to vest at September 30, 2018 5,888 $ 3.20 8.36 $ 2,358 Exercisable as of September 30, 2018 2,065 $ 5.45 5.98 $ 308 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes option pricing model using the following assumptions: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Dividend yield — — — — Risk-free interest rate 2.75%-2.99% 1.83%-1.94% 2.70% - 2.99% 1.83%-2.29% Expected term (in years) 5-6 5-6 5-10 5-9 Volatility 106 % 87 % 104 % 82 % |
Schedule of Unvested Restricted Stock Units Roll Forward | RSU activity for the period ended September 30, 2018 is summarized below: Number of Shares Weighted- Average Grant Date Fair Value Unvested as of December 31, 2017 617 $ 1.65 Granted 354 $ 1.78 Vested (584 ) $ 1.45 Forfeited (94 ) $ 2.78 Unvested at September 30, 2018 293 $ 1.82 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total stock-based compensation expense related to options and RSUs granted to employees and non-employees is included in the condensed consolidated statements of operations and comprehensive loss as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Sales and marketing $ 171 $ 187 $ 446 $ 365 Research and development 87 103 312 287 General and administrative 680 360 1,474 917 Restructuring charges — — — 186 $ 938 $ 650 $ 2,232 $ 1,755 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net loss per share: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Numerator: Net loss applicable to common stockholders, basic and diluted $ (6,983 ) $ (6,335 ) $ (22,860 ) $ (20,144 ) Denominator: Weighted-average number of shares, basic and diluted 61,381 34,720 60,721 27,425 Net loss per share, basic and diluted $ (0.11 ) $ (0.18 ) $ (0.38 ) $ (0.73 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented: Three Months Ended Nine Months Ended 2018 2017 2018 2017 Options to purchase common stock 5,888 2,972 5,888 2,972 Restricted stock 293 609 293 609 Warrants for common stock 3,396 3,426 3,396 3,426 Total common stock equivalents 9,577 7,007 9,577 7,007 |
Segment Disclosures (Tables)
Segment Disclosures (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information | Segment reporting information is as follows: Device and Related Engineering Medical Industrial Total Services Total Three months ended September 30, 2018 Revenue $ 1,744 $ 789 $ 2,533 $ 17 $ 2,550 Cost of revenue 827 618 1,445 22 1,467 Gross profit $ 917 $ 171 $ 1,088 $ (5 ) $ 1,083 Three months ended September 30, 2017 Revenue $ 1,320 $ 267 $ 1,587 $ 10 $ 1,597 Cost of revenue 880 165 1,045 8 1,053 Gross profit $ 440 $ 102 $ 542 $ 18 $ 544 Device and Related Engineering Medical Industrial Total Services Total Nine months ended September 30, 2018 Revenue $ 6,266 $ 1,742 $ 8,008 $ 28 $ 8,036 Cost of revenue 3,699 1,483 5,182 35 5,217 Gross profit $ 2,567 $ 259 $ 2,826 $ (7 ) $ 2,819 Nine months ended September 30, 2017 Revenue $ 3,692 $ 1,170 $ 4,862 $ 38 $ 4,900 Cost of revenue 2,786 807 3,593 15 3,608 Gross profit $ 906 $ 363 $ 1,269 $ 23 $ 1,292 |
Schedule of Geographic Information | Geographic information for revenue based on location of customers is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 United States $ 1,845 $ 1,130 $ 4,976 $ 3,092 All Other 705 467 3,060 1,808 $ 2,550 $ 1,597 $ 8,036 $ 4,900 |
Organization (Details)
Organization (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Accumulated deficit | $ 167,014 | $ 144,154 | ||
Cash used in operations | 17,011 | $ 25,582 | ||
Cash | 12,995 | $ 33,439 | $ 27,813 | $ 16,846 |
Debt covenant, unrestricted cash | 6,380 | |||
Unrestricted cash | $ 6,615 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Details) - Customer Concentration Risk | 3 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2017 | |
Accounts Receivable | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 10.00% | |
Revenue | ||
Concentration Risk [Line Items] | ||
Concentration risk percentage | 16.00% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |
Beginning Balance | $ (340) |
Other comprehensive gain before reclassification | 157 |
Ending Balance | $ (183) |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Hierarchies (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Liabilities | ||
Warrant liabilities | $ 1,810 | $ 1,648 |
Contingent success fee liability | 33 | |
Recurring | ||
Liabilities | ||
Warrant liabilities | 1,810 | 1,648 |
Contingent consideration liability | 47 | 42 |
Contingent success fee liability | 33 | 39 |
Level 1 | Recurring | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Contingent consideration liability | 0 | 0 |
Contingent success fee liability | 0 | 0 |
Level 2 | Recurring | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Contingent consideration liability | 0 | 0 |
Contingent success fee liability | 0 | 0 |
Level 3 | Recurring | ||
Liabilities | ||
Warrant liabilities | 1,810 | 1,648 |
Contingent consideration liability | 47 | 42 |
Contingent success fee liability | $ 33 | $ 39 |
Fair Value Measurements - Chang
Fair Value Measurements - Change in Level 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Loss on revaluation of warrants issued in conjunction with 2015 financing | $ (681) | $ 1,814 | $ (162) | $ 4,851 |
Warrant Liability | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 1,648 | |||
Loss on revaluation of warrants issued in conjunction with 2015 financing | 162 | |||
Gain on revaluation of liability | 0 | |||
Reclassification from accrued liabilities | 0 | |||
Ending Balance | 1,810 | 1,810 | ||
Contingent Consideration Liability | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 42 | |||
Loss on revaluation of warrants issued in conjunction with 2015 financing | 0 | |||
Gain on revaluation of liability | (5) | |||
Reclassification from accrued liabilities | 10 | |||
Ending Balance | 47 | 47 | ||
Contingent Success Fee Liability | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Beginning Balance | 39 | |||
Loss on revaluation of warrants issued in conjunction with 2015 financing | 0 | |||
Gain on revaluation of liability | (6) | |||
Reclassification from accrued liabilities | 0 | |||
Ending Balance | $ 33 | $ 33 |
Inventories, net (Details)
Inventories, net (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 2,144 | $ 1,737 |
Work in progress | 254 | 0 |
Finished goods | 1,299 | 1,463 |
Inventory | 3,697 | 3,200 |
Less: inventory reserve | (336) | (175) |
Inventories, net | $ 3,361 | $ 3,025 |
Revenue Recognition - Deferred
Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | ||
Deferred extended maintenance and support | $ 2,358 | $ 1,763 |
Deferred rental income | 32 | 73 |
Customer deposits and advances | 56 | 52 |
Deferred device revenues | 34 | 31 |
Total deferred revenues | 2,480 | 1,919 |
Less current portion | (945) | (1,103) |
Deferred revenues, non-current | $ 1,535 | $ 816 |
- Deferred Revenue Activity (De
- Deferred Revenue Activity (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Change In Contract With Customer, Liability Rollforward [Roll Forward] | |
Beginning balance | $ 1,919 |
Deferral of revenue | 1,828 |
Recognition of deferred revenue | (1,267) |
Ending balance | $ 2,480 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 2,480 | $ 1,919 |
Accounts receivable, net of allowances | 2,988 | $ 2,760 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-10-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation, amount | $ 311 | |
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, period | 3 months | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2019-01-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation, amount | $ 744 | |
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, period | 1 year | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01 | ||
Revenue from Contract with Customer [Abstract] | ||
Remaining performance obligation, amount | $ 1,369 | |
Disaggregation of Revenue [Line Items] | ||
Remaining performance obligation, period |
Revenue Recognition - Disaggreg
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 2,550 | $ 1,597 | $ 8,036 | $ 4,900 |
Device revenue | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,820 | 6,360 | ||
Service, support and rentals | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 653 | 1,434 | ||
Parts and other | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 60 | 214 | ||
Collaborative arrangements | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 17 | 28 | ||
Medical and Industrial | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 2,533 | 1,587 | 8,008 | 4,862 |
Medical and Industrial | Device revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,820 | 6,360 | ||
Medical and Industrial | Service, support and rentals | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 653 | 1,434 | ||
Medical and Industrial | Parts and other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 60 | 214 | ||
Medical and Industrial | Collaborative arrangements | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Medical | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,744 | 1,320 | 6,266 | 3,692 |
Medical | Device revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,084 | 4,691 | ||
Medical | Service, support and rentals | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 644 | 1,425 | ||
Medical | Parts and other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 16 | 150 | ||
Medical | Collaborative arrangements | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Industrial | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 789 | $ 267 | 1,742 | $ 1,170 |
Industrial | Device revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 736 | 1,669 | ||
Industrial | Service, support and rentals | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 9 | 9 | ||
Industrial | Parts and other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 44 | 64 | ||
Industrial | Collaborative arrangements | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Engineering services | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 17 | 28 | ||
Engineering services | Device revenue | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Engineering services | Service, support and rentals | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Engineering services | Parts and other | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 0 | 0 | ||
Engineering services | Collaborative arrangements | Operating Segments | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 17 | $ 28 |
Intangible Assets - Amortizatio
Intangible Assets - Amortization Expense (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Indefinite-lived Intangible Assets [Line Items] | |
Cost | $ 1,610 |
Accumulated Amortization | (1,520) |
Net | 90 |
Developed technology | |
Indefinite-lived Intangible Assets [Line Items] | |
Cost | 1,160 |
Accumulated Amortization | (1,095) |
Net | 65 |
Customer relationships | |
Indefinite-lived Intangible Assets [Line Items] | |
Cost | 70 |
Accumulated Amortization | (66) |
Net | 4 |
Customer trade name | |
Indefinite-lived Intangible Assets [Line Items] | |
Cost | 380 |
Accumulated Amortization | (359) |
Net | $ 21 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Estimated future amortization | $ 90 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Accrued Liabilities and Other Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $ 2,275 | $ 2,850 |
Severance | 488 | 0 |
Device warranty | 300 | 232 |
Clinical trials | 214 | 136 |
Device maintenance | 78 | 121 |
Capital lease obligation | 35 | 34 |
Other | 79 | 130 |
Total | $ 3,469 | $ 3,503 |
Accrued Liabilities - Product M
Accrued Liabilities - Product Maintenance and Warranty (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Accrued Liabilities, Rollforward [Roll Forward] | |
Beginning Balance | $ 353 |
Additions for estimated future expense | 312 |
Incurred costs | (287) |
Closing Balance | 378 |
Maintenance | |
Accrued Liabilities, Rollforward [Roll Forward] | |
Beginning Balance | 121 |
Additions for estimated future expense | 0 |
Incurred costs | (43) |
Closing Balance | 78 |
Warranty | |
Accrued Liabilities, Rollforward [Roll Forward] | |
Beginning Balance | 232 |
Additions for estimated future expense | 312 |
Incurred costs | (244) |
Closing Balance | $ 300 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||||
Long-term debt, net | $ 5,532,000 | $ 5,532,000 | |||
Accretion of final payment fee of debt | 64,000 | $ 72,000 | |||
Success fee | $ 250,000 | ||||
Current share price (in dollars per share) | $ 8 | ||||
Contingent success fee liability | 33,000 | 33,000 | |||
Debt covenant, unrestricted cash | 6,380,000 | 6,380,000 | |||
Cash | $ 16,846,000 | $ 12,995,000 | $ 12,995,000 | $ 33,439,000 | $ 27,813,000 |
Effective interest rate percentage | 10.11% | 9.92% | |||
Loan Agreement | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 7,000,000 | ||||
Debt term | 36 months | ||||
Long-term debt, net | $ 245,000 | $ 245,000 | |||
Accretion of final payment fee of debt | $ 161,000 | ||||
LIBOR | Loan Agreement | |||||
Debt Instrument [Line Items] | |||||
Variable rate percentage | 5.41% |
Long-Term Debt - Debt Repayment
Long-Term Debt - Debt Repayment (Details) $ in Thousands | Sep. 30, 2018USD ($) |
Debt Disclosure [Abstract] | |
2018 - remainder | $ 583 |
2,019 | 2,333 |
2,020 | 2,333 |
2,021 | 440 |
Total principal payments | 5,689 |
Total principal payments | 157 |
Long-term debt, net | 5,532 |
Current portion | 2,333 |
Long-term portion | 3,199 |
Long-term debt, net | $ 5,532 |
Lease Obligations - Additional
Lease Obligations - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2015 | Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Debt Instrument [Line Items] | ||||||
Renewal term | 5 years | 5 years | ||||
Sales and marketing expense | $ 175 | |||||
Aggregate principal | $ 5,689 | $ 5,689 | ||||
Rent expense | $ 130 | $ 138 | $ 589 | $ 347 | ||
Capital Lease | ||||||
Debt Instrument [Line Items] | ||||||
Aggregate principal | $ 166 | |||||
Stated percentage | 4.70% | |||||
Minimum monthly payments | $ 3 |
Lease Obligations - Future Mini
Lease Obligations - Future Minimum Payments (Details) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Less current portion | $ (35) | $ (34) |
Capital Lease | ||
Debt Instrument [Line Items] | ||
2018 - remainder | 6 | |
2,019 | 37 | |
2,020 | 22 | |
2,021 | 0 | |
2,022 | 0 | |
Total minimum payments | 65 | |
Less interest | (3) | |
Present value minimum payments | 62 | |
Less current portion | (35) | |
Long-term portion | 27 | |
Operating Leases | ||
Debt Instrument [Line Items] | ||
2018 - remainder | 134 | |
2,019 | 543 | |
2,020 | 555 | |
2,021 | 568 | |
2,022 | 263 | |
Total minimum payments | $ 2,063 |
Capitalization and Equity Str_3
Capitalization and Equity Structure - Additional Information (Details Textual) - USD ($) | Aug. 21, 2018 | Dec. 31, 2015 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Class of Stock [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 outstanding (in shares) | 62,617,000 | 59,943,000 | |||
Common stock, shares issued (in shares) | 62,617,000 | 59,943,000 | |||
Preferred stock, shares outstanding (in shares) | 0 | 0 | |||
Preferred stock, shares issued (in shares) | 0 | 0 | |||
Proceeds from issuance of common stock and warrants, net | $ 3,961,000 | $ 42,463,000 | |||
Warrants issued (in shares) | 0 | ||||
2015 Warrants | |||||
Class of Stock [Line Items] | |||||
Exercise price (in dollars per share) | $ 3.74 | $ 3.74 | |||
Warrants issued (in shares) | 2,122,000 | 0 | |||
Information Agent Warrants | |||||
Class of Stock [Line Items] | |||||
Warrants called (in shaes) | 200,000 | ||||
Exercise price (in dollars per share) | $ 1.5 | $ 1.5 | |||
Warrants issued (in shares) | 0 | ||||
Common Stock | At-The-Market Offering | |||||
Class of Stock [Line Items] | |||||
Aggregate value of offering | $ 25,000,000 | ||||
Number of shares sold (in share) | 1,747,000 | ||||
Price per share sold (in dollars per share) | $ 2.48 | ||||
Value of stock available for issuance | $ 20,664,000 |
Capitalization and Equity Str_4
Capitalization and Equity Structure - Warrants (Details) - $ / shares | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Sep. 30, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2017 | |
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 3,396,000 | ||||
Issued (in shares) | 0 | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 3,396,000 | 3,396,000 | |||
Information Agent Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 1.5 | $ 1.5 | |||
Term (Years) | 3 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 200,000 | ||||
Issued (in shares) | 0 | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 200,000 | 200,000 | |||
2015 Warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 3.74 | $ 3.74 | |||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 1,604,000 | ||||
Issued (in shares) | 2,122,000 | 0 | |||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 1,604,000 | 1,604,000 | |||
Placement agent warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 7 | ||||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 426,000 | ||||
Issued (in shares) | 0 | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 426,000 | 426,000 | |||
PPO warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 14 | ||||
Term (Years) | 5 years | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 1,078,000 | ||||
Issued (in shares) | 0 | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 1,078,000 | 1,078,000 | |||
Pre-2014 warrants | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Exercise price (in dollars per share) | $ 9.66 | ||||
Class Of Warrant Or Right, Outstanding [Roll Forward] | |||||
Beginning balance (in shares) | 88,000 | ||||
Issued (in shares) | 0 | ||||
Expired (in shares) | 0 | ||||
Ending balance (in shares) | 88,000 | 88,000 | |||
Pre-2014 warrants | Minimum | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Term (Years) | 9 years | ||||
Pre-2014 warrants | Maximum | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Term (Years) | 10 years | ||||
Warrant | |||||
Schedule of Capitalization, Equity [Line Items] | |||||
Warrants exercised (in shares) | 30 | 488 |
Capitalization and Equity Str_5
Capitalization and Equity Structure - Valuation Assumptions (Details) | 9 Months Ended | |
Sep. 30, 2018$ / shares | Dec. 31, 2016$ / shares | |
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | $ 8 | |
Current share price | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | $ 2.34 | |
Conversion price | ||
Schedule of Capitalization, Equity [Line Items] | ||
Conversion price (in dollars per share) | $ 3.74 | |
Risk-free interest rate | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 2.83 | |
Term (years) | ||
Schedule of Capitalization, Equity [Line Items] | ||
Term (years) | 2 years 3 months | |
Volatility of stock | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 105.5 |
- Additional Information (Detai
- Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percent of employee match | 100.00% | ||
Percent of employee match, thereafter | 50.00% | ||
Shares issued in employee benefit plan (in shares) | 221,000 | ||
Stock options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 5,569 | ||
Unrecognized compensation expense, period of recognition | 3 years 3 months 18 days | ||
RSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 475 | ||
Unrecognized compensation expense, period of recognition | 3 years 8 months 5 days | ||
Equity Incentive Plan 2014 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional shares authorized for grant (in shares) | 4,400,000 | ||
Shares authorized for grant (in shares) | 9,114,000 | ||
Shares available for grant (in shares) | 1,837,000 |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activity (Details) - 2014 Plan $ / shares in Units, shares in Thousands, $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)$ / sharesshares | |
Stock Awards | |
Beginning Balance (in shares) | shares | 3,156 |
Options granted (in shares) | shares | 3,295 |
Options exercised (in shares) | shares | (1) |
Options forfeited (in shares) | shares | (427) |
Options cancelled (in shares) | shares | (135) |
Ending Balance (in shares) | shares | 5,888 |
Options Outstanding, Vested and expected to vest (in shares) | shares | 5,888 |
Options Outstanding, Exercisable (in shares) | shares | 2,065 |
Weighted- Average Exercise Price | |
Beginning Balance (in dollars per share) | $ / shares | $ 4.96 |
Options granted (in dollars per share) | $ / shares | 1.90 |
Options exercised (in dollars per share) | $ / shares | 1.13 |
Options forfeited (in dollars per share) | $ / shares | 4.68 |
Options cancelled (in dollars per share) | $ / shares | 8.07 |
Ending Balance (in dollars per share) | $ / shares | 3.20 |
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share) | $ / shares | 3.20 |
Weighted-Average Exercise Price, Exercisable (in dollars per share) | $ / shares | $ 5.45 |
Weighted-Average Remaining Contractual Life (Years), Ending Balance | 8 years 4 months 10 days |
Weighted-Average Remaining Contractual Life (Years), Vested and expected to vest | 8 years 4 months 10 days |
Weighted-Average Remaining Contractual Life (Years), Exercisable | 5 years 11 months 23 days |
Aggregate Intrinsic Value, Ending Balance | $ | $ 2,358 |
Aggregate Intrinsic Value, Vested and expected to vest | $ | 2,358 |
Aggregate Intrinsic Value, Exercisable | $ | $ 308 |
Stock-based Compensation - Valu
Stock-based Compensation - Valuation Assumptions (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Volatility | 106.00% | 87.00% | 104.00% | 82.00% |
Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 2.75% | 1.83% | 2.70% | 1.83% |
Expected term (in years) | 5 years | 5 years | 5 years | 5 years |
Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 2.99% | 1.94% | 2.99% | 2.29% |
Expected term (in years) | 6 years | 6 years | 10 years | 9 years |
Stock-based Compensation - RSU
Stock-based Compensation - RSU Activity (Details) - RSU shares in Thousands | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Number of Shares | |
Beginning Balance (in shares) | shares | 617 |
Granted (in shares) | shares | 354 |
Vested (in shares) | shares | (584) |
Forfeited (in shares) | shares | (94) |
Ending Balance (in shares) | shares | 293 |
Weighted- Average Grant Date Fair Value | |
Beginning Balance (in dollars per share) | $ / shares | $ 1.65 |
Granted (in dollars per share) | $ / shares | 1.78 |
Vested (in dollars per share) | $ / shares | 1.45 |
Forfeited (in dollars per share) | $ / shares | 2.78 |
Ending Balance (in dollars per share) | $ / shares | $ 1.82 |
Stock-based Compensation - Comp
Stock-based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expense | $ 938 | $ 650 | $ 2,232 | $ 1,755 |
Sales and marketing | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expense | 171 | 187 | 446 | 365 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expense | 87 | 103 | 312 | 287 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expense | 680 | 360 | 1,474 | 917 |
Restructuring charges | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expense | $ 0 | $ 0 | $ 0 | $ 186 |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($)license_agreement | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Payments due by period | $ 50 |
Contractual obligation | $ 2,033 |
Royalty Agreement Terms | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Number of license agreements | license_agreement | 2 |
Payments due by period | $ 50 |
Royalty Agreement Terms | Net sales | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Royalty percentage | 1.00% |
Royalty Agreement Terms | License fees | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Royalty percentage | 21.00% |
Royalty Agreement Terms | Sub-licensee net sales | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Royalty percentage | 1.00% |
Net Loss Per Share - Earnings P
Net Loss Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator: | ||||
Net loss applicable to common stockholders, basic and diluted | $ (6,983) | $ (6,335) | $ (22,860) | $ (20,144) |
Denominator: | ||||
Weighted-average number of shares, basic and diluted (in shares) | 61,381 | 34,720 | 60,721 | 27,425 |
Net loss per share, basic and diluted (in dollars per share) | $ (0.11) | $ (0.18) | $ (0.38) | $ (0.73) |
Net Loss Per Share - Antidiluti
Net Loss Per Share - Antidilutive Shares (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 9,577 | 7,007 | 9,577 | 7,007 |
Options to purchase common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 5,888 | 2,972 | 5,888 | 2,972 |
Restricted stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 293 | 609 | 293 | 609 |
Warrants for common stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 3,396 | 3,426 | 3,396 | 3,426 |
Segment Disclosures - Operating
Segment Disclosures - Operating Segments (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)segment | Sep. 30, 2017USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 3 | |||
Revenue | $ 2,550 | $ 1,597 | $ 8,036 | $ 4,900 |
Cost of revenue | 1,467 | 1,053 | 5,217 | 3,608 |
Gross profit | 1,083 | 544 | 2,819 | 1,292 |
Medical and Industrial | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 2,533 | 1,587 | 8,008 | 4,862 |
Cost of revenue | 1,445 | 1,045 | 5,182 | 3,593 |
Gross profit | 1,088 | 542 | 2,826 | 1,269 |
Medical | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 1,744 | 1,320 | 6,266 | 3,692 |
Cost of revenue | 827 | 880 | 3,699 | 2,786 |
Gross profit | 917 | 440 | 2,567 | 906 |
Industrial | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 789 | 267 | 1,742 | 1,170 |
Cost of revenue | 618 | 165 | 1,483 | 807 |
Gross profit | 171 | 102 | 259 | 363 |
Engineering services | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 17 | 10 | 28 | 38 |
Cost of revenue | 22 | 8 | 35 | 15 |
Gross profit | $ (5) | $ 18 | $ (7) | $ 23 |
Segment Disclosures - Geographi
Segment Disclosures - Geographical Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 2,550 | $ 1,597 | $ 8,036 | $ 4,900 |
United States | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 1,845 | 1,130 | 4,976 | 3,092 |
All Other | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 705 | $ 467 | $ 3,060 | $ 1,808 |
Related Party Transactions (Det
Related Party Transactions (Details) - Angel Pond Capital LLC - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||
Payment for fees | $ 90 | $ 2,150 |
General and administrative expense | $ 1,075 |