electroCore (ECOR) 10-Q 5 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 03, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Trading Symbol	ECOR
Entity Registrant Name	electroCore, Inc.
Entity Central Index Key	0001560258
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		70,769,325
Entity File Number	001-38538
Entity Tax Identification Number	20-3454976
Entity Address, Address Line One	200 Forge Way
Entity Address, Address Line Two	Suite 205
Entity Address, City or Town	Rockaway
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07866
City Area Code	973
Local Phone Number	290-0097
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 29,882	$ 34,689
Accounts receivable, net	364	438
Inventories, net	1,577	1,361
Prepaid expenses and other current assets	671	1,053
Total current assets	32,494	37,541
Inventories, noncurrent	3,324	3,941
Property and equipment, net	122	147
Operating lease right of use assets	605	613
Other assets, net	636	591
Total assets	37,181	42,833
Current liabilities:
Accounts payable	2,235	1,543
Accrued expenses and other current liabilities	2,384	3,881
Current portion of operating lease liabilities	64	61
Total current liabilities	4,683	5,485
Noncurrent liabilities:
Operating lease liabilities, noncurrent	682	700
Total liabilities	5,365	6,185
Commitments and contingencies
Stockholders' equity:
Preferred Stock, par value $0.001 per share; 10,000,000 shares authorized at March 31, 2022 and December 31, 2021; 0 shares issued and outstanding at March 31, 2022 and December 31, 2021
Common Stock, par value $0.001 per share; 500,000,000 shares authorized at March 31, 2022 and December 31, 2021; 70,718,191 shares issued and outstanding at March 31, 2022 and 70,704,123 shares issued and outstanding at December 31, 2021	71	71
Additional paid-in capital	161,549	160,772
Accumulated deficit	(129,790)	(124,208)
Accumulated other comprehensive loss	(14)	13
Total equity	31,816	36,648
Total liabilities and equity	$ 37,181	$ 42,833

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	70,718,191	70,704,123
Common stock, shares outstanding	70,718,191	70,704,123

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Net sales	$ 1,899	$ 1,204
Cost of goods sold	360	364
Gross profit	1,539	840
Operating expenses
Research and development	934	499
Selling, general and administrative	6,186	5,725
Total operating expenses	7,120	6,224
Loss from operations	(5,581)	(5,384)
Other (income) expense
Interest and other income	(4)	(3)
Other expense	5	3
Total other (income) expense	1
Loss before income taxes	(5,582)	(5,384)
(Provision) benefit from income taxes
Net loss	$ (5,582)	$ (5,384)
Net loss per share of common stock - Basic and Diluted	$ (0.08)	$ (0.11)
Weighted average common shares outstanding - Basic and Diluted	70,672	47,653

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Statement Of Income And Comprehensive Loss [Abstract]
Net loss	$ (5,582)	$ (5,384)
Other comprehensive (loss) income:
Foreign currency translation adjustment	(27)	141
Unrealized gain (loss) on securities, net of taxes as applicable		3
Other comprehensive (loss) income	(27)	144
Comprehensive loss	$ (5,609)	$ (5,240)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income (loss)	Total electrocore, Inc. stockholders' equity	Noncontrolling interest
Balances, beginning of period at Dec. 31, 2020	$ 23,644	$ 45	$ 130,205	$ (106,990)	$ (251)	$ 23,009	$ 635
Balances, beginning of period, shares at Dec. 31, 2020		45,560
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(5,384)			(5,384)		(5,384)
Other comprehensive income	144				144	144
Issuance of stock	6,921	$ 3	6,918			6,921
Issuance of stock, Shares		2,750
Issuance of stock related to employee compensation plans, net of forfeitures
Issuance of stock related to employee compensation plans, net of forfeitures, shares		18
Settlement of accrued bonus	400		400			400
Settlement of accrued bonus, shares		165
Stock based compensation	942		942			942
Balances, end of period at Mar. 31, 2021	26,667	$ 48	138,465	(112,374)	(107)	26,032	635
Balances, end of period, shares at Mar. 31, 2021		48,493
Balances, beginning of period at Dec. 31, 2021	36,648	$ 71	160,772	(124,208)	13	36,648
Balances, beginning of period, shares at Dec. 31, 2021		70,704
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(5,582)			(5,582)		(5,582)
Other comprehensive income	(27)				(27)	(27)
Issuance of stock related to employee compensation plans, net of forfeitures
Issuance of stock related to employee compensation plans, net of forfeitures, shares		14
Stock based compensation	777		777			777
Balances, end of period at Mar. 31, 2022	$ 31,816	$ 71	$ 161,549	$ (129,790)	$ (14)	$ 31,816
Balances, end of period, shares at Mar. 31, 2022		70,718

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net loss	$ (5,582)	$ (5,384)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	777	942
Depreciation and amortization	106	96
Amortization of marketable securities discount		54
Net noncash lease expense	13	15
Changes in operating assets and liabilities:
Accounts receivable, net	75	11
Inventories	399	119
Prepaid expenses and other current assets	252	382
Accounts payable	692	32
Accrued expenses and other current liabilities	(1,497)	(414)
Operating lease liabilities	(15)	(9)
Net cash used in operating activities	(4,780)	(4,156)
Cash flows from investing activities:
Purchase of marketable securities		(5,083)
Proceeds from maturities of marketable securities		7,000
Net cash provided by investing activities		1,917
Cash flows from financing activities:
Shares issued		6,920
Net cash provided by financing activities		6,920
Effect of changes in exchange rates on cash and cash equivalents	(27)	141
Net (decrease) increase in cash and cash equivalents	(4,807)	4,822
Cash and cash equivalents – beginning of period	34,689	4,242
Cash and cash equivalents – end of period	29,882	9,064
Supplemental cash flows disclosures:
Interest paid	2	4
Supplemental schedule of noncash activity:
2020 Accrued bonus awarded in equity		$ 400

The Company

The Company	3 Months Ended
	Mar. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Abstract]
The Company	Note 1 electroCore is commercial stage medical device company with a proprietary non-invasive vagus nerve stimulation, or nVNS, therapy, called gammaCore. nVNS is a platform bioelectronic medical therapy that modulates neurotransmitters and immune function through its effects on both the peripheral and central nervous systems. The Company is initially focused on utilizing gammaCore in the management and treatment of primary headache conditions. electroCore, headquartered in Rockaway, New Jersey, has two wholly owned subsidiaries: electroCore Germany GmbH, and electroCore UK Ltd. The Company has ceased its operations in Germany, although sales to Germany are still supported by electroCore UK Ltd. On November 2, 2021, the Company formally terminated its agreement with electroCore (Aust) Pty Limited (“electroCore Australia”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 . Summary of Significant Accounting Policies (a) Basis of Presentation The accompanying condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and with instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. In the opinion of management, the Company has made all necessary adjustments, which include normal recurring adjustments necessary for a fair presentation of the Company’s condensed consolidated financial position and results of operations for the interim periods presented. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2022 . The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period. (b) Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of electroCore and its wholly owned subsidiaries. electroCore Australia was consolidated with the non-controlled equity presented as non-controlling interest in the Company's Condensed Consolidated Statement of Equity for the three months ended March 31, 2021. The Company terminated its affiliation with electroCore Australia on November 2, 2021 and, as such, this dormant entity was not included in the Company's Condensed Consolidated Statement of Equity for the three months ended March 31, 2022. All intercompany balances and transactions have been eliminated in consolidation. (c) Use of Estimates The preparation of 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, trade credits, rebates, co-payment assistance and sales returns, valuation of inventory, stock compensation, incremental borrowing rate and contingencies.

Significant Risks and Uncertain

Significant Risks and Uncertainties	3 Months Ended
	Mar. 31, 2022
Risks And Uncertainties [Abstract]
Significant Risks and Uncertainties	Note 3 . Significant Risks and Uncertainties Liquidity The Company has experienced significant net losses and cash used in operations, and it expects to continue to incur net losses and cash used in operations for the near future as it works to increase market acceptance of its gammaCore therapy. The Company has never been profitable and has incurred net losses and cash used in operations in each year since its inception. The Company incurred net losses of $5.6 million and $5.4 million for the three months ended March 31, 2022 and 2021, respectively. Cash used in operating activities for the three months ended March 31, 2022 and 202 1 was $ million The Company’s expected cash requirements for the next 12 months and beyond are largely based on the commercial success of its products. There are significant risks and uncertainties as to its ability to achieve these operating results, including as a result of the adverse impact on its headache business from the ongoing COVID-19 pandemic. The Company believes its cash and cash equivalents will enable it to fund its operating expenses and capital expenditure requirements, as currently planned, for at least the next 12 months from the date the accompanying financial statements are issued. Concentration of Revenue Risks The Company earns a significant amount of its revenue (i) in the United States from the Department of Veterans Affairs and Department of Defense ("VA/DoD") pursuant to its qualifying contract under the Federal Supply Schedule and open market sales to individual Department of Veterans Affairs facilities, and (ii) in the United Kingdom from the National Health Service. The VA/DoD and National Health Service were the Company’s sole customers accounting for 10% or more of total net sales during the three months ended March 31, 2022 and 2021. The following table reflects the respective concentration as a percentage of the Company's net sales: Three months ended March 31, 2022 2021 Revenue channel: VA/DoD 66.4 55.5 National Health Service 13.0 25.8 During the three months ended March 31, 2022 and 2021, five VA/DOD facilities represented approximately 62.4% and 55.2%, respectively, of total VA/DOD net sales and two facilities accounted for more than 10% of total VA/DOD net sales. Foreign Currency Exchange The Company has foreign currency exchange risk related to revenue and operating expenses in currencies other than the local currencies in which it operates. The Company is exposed to currency risk from the potential changes in functional currency values of its assets, liabilities, and cash flows denominated in foreign currencies COVID- 19 The Company continues to monitor the impact of the coronavirus pandemic on all aspects of its business and geographies, including how it will impact business partners, customers and the global supply chain. While the Company experienced disruptions during the three months ended coronavirus it is unable to predict the full impact that the coronavirus pandemic may have on its financial condition, results of operations and cash flows due to numerous uncertainties. These uncertainties include the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact and the direct and indirect economic effects of the pandemic and containment measures, among others. The coronavirus pandemic has significantly adversely impacted global economic activity and has contributed to significant volatility and negative pressure in financial markets. Depending upon the duration and severity of the pandemic, the continuing effect on the Company's results and outlook over the long term remains uncertain.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Revenue	Note 4 Revenue Geographical Net Sales The following table presents net sales disaggregated by geographic area: Three months ended March 31, (in thousands) 2022 2021 Geographic Market United States $ 1,594 $ 824 United Kingdom 266 317 Other 39 63 Total Net Sales $ 1,899 $ 1,204 Performance Obligations The Company’s net revenue represents total revenue, net of discounts, vouchers, rebates, returns, co-payment assistance, and certain fees for services related to its e-commerce platform. These adjustments represent variable consideration and are recorded for the Company’s estimate of cash consideration expected to be given by the Company to a customer that is presumed to be a reduction of the transaction price of the Company’s products and, therefore, are characterized as a reduction of revenue. These adjustments are established by management as its best estimate of available information and will be adjusted to reflect known changes in the factors that impact such allowances. Adjustments for variable consideration are determined based on the contractual terms with customers, historical trends, the levels of inventory remaining in the distribution channel, as well as expectations about the market for the product. Revenue is recognized when delivery of the product is completed. The Company deems control to have transferred upon the completion of delivery because that is the point in which (1) it has a present right to payment for the product, (2) it has transferred the physical possession of the product, (3) the customer has legal title to the product, (4) the customer has risks and rewards of ownership and (5) the customer has accepted the product. After the products have been delivered and control has transferred, the Company has no remaining unsatisfied performance obligations. Trade credits are discounts that are contingent upon a timely remittance of payment and are estimated based on historical experience. For the three months ended March 31, 2022 and 2021, trade credits and discounts were immaterial. Contract Balances The Company generally invoices the customer and recognizes revenue once its performance obligations are satisfied, at which point payment is unconditional. Accordingly, under ASC 606, the Company’s contracts with customers did not give rise to contract assets or liabilities Agreed upon payment terms with customers are within 30 days of shipment. Accordingly, contracts with customers do not include a significant financing component. License Agreement with Teijin Limited Effective March 29, 2022, the Company entered into an agreement with Teijin Limited (Teijin), to license certain exclusive rights to its nVNS technology for commercialization in Japan for a range of primary headache disorders. Under the agreement, the Company will receive a non-refundable, upfront payment for the licenses and rights granted to Teijin. The financial terms contain milestone payments, payable upon the decision by Teijin to commercialize the licensed product for specific indications. The Company also will receive an annual license fee commencing on the first anniversary of the agreement and payable annually until the first commercial sale on any approved indication. Upon favorable regulatory and payor coverage decisions in Japan, the parties plan to enter into an exclusive commercial supply agreement for gammaCore nVNS. The agreement contains customary terms and conditions, including renewal and termination provisions, as well as minimum purchase commitments once a commercial supply agreement is in place. Furthermore, Teijin is responsible for all costs associated with regulatory approval by the Pharmaceuticals and Medical Devices Agency (PMDA), the Japanese FDA equivalent. As part of the agreement, Teijin will have the right of first negotiation for a license to additional indications in Japan.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Inventories	Note 5 . Inventories As of and , inventories consisted of the following: (in thousands) March 31, 2022 December 31, 2021 Raw materials $ 862 $ 769 Work in process 3,697 4,072 Finished goods 342 461 Total inventories, net 4,901 5,302 Less: noncurrent inventories 3,324 3,941 Current inventories $ 1,577 $ 1,361 The reserve for obsolete invent ory was $711,000 and as March 31, 2022 and , respectively. The decrease in the reserve for obsolete inventory was due to the disposal of previously reserved inventory. The Company records charges for obsolete inventory in cost of goods sold. As of March 31, 2022 and December 31, 2021, noncurrent inventory was comprised of approximately $0.8 million $2.5 million

Leases

Leases	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Leases	Note 6 Leases For the three months ended March 31, 2022 and 2021 the Company recognized lease expense of $38,000 and $40,000, respectively. This expense does not include non- lease components associated with the lease agreements as the Company elected not to include such charges as part of the lease expense. Supplemental Balance Sheet Information for Operating Leases: (in thousands) March 31, 2022 December 31, 2021 Operating leases: Operating lease right of use assets $ 605 $ 613 Operating lease liabilities: Current portion of operating lease liabilities 64 61 Noncurrent operating lease liabilities 682 700 Total operating lease liabilities $ 746 $ 761 Weighted average remaining lease term (in years) 6.9 6.9 Weighted average discount rate 13.8 % 13.8 % Future minimum lease payments under non-cancellable operating leases as of : (in thousands) Remainder of 2022 $ 121 2023 164 2024 167 2025 171 2026 161 2027 and thereafter 373 Total future minimum lease payments 1,157 Less: Amounts representing interest (411 ) Total $ 746

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2022
Payables And Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	Note 7 . Accrued Expenses and Other Current Liabilities Accrued expenses as of and consisted of the following: (in thousands) March 31, 2022 December 31, 2021 Accrued professional fees $ 310 $ 468 Accrued bonuses and incentive compensation 514 1,849 Accrued insurance expense 125 499 Accrued vacation and other employee related expenses 598 455 Accrued international taxes 268 263 Other 569 347 $ 2,384 $ 3,881 Finance and Security Agreements On July 2, 2021, the Company entered into a Commercial Insurance Premium Finance and Security Agreement (the "Agreement"). The Agreement provides for a single borrowing by the Company of $ 1.2 million, with a ten -month term and an annual interest rate of 1.55 %. The proceeds from this transaction were used to partially fund the premiums due under certain of the Company's insurance policies. The amounts payable are secured by the Company's rights under such policies. The Company began to pay monthly installments of approximately $ 125,000 in July 2021.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Net Loss Per Share	Note 8 Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities. Restricted stock and unit awards, stock options, and warrants have not been included in the diluted loss per share calculation as their inclusion would have had an anti-dilutive effect. The potential common stock equivalents that have been excluded from the computation of diluted loss per share consist of the following: Three Month Ended March 31, (in thousands) 2022 2021 Outstanding stock options 6,323 4,906 Nonvested restricted stock and unit awards 1,366 1,216 Stock purchase warrants 217 715 7,906 6,837

Stock Based Compensation

Stock Based Compensation	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Based Compensation	Note 9 . Stock Based Compensation The following table presents a summary of activity related to stock options during the three months ended March 31, 2022: Number of Options (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Outstanding, January 1, 2022 5,137 $ 4.61 8.0 Granted 1,187 0.76 Exercised — — Cancelled (1 ) — Outstanding, March 31, 2022 6,323 $ 3.88 8.1 Exercisable, March 31, 2022 2,785 $ 6.47 7.4 The intrinsic value is calculated as the difference between the fair market value at and the exercise price per share of the stock options. As of March 31, 2022, all options outstanding had no intrinsic value. The options granted to employees generally vest over a three four The following table presents a summary of activity related to restricted and deferred stock units (“Stock Units”) granted during the three months ended : Number of Shares (in thousands) Weighted Average Grant Date Fair Value Nonvested, January 1, 2022 1,056 $ 1.66 Granted 300 0.50 Vested (14 ) 1.85 Cancelled (5 ) 2.83 Nonvested, March 31, 2022 1,337 $ 1.39 In general, Stock Units granted to employees vest over two four Immediately following the Company’s annual meeting of stockholders, the Company generally grants each non-employee director an equity award that vests over a 12 The Company recognized stock compensation expense for its equity awards as follows: Three months ended March 31, (in thousands) 2022 2021 Selling, general and administrative $ 705 $ 809 Research and development 66 113 Cost of goods sold 6 20 Total expense $ 777 $ 942 Total unrecognized compensation cost related to unvested awards as of was $4.3 million and is expected to be recognized over the next 2.1 years. Valuation Information for Stock-Based Compensation The fair value of each stock option award during the three months ended and 2021 was estimated on the date of grant using the Black-Scholes model. E xpected volatility was based on historical common stock volatility of the Company's peers. The weighted average assumptions used in the Black-Scholes option pricing model in valuing stock options granted in the three months ended March 31, 2022 and 2020 are summarized in the table below. Three months ended March 31, 2022 2021 Fair value at grant date $ 0.54 $ 1.39 Expected volatility 84.0 % 79.9 % Risk-free interest rate 1.6 % 0.6 % Expected holding period, in years 6.0 6.1 Dividend yield — % — %

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10 Commitments and Contingencies Stockholders Litigation On July 8, 2019 and August 1, 2019, purported stockholders of the Company served putative class action lawsuits in the Superior Court of New Jersey for Somerset County, captioned Paul Kuehl vs. electroCore, Inc., et al. Shirley Stone vs. electroCore, Inc., et al. Kuehl Stone On October 31, 2019, the Company and the other defendants filed a motion to dismiss the complaint or in the alternative to stay the action in favor of the pending federal action (discussed below). On February 21, 2020, the court granted the defendants’ motion to dismiss the consolidated amended complaint with prejudice. On March 2, 2020 the court entered an amended order dismissing the consolidated amended complaint with prejudice. On March 27, 2020, the plaintiffs filed a notice of appeal with the N.J. Superior Court – Appellate Division. The appeal was argued on September 27, 2021. On October 8, 2021, the Appellate Division issued an order reversing the decision of the Superior Court. The case has been remanded to the Superior Court for oral argument on the motion to dismiss. On November 11, 2021 the defendants filed a supplemental motion to dismiss based on the certificate of incorporation's forum selection clause. On December 10, 2021, the Superior Court heard argument of the original motion to dismiss and the supplemental motion to dismiss based on the federal forum selection clause. On December 14, 2021, the Superior Court granted both motions in their entirety and dismissed the action without leave to re-plead. On January 27, 2022, the plaintiffs filed a notice of appeal to the Appellate Division. On April 15, 2022 the plaintiffs filed their appeal brief. On September 26, 2019 and October 31, 2019, purported stockholders of the Company served putative class action lawsuits in the United States District Court for the District of New Jersey captioned Allyn Turnofsky vs. electroCore, Inc., et al. Priewe vs. electroCore, Inc., et al. The Priewe case was voluntarily dismissed on February 19, 2020. In the Turnofsky Turnofsky On March 4, 2021, purported stockholder Richard Maltz brought a purported stockholder derivative action in the United States District Court for the District of New Jersey. The action is captioned Richard Maltz, derivatively on behalf of electroCore, Inc., vs. Francis R. Amato, et al. Turnofsky On March 8, 2021, purported stockholder Erin Yuson brought a purported stockholder derivative action in the United States District Court for the District of New Jersey. The action is captioned Erwin Yuson, derivatively on behalf of electroCore, Inc., vs. Francis R. Amato, et al. The plaintiffs in the Maltz Yuson Turnofsky The Company intends to continue to vigorously defend itself in these matters. However, in light of, among other things, the preliminary stage of these litigation matters, the Company is unable to determine the reasonable probability of loss or a range of potential loss. Accordingly, the Company has not established an accrual for potential losses, if any, that could result from any unfavorable outcome, and there can be no assurance that these litigation matters will not result in substantial defense costs and/or judgments or settlements that could adversely affect the Company’s financial condition. The Company expenses associated legal fees in the period they are incurred.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Note 11 The Company may be eligible, from time to time, to receive cash from the sale of its net operating losses under New Jersey's Department of the Treasury - Division of Taxation NOL Transfer Program. On April 14, 2022, the Company received a net cash amount of approximately $445,000 from the sale of its New Jersey state net operating losses.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2022
Accounting Policies [Abstract]
Basis of Presentation	(a) Basis of Presentation The accompanying condensed consolidated financial statements were prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and with instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. In the opinion of management, the Company has made all necessary adjustments, which include normal recurring adjustments necessary for a fair presentation of the Company’s condensed consolidated financial position and results of operations for the interim periods presented. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 10, 2022 . The results for the three months ended March 31, 2022 are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period.
Principles of Consolidation	(b) Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of electroCore and its wholly owned subsidiaries. electroCore Australia was consolidated with the non-controlled equity presented as non-controlling interest in the Company's Condensed Consolidated Statement of Equity for the three months ended March 31, 2021. The Company terminated its affiliation with electroCore Australia on November 2, 2021 and, as such, this dormant entity was not included in the Company's Condensed Consolidated Statement of Equity for the three months ended March 31, 2022. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	(c) Use of Estimates The preparation of 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, trade credits, rebates, co-payment assistance and sales returns, valuation of inventory, stock compensation, incremental borrowing rate and contingencies.

Significant Risks and Uncerta_2

Significant Risks and Uncertainties (Tables)	3 Months Ended
	Mar. 31, 2022
Risks And Uncertainties [Abstract]
Schedule of revenue channels accounted for 10% or more of the Company's net sales	Three months ended March 31, 2022 2021 Revenue channel: VA/DoD 66.4 55.5 National Health Service 13.0 25.8

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Revenue From Contract With Customer [Abstract]
Summary of net sales disaggregated by geographic area	Three months ended March 31, (in thousands) 2022 2021 Geographic Market United States $ 1,594 $ 824 United Kingdom 266 317 Other 39 63 Total Net Sales $ 1,899 $ 1,204

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Inventory Disclosure [Abstract]
Schedule of inventories stated at lower of cost or market	(in thousands) March 31, 2022 December 31, 2021 Raw materials $ 862 $ 769 Work in process 3,697 4,072 Finished goods 342 461 Total inventories, net 4,901 5,302 Less: noncurrent inventories 3,324 3,941 Current inventories $ 1,577 $ 1,361

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Leases [Abstract]
Schedule of supplemental balance sheet information for operating leases	(in thousands) March 31, 2022 December 31, 2021 Operating leases: Operating lease right of use assets $ 605 $ 613 Operating lease liabilities: Current portion of operating lease liabilities 64 61 Noncurrent operating lease liabilities 682 700 Total operating lease liabilities $ 746 $ 761 Weighted average remaining lease term (in years) 6.9 6.9 Weighted average discount rate 13.8 % 13.8 %
Schedule of future minimum lease payments under non-cancellable operating leases	(in thousands) Remainder of 2022 $ 121 2023 164 2024 167 2025 171 2026 161 2027 and thereafter 373 Total future minimum lease payments 1,157 Less: Amounts representing interest (411 ) Total $ 746

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Payables And Accruals [Abstract]
Schedule of accrued expenses	(in thousands) March 31, 2022 December 31, 2021 Accrued professional fees $ 310 $ 468 Accrued bonuses and incentive compensation 514 1,849 Accrued insurance expense 125 499 Accrued vacation and other employee related expenses 598 455 Accrued international taxes 268 263 Other 569 347 $ 2,384 $ 3,881

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2022
Earnings Per Share [Abstract]
Schedule of common stock equivalents excluded from computation of diluted loss per share	Three Month Ended March 31, (in thousands) 2022 2021 Outstanding stock options 6,323 4,906 Nonvested restricted stock and unit awards 1,366 1,216 Stock purchase warrants 217 715 7,906 6,837

Stock Based Compensation (Table

Stock Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2022
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Activity Related to Stock Options	Number of Options (in thousands) Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Outstanding, January 1, 2022 5,137 $ 4.61 8.0 Granted 1,187 0.76 Exercised — — Cancelled (1 ) — Outstanding, March 31, 2022 6,323 $ 3.88 8.1 Exercisable, March 31, 2022 2,785 $ 6.47 7.4
Summary of Activity Related to Restricted Stock and Deferred Stock Units Granted	Number of Shares (in thousands) Weighted Average Grant Date Fair Value Nonvested, January 1, 2022 1,056 $ 1.66 Granted 300 0.50 Vested (14 ) 1.85 Cancelled (5 ) 2.83 Nonvested, March 31, 2022 1,337 $ 1.39
Schedule of Recognized Stock Compensation for Equity Awards	Three months ended March 31, (in thousands) 2022 2021 Selling, general and administrative $ 705 $ 809 Research and development 66 113 Cost of goods sold 6 20 Total expense $ 777 $ 942
Summary of Weighted Average Assumptions Used in Valuing Plans	Three months ended March 31, 2022 2021 Fair value at grant date $ 0.54 $ 1.39 Expected volatility 84.0 % 79.9 % Risk-free interest rate 1.6 % 0.6 % Expected holding period, in years 6.0 6.1 Dividend yield — % — %

The Company (Details)

The Company (Details)	Mar. 31, 2022subsidiary
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of wholly owned subsidiaries	2

Significant Risks and Uncerta_3

Significant Risks and Uncertainties - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2022USD ($)facility	Mar. 31, 2021USD ($)facility
Risks And Uncertainties [Line Items]
Net losses | $	$ 5.6	$ 5.4
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $	$ 4.8	$ 4.2
Net Sales | Revenue from Rights Concentration Risk | VA/DoD [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales	66.40%	55.50%
Net Sales | Revenue from Rights Concentration Risk | National Health Service [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales	13.00%	25.80%
Net Sales | Revenue from Rights Concentration Risk | VA/DoD and National Health Service
Risks And Uncertainties [Line Items]
Percentage of net sales	10.00%	10.00%
Channel Two [Member] | Net Sales | VA/DoD [Member]
Risks And Uncertainties [Line Items]
Number of channels | facility	2
Channel Two [Member] | Net Sales | Revenue from Rights Concentration Risk | VA/DoD [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales	10.00%
Channel Five [Member] | Net Sales | VA/DoD [Member]
Risks And Uncertainties [Line Items]
Number of channels | facility	5	5
Channel Five [Member] | Net Sales | Revenue from Rights Concentration Risk | VA/DoD [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales	62.40%	55.20%

Significant Risks and Uncerta_4

Significant Risks and Uncertainties - Schedule of company's net sales (Details) - Net Sales - Revenue from Rights Concentration Risk	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
VA/DoD [Member]
Concentration Risk [Line Items]
Revenue, percentage	66.40%	55.50%
National Health Service [Member]
Concentration Risk [Line Items]
Revenue, percentage	13.00%	25.80%

Revenue - Summary of Net Sales

Revenue - Summary of Net Sales Disaggregated by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disaggregation Of Revenue [Line Items]
Total Net Sales	$ 1,899	$ 1,204
United States
Disaggregation Of Revenue [Line Items]
Total Net Sales	1,594	824
United Kingdom
Disaggregation Of Revenue [Line Items]
Total Net Sales	266	317
Other
Disaggregation Of Revenue [Line Items]
Total Net Sales	$ 39	$ 63

Revenue - Additional Informatio

Revenue - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Revenue From Contract With Customer [Abstract]
Revenue remaining unsatisfied performance obligation	$ 0
Payment term for customers	30 days

Inventories - Inventories (Deta

Inventories - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Inventory Disclosure [Abstract]
Raw materials	$ 862	$ 769
Work in process	3,697	4,072
Finished Goods	342	461
Total inventories, net	4,901	5,302
Less: noncurrent inventories	3,324	3,941
Current inventories	$ 1,577	$ 1,361

Inventories - Additional Inform

Inventories - Additional Information (Details) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Inventory [Line Items]
Reserves for obsolete inventory	$ 711,000	$ 821,000
Noncurrent inventory raw materials	800,000	900,000
Noncurrent inventory work in process	$ 2,500,000	$ 3,000,000

Leases - Supplemental Balance S

Leases - Supplemental Balance Sheet Information for Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Operating leases:
Operating lease right of use assets	$ 605	$ 613
Current portion of operating lease liabilities	64	61
Noncurrent operating lease liabilities	682	700
Total operating lease liabilities	$ 746	$ 761
Weighted average remaining lease term (in years)	6 years 10 months 24 days	6 years 10 months 24 days
Weighted average discount rate	13.80%	13.80%

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments under Non-Cancellable Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Remainder of 2022	$ 121
2023	164
2024	167
2025	171
2026	161
2027 and thereafter	373
Total future minimum lease payments	1,157
Less: Amounts representing interest	(411)
Total	$ 746	$ 761

Leases - Additional Information

Leases - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Lessor, Lease, Description [Line Items]
Recognized lease expenses	$ 38,000	$ 40,000

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accrued Liabilities Current [Abstract]
Accrued professional fees	$ 310	$ 468
Accrued bonuses and incentive compensation	514	1,849
Accrued insurance expense	125	499
Accrued vacation and other employee related expenses	598	455
Accrued international taxes	268	263
Other	569	347
Accrued expenses	$ 2,384	$ 3,881

Accrued Expenses and Other Cu_4

Accrued Expenses and Other Current Liabilities (Details) - Finance and Security Agreement - USD ($)	Jul. 02, 2021	Jul. 31, 2021
Accrued Expenses and Other Current Liabilities [Line Item]
Proceeds from borrowings	$ 1,200,000
Interest rate on the Loan	1.55%
Monthly installments payable		$ 125,000
Debt instrument, term	10 months

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Common Stock Equivalents Excluded from Computation of Diluted Loss per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	7,906	6,837
Outstanding stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	6,323	4,906
Nonvested restricted stock and unit awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,366	1,216
Stock purchase warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	217	715

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2022USD ($)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested awards	$ 4,300
Unrecognized compensation expected to be recognized	2 years 1 month 6 days
Intrinsic value	$ 0
Non Employee Director [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	12 months
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Stock Units | Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	2 years
Stock Units | Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years

Stock Based Compensation - Summ

Stock Based Compensation - Summary of Activity Related to Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Options
Number of Options, Outstanding, January 1, 2022	5,137
Number of Options, Granted	1,187
Number of Options, Exercised
Number of Options, Cancelled	(1)
Number of Options, Outstanding, March 31, 2022	6,323	5,137
Number of Options, Exercisable, March 31, 2022	2,785
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding, January 1, 2022	$ 4.61
Weighted Average Exercise Price, Granted
Weighted Average Exercise Price, Exercised
Weighted Average Exercise Price, Cancelled
Weighted Average Exercise Price, Outstanding, March 31, 2022	3.88	$ 4.61
Weighted Average Exercise Price, Exercisable, March 31, 2022	$ 6.47
Weighted Average Remaining Contractual Term (Years), Outstanding, March 31, 2022	8 years 1 month 6 days	8 years
Weighted Average Remaining Contractual Term (Years), Exercisable, March 31, 2022	7 years 4 months 24 days
Aggregate Intrinsic Value, Outstanding, January 1, 2021	$ 0

Stock Based Compensation - Su_2

Stock Based Compensation - Summary of Activity Related to Restricted Stock and Deferred Stock Units Granted (Details) - Stock Units	3 Months Ended
	Mar. 31, 2022$ / sharesshares
Number of Shares
Number of Shares, Nonvested, January 1,2022 | shares	1,056
Number of Shares, Granted | shares	300
Number of Shares, Vested | shares	(14)
Number of Shares, Cancelled | shares	(5)
Number of Shares, Nonvested, March 31, 2022 | shares	1,337
Weighted Average Grant Date Fair Value
Weighted Average Exercise Price, Beginning balance | $ / shares	$ 1.66
Weighted Average Exercise Price, Granted | $ / shares	0.5
Weighted Average Grand Date Fair Value, Vested | $ / shares	1.85
Weighted Average Grand Date Fair Value, Cancelled | $ / shares	2.83
Weighted Average Exercise Price, Ending balance | $ / shares	$ 1.39

Stock Based Compensation - Sche

Stock Based Compensation - Schedule of Recognized Stock Compensation for Equity Awards (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	$ 777	$ 942
Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	705	809
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	66	113
Cost of Goods Sold
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	$ 6	$ 20

Stock Based Compensation - Su_3

Stock Based Compensation - Summary of Weighted Average Assumptions Used in Valuing Plans (Details) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Fair value at grant date	$ 0.54	$ 1.39
Expected volatility	84.00%	79.90%
Risk-free interest rate	1.60%	0.60%
Expected holding period, in years	6 years	6 years 1 month 6 days
Dividend yield

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details)	Jul. 17, 2020
Class Of Warrant Or Right [Line Items]
Number of investors as defendants	2

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	Apr. 14, 2022USD ($)
Subsequent Event
Subsequent Event [Line Items]
Sale of net operating losses	$ 445,000