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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Ekso Bionics Holdings Inc | NASDAQ:EKSO | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.03 | -2.34% | 1.25 | 1.18 | 2.60 | 1.29 | 1.17 | 1.27 | 54,722 | 05:00:09 |
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ý
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ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Nevada
(State or Other Jurisdiction of
Incorporation or Organization)
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99-0367049
(I.R.S. Employer
Identification No.)
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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Common Stock, $0.001 par value
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EKSO
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Nasdaq Stock Market LLC
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(Nasdaq Capital Market)
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•
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Drive robotic exoskeleton rehabilitation to become the standard of care for both in-patient and out-patient rehabilitation for patients with some form of extremity weakness or paralysis in the United States.
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•
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Continue to introduce new indications and features in rehabilitation for our EksoNR, which could expand access to care to more patients, and for our EksoPulse Analytics, which aids in providing more personalized care in rehabilitation sessions.
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Build on the initial launch of our EksoUE by introducing it into multiple channels in the Americas, the Asia Pacific region, or APAC, and Europe, the Middle East and Africa, or EMEA.
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Leverage our market position in exoskeleton rehabilitation by introducing new products and therapies beyond the scope of our existing devices.
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Expand on our position in industrial markets with our EksoZeroG Arm for aerial work platforms and scaffolding and EksoVest for overhead work applications by forming strategic partnerships to define and develop new uses for these and potential derivative products.
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Build on our initial success in Singapore and Hong Kong by expanding our reach to additional select countries in APAC, such as Malaysia and Australia.
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Improve the cost structure through our joint venture (our China JV) with Zhejiang Youchuang Venture Capital Investment Co., Ltd. and Shaoxing City Keqiao District Paradise Silicon Intelligent Robot Industrial Investment Partnership (Limited
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One commercial leader each for the Americas, EMEA, and APAC;
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Americas, EMEA, and APAC sales professionals that pursue new prospects and organizes demonstrations;
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Clinical professionals and physical therapists that provide peer-to-peer demonstrations and trainings;
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Marketing professionals and consultants to build awareness and generate demand;
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•
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Ambassadors, who are stroke and SCI survivors, that provide demonstrations and personal experiences.
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Issuing Status
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||||
License Status
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Issued
Patents
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Pending
Applications
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Licensed to the Company
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15
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—
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Exclusively licensed to the Company
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6
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—
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Co-owned with Regents of the University of California, exclusively licensed to the Company
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4
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—
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Co-owned with the Regents of the University of California
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3
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—
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Sole ownership by the Company
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25
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12
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Total: 65
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53
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12
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•
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product listing and establishment registration, which helps facilitate FDA inspections and other regulatory action;
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•
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QSR, which requires manufacturers, including third-party manufacturers, to follow stringent design, testing, control, documentation and other quality assurance procedures during all aspects of the manufacturing process;
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labeling regulations and FDA prohibitions against the promotion of products for un-cleared, unapproved or off-label use or indication;
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•
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510(k) clearance of product modifications that could significantly affect safety or efficacy or that would constitute a major change in intended use of one of our cleared devices;
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•
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medical device reporting regulations, which require that manufacturers comply with FDA requirements to report if their device may have caused or contributed to a death or serious injury, or has malfunctioned in a way that would likely cause or contribute to a death or serious injury if the malfunction of the device or a similar device were to recur;
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•
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post-approval restrictions or conditions, including post-approval study commitments;
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•
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post-market surveillance regulations, which apply when necessary to protect the public health or to provide additional safety and effectiveness data for the device;
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the FDA's recall authority, whereby it can ask, or under certain conditions order, device manufacturers to recall from the market a product that is in violation of governing laws and regulations;
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•
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regulations pertaining to voluntary recalls; and
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•
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notices provision regarding corrections or removals.
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·
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the scope of rights granted under the license agreement and other interpretation-related issues;
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·
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the extent to which our devices, technology and processes infringe on intellectual property of the licensor that is not subject to the licensing agreement;
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·
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the sublicensing of patent and other rights under our collaborative research and development relationships;
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·
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our diligence obligations under the license agreement and what activities satisfy those diligence obligations;
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·
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the ownership of inventions and know-how resulting from the joint creation or use of intellectual property by our licensors and us and our partners; and
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·
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the priority of invention of patented or patentable technology.
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·
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a medical device candidate may not be deemed to be substantially equivalent to a device lawfully marketed either as a grandfathered device or one that was cleared through the 510(k) premarket notification process;
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·
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a medical device candidate may not be deemed to be in conformance with applicable standards and regulations;
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·
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FDA or other regulatory officials may not find the data from pre-clinical studies and clinical trials or other product testing date to be sufficient;
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·
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other non-U.S. regulatory authorities may not approve our processes or facilities or those of any of our third-party manufacturers, thereby restricting export; or
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·
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the FDA or other non-U.S. regulatory authorities may change clearance or approval policies or adopt new regulations.
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·
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restrictions on the products, manufacturers or manufacturing process;
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·
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adverse inspectional observations (Form 483), warning letters, non-warning letters incorporating inspectional observations;
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·
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civil or criminal penalties or fines;
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·
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injunctions;
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·
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product seizures, detentions or import bans;
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·
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voluntary or mandatory product recalls and publicity requirements;
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·
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suspension or withdrawal of regulatory clearances or approvals;
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·
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total or partial suspension of production;
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·
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imposition of restrictions on operations, including costly new manufacturing requirements;
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·
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refusal to clear or approve pending applications or premarket notifications; and
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·
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import and export restrictions.
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·
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general economic uncertainties and political concerns;
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·
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the introduction of new products or product lines;
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·
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product modifications;
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·
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the level of market acceptance of new products;
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·
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the availability of coverage and adequate reimbursement by third-party payers of services provided using our products;
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·
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the timing and amount of research and development and other expenditures;
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·
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timing of the receipt of orders from, and product shipments to, distributors and customers;
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·
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changes in the distribution arrangements for our products;
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·
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manufacturing or supply delays;
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·
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the time needed to educate and train additional sales and manufacturing personnel; and
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·
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costs associated with defending our intellectual property.
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·
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unexpected changes in regulatory requirements that may limit our ability to manufacture, export the products of these companies or sell into particular jurisdictions or impose multiple conflicting tax laws and regulations;
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·
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the imposition of tariffs, trade barriers and duties;
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·
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difficulties in managing geographically disparate operations;
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difficulties in enforcing agreements through non-U.S. legal systems, including the JV Agreement, which is governed under Chinese law;
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political and economic instability, civil unrest or war;
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·
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terrorist activities that impact international commerce;
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·
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outbreaks of a pandemic disease, such as COVID-19 (coronavirus);
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·
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difficulties in protecting our intellectual property rights, particularly in China and other countries where the laws and practices do not protect proprietary rights to as great an extent as do the laws and practices of the United States;
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changing laws and policies affecting economic liberalization, foreign investment, currency convertibility or exchange rates, taxation or employment; and
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nationalization of foreign‑owned assets, including intellectual property.
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failure of local laws to provide the same degree of protection against infringement of our intellectual property rights;
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protectionist laws and business practices that favor local competitors, which could slow our growth in international markets;
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the expense of establishing facilities and operations in new foreign markets;
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building an organization capable of supporting geographically dispersed operations;
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challenges caused by distance, language and cultural differences;
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challenges caused by differences in legal regulations, markets, and customer preferences, which may limit our ability to adapt our products or succeed in other regions;
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multiple, conflicting, and changing laws and regulations, including complications due to unexpected changes in regulatory requirements, foreign laws, tax schemes, international import and export legislation, trading and investment policies, exchange controls and tariff and other trade barriers;
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foreign tax consequences;
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·
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fluctuations in currency exchange rates and foreign currency translation adjustments;
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foreign exchange controls that might prevent us from repatriating income earned outside the United States;
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imposition of public sector controls;
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differing payer reimbursement regimes, governmental payers or patient self-pay systems and price controls;
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political, economic and social instability; and
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restrictions on the export or import of technology.
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delays in delivery or shortages in components that could interrupt and delay manufacturing and result in cancellations of orders for our products;
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increased component prices and supply delays as we establish alternative suppliers;
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inability to develop alternative sources for product components;
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·
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required modifications of our products, which may cause delays in product shipments, increased manufacturing costs, and increased product prices; and
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·
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increased inventory costs as we hold more inventory than we otherwise might in order to avoid problems from shortages or discontinuance, which may result in write-offs if we are unable to use all such products in the future.
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·
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test, introduce and develop new products and services including enhancements to our existing products;
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develop and expand the breadth of products and services offered;
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·
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develop and expand our market presence through relationships with third parties; and
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·
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generate satisfactory revenues from such expanded products or services to fund the foregoing requirements while obtaining and maintaining satisfactory profit margins.
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·
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maintain and evaluate a system of internal controls over financial reporting in compliance with the requirements of Section 404 of the Sarbanes-Oxley Act and the related rules and regulations of the SEC and the Public Company Accounting Oversight Board;
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·
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maintain policies relating to disclosure controls and procedures;
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·
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prepare and distribute periodic reports in compliance with our obligations under federal securities laws;
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·
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institute a more comprehensive compliance function, including with respect to corporate governance; and
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·
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involve, to a greater degree, our outside legal counsel and accountants in the above activities.
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·
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compliance with the auditor attestation requirements in the assessment of our internal control over financial reporting;
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·
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compliance with any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and the financial statements;
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·
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full disclosure and analysis obligations regarding executive compensation; and
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·
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compliance with regulatory requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
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·
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our ability to grow our revenue and customer base;
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·
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the announcement of new products or product enhancements by us or our competitors;
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·
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developments concerning regulatory oversight and approvals;
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·
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variations in our and our competitors’ results of operations;
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·
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changes in earnings estimates or recommendations by securities analysts, if our common stock is covered by analysts;
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·
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successes or challenges in our collaborative arrangements or alternative funding sources;
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·
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developments in the rehabilitation and industrial robotics markets;
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·
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the results of product liability or intellectual property lawsuits;
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·
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future issuances of common stock or other securities;
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·
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the addition or departure of key personnel;
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·
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announcements by us or our competitors of acquisitions, investments or strategic alliances; and
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·
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general market conditions and other factors, including factors unrelated to our operating performance.
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|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Statement of Operations Data:
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue(1)
|
|
$
|
13,917
|
|
|
$
|
11,332
|
|
|
$
|
7,353
|
|
|
$
|
14,221
|
|
|
$
|
8,661
|
|
Loss from operations
|
|
(16,639
|
)
|
|
(27,030
|
)
|
|
(31,612
|
)
|
|
(27,586
|
)
|
|
(21,561
|
)
|
|||||
Gain on warrant liabilities
|
|
6,376
|
|
|
1,063
|
|
|
3,909
|
|
|
4,286
|
|
|
2,505
|
|
|||||
Net loss
|
|
(12,132
|
)
|
|
(26,992
|
)
|
|
(29,122
|
)
|
|
(23,470
|
)
|
|
(19,590
|
)
|
|||||
Preferred deemed dividend
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,345
|
|
|
4,655
|
|
|||||
Net loss per share, basic
|
|
$
|
(0.17
|
)
|
|
$
|
(0.44
|
)
|
|
$
|
(0.82
|
)
|
|
$
|
(1.87
|
)
|
|
$
|
(1.66
|
)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance Sheet Data:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash
|
|
$
|
10,872
|
|
|
$
|
7,655
|
|
|
$
|
27,813
|
|
|
$
|
16,846
|
|
|
$
|
19,552
|
|
Total assets
|
|
21,915
|
|
|
17,655
|
|
|
37,988
|
|
|
24,425
|
|
|
32,198
|
|
|||||
Note payable, net
|
|
2,740
|
|
|
4,981
|
|
|
6,969
|
|
|
6,789
|
|
|
—
|
|
|||||
Warrant liability
|
|
$
|
4,307
|
|
|
$
|
585
|
|
|
$
|
1,648
|
|
|
$
|
3,546
|
|
|
$
|
9,195
|
|
(1)
|
In 2016, we commenced recognition of revenue based on a multiple element approach in which revenue is recognized upon the delivery of the separate elements to the customer. As a result of this change, we recognized EksoHealth revenue previously deferred at December 31, 2015 of $6,517 and associated cost of revenue of $4,159, resulting in additional gross profit, reduction
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•
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In January 2019, we entered into the JV Agreement to develop and serve the exoskeleton market in China and other Asian markets through the China JV and to create a global exoskeleton manufacturing center.
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•
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In July 2019, we announced the expansion of our medical exoskeleton portfolio with an upper extremity rehabilitation device called EksoUE. Our EksoUE’s wearable upper body exoskeleton assists patients with a broad range of upper extremity impairments and aims to provide them with a wider active range of motion and increased endurance for rehabilitation sessions of higher intensity.
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•
|
In August 2019, we introduced our next generation lower extremity rehabilitation exoskeleton, EksoNR, which succeeds our EksoGT. Our EksoNR, is used as a rehabilitation tool to allow physicians and therapists to rehabilitate patients who have suffered a stroke or spinal cord injury. With its unique features designed specifically for hospitals and its proprietary SmartAssist software, EksoNR allows for the early mobilization of patients, enabling increased endurance during rehabilitation sessions through higher step counts and for longer periods. The intent is to allow the patient’s central nervous system to take advantage of a patient’s neuroplasticity to maximize the patient’s recovery.
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•
|
In October 2019, we entered into a Technology License Agreement, with the China JV pursuant to the terms of the JV Agreement. Pursuant to the Technology License Agreement, we granted a nontransferable, non-sublicensable, irrevocable, and exclusive right and license to patented and non-patented manufacturing technologies involved in the manufacture of certain products for the China JV. In the fourth quarter of 2019, we completed technology transfer for EksoVest (but not transfer of patented technologies).
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•
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In 2019, we booked a total of 98 EksoGT and EksoNR units, 17 of which were rental units and 25 of which were previously rented units that were converted to sales.
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•
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In February 2020, we announced the worldwide launch of our upgraded EksoPulse platform, an innovative cloud-based information technology platform that measures and analyzes progress using the EksoNR robotic exoskeleton. The improved analytics system provides an easy-to-use dashboard to chart activity in rehabilitation sessions, enhancing the clinician, institutional, and patient experience of the most clinically used exoskeleton.
|
•
|
In January 2019, and in connection with the China JV, one of the Joint Venture Partner affiliates purchased an aggregate of 3,067,485 shares of our common stock at a price per share equal to $1.63, for aggregate proceeds to us of $5.0 million.
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•
|
In May 2019, we sold 6,666,667 shares of our common stock and warrants to purchase up to 6,666,667 shares of our common stock, or May 2019 Warrants, at a combined public offering price of $1.50 per share for proceeds, net of expenses and underwriting discount and commission, of $9.0 million.
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•
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In December 2019, we sold 11,111,116 shares of our common stock and warrants to purchase up to 8,333,337 shares of our common stock, or December 2019 Warrants, at a combined price of $0.45 per share for proceeds, net of placement agent fees and expenses, of $4.2 million. Additional details discussed in Note 13 in the notes to our consolidated financial statements, which appear under Item 8 in this Annual Report on Form 10-K, under the caption Capitalization and Equity Structure – Warrants.
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•
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Since inception to December 31, 2019, we have sold 4.2 million shares of our common stock under our “at the market offering” program at an average price of $1.86 per share, for aggregate proceeds of $7.2 million, net of commission and issuance costs, to us.
|
|
|
Years ended December 31,
|
|
|
|
|
|||||||||
|
|
2019
|
|
2018
|
|
Change
|
|
% Change
|
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Revenue
|
|
$
|
13,917
|
|
|
$
|
11,332
|
|
|
$
|
2,585
|
|
|
23
|
%
|
Cost of revenue
|
|
7,153
|
|
|
7,023
|
|
|
130
|
|
|
2
|
%
|
|||
Gross profit
|
|
6,764
|
|
|
4,309
|
|
|
2,455
|
|
|
57
|
%
|
|||
Gross profit %
|
|
49
|
%
|
|
38
|
%
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|||||||
Sales and marketing
|
|
11,398
|
|
|
13,827
|
|
|
(2,429
|
)
|
|
(18
|
)%
|
|||
Research and development
|
|
4,596
|
|
|
5,847
|
|
|
(1,251
|
)
|
|
(21
|
)%
|
|||
General and administrative
|
|
7,409
|
|
|
11,665
|
|
|
(4,256
|
)
|
|
(36
|
)%
|
|||
Total operating expenses
|
|
23,403
|
|
|
31,339
|
|
|
(7,936
|
)
|
|
(25
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Loss from operations
|
|
(16,639
|
)
|
|
(27,030
|
)
|
|
10,391
|
|
|
(38
|
)%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Other income, net:
|
|
|
|
|
|
|
|
|
|||||||
Interest expense
|
|
(384
|
)
|
|
(600
|
)
|
|
216
|
|
|
(36
|
)%
|
|||
Finance cost associated with warrant issuance
|
|
(1,096
|
)
|
|
—
|
|
|
(1,096
|
)
|
|
nm(1)
|
|
|||
Gain on warrant liabilities
|
|
6,376
|
|
|
1,063
|
|
|
5,313
|
|
|
500
|
%
|
|||
Loss on modification of warrants
|
|
(257
|
)
|
|
—
|
|
|
(257
|
)
|
|
nm(1)
|
|
|||
Other expense, net
|
|
(132
|
)
|
|
(425
|
)
|
|
293
|
|
|
(69
|
)%
|
|||
Total other income, net
|
|
4,507
|
|
|
38
|
|
|
4,469
|
|
|
11,761
|
%
|
|||
|
|
|
|
|
|
|
|
|
|||||||
Net loss
|
|
$
|
(12,132
|
)
|
|
$
|
(26,992
|
)
|
|
$
|
14,860
|
|
|
(55
|
)%
|
|
|
Years ended December 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Cash, beginning of period
|
|
$
|
7,655
|
|
|
$
|
27,813
|
|
Net cash used in operating activities
|
|
(15,772
|
)
|
|
(22,165
|
)
|
||
Net cash used in investing activities
|
|
(60
|
)
|
|
(131
|
)
|
||
Net cash provided by financing activities
|
|
19,039
|
|
|
2,273
|
|
||
Effect of exchange rate changes on cash
|
|
10
|
|
|
(135
|
)
|
||
Cash, end of period
|
|
$
|
10,872
|
|
|
$
|
7,655
|
|
|
|
Payments Due By Period
|
||||||||||||||||||
|
|
Total
|
|
Less than one year
|
|
1-3 Years
|
|
3-5 Years
|
|
After 5 Years
|
||||||||||
Term loan
|
|
$
|
2,878
|
|
|
$
|
2,437
|
|
|
$
|
441
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Facility operating leases
|
|
1,278
|
|
|
515
|
|
|
763
|
|
|
—
|
|
|
—
|
|
|||||
Purchase obligations
|
|
709
|
|
|
709
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Capital lease
|
|
22
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
4,887
|
|
|
$
|
3,683
|
|
|
$
|
1,204
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Page
Number
|
|
|
|
|
|
|
|
|
|
|
/s/ OUM & CO. LLP
|
/s/ OUM & CO. LLP
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Assets
|
|
|
|
||||
Current assets:
|
|
|
|
||||
Cash
|
$
|
10,872
|
|
|
$
|
7,655
|
|
Accounts receivable, net of allowances of $121 and $128, respectively
|
5,208
|
|
|
3,660
|
|
||
Inventories, net
|
2,489
|
|
|
3,371
|
|
||
Prepaid expenses and other current assets
|
238
|
|
|
281
|
|
||
Total current assets
|
18,807
|
|
|
14,967
|
|
||
Property and equipment, net
|
1,657
|
|
|
2,365
|
|
||
Right-of-use assets
|
1,084
|
|
|
—
|
|
||
Goodwill
|
189
|
|
|
189
|
|
||
Other assets
|
178
|
|
|
134
|
|
||
Total assets
|
$
|
21,915
|
|
|
$
|
17,655
|
|
|
|
|
|
||||
Liabilities and Stockholders' Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
1,903
|
|
|
$
|
3,156
|
|
Accrued liabilities
|
1,683
|
|
|
3,489
|
|
||
Deferred revenues, current
|
1,492
|
|
|
1,102
|
|
||
Note payable, current
|
2,333
|
|
|
2,333
|
|
||
Lease liabilities, current
|
421
|
|
|
—
|
|
||
Total current liabilities
|
7,832
|
|
|
10,080
|
|
||
Deferred revenues
|
1,789
|
|
|
1,495
|
|
||
Note payable
|
407
|
|
|
2,648
|
|
||
Lease liabilities
|
711
|
|
|
—
|
|
||
Warrant liabilities
|
4,307
|
|
|
585
|
|
||
Other non-current liabilities
|
72
|
|
|
119
|
|
||
Total liabilities
|
15,118
|
|
|
14,927
|
|
||
Commitments and contingencies (Note 16)
|
|
|
|
|
|
||
Stockholders' equity:
|
|
|
|
||||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued and outstanding at December 31, 2019 and 2018
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value; 141,429 shares authorized; 86,920 and 62,963 shares issued and outstanding at December 31, 2019 and 2018, respectively
|
87
|
|
|
63
|
|
||
Additional paid-in capital
|
189,938
|
|
|
173,903
|
|
||
Accumulated other comprehensive income (loss)
|
50
|
|
|
(92
|
)
|
||
Accumulated deficit
|
(183,278
|
)
|
|
(171,146
|
)
|
||
Total stockholders' equity
|
6,797
|
|
|
2,728
|
|
||
Total liabilities and stockholders' equity
|
$
|
21,915
|
|
|
$
|
17,655
|
|
|
Years ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Revenue
|
$
|
13,917
|
|
|
$
|
11,332
|
|
Cost of revenue
|
7,153
|
|
|
7,023
|
|
||
Gross profit
|
6,764
|
|
|
4,309
|
|
||
|
|
|
|
||||
Operating expenses:
|
|
|
|
||||
Sales and marketing
|
11,398
|
|
|
13,827
|
|
||
Research and development
|
4,596
|
|
|
5,847
|
|
||
General and administrative
|
7,409
|
|
|
11,665
|
|
||
Total operating expenses
|
23,403
|
|
|
31,339
|
|
||
|
|
|
|
||||
Loss from operations
|
(16,639
|
)
|
|
(27,030
|
)
|
||
|
|
|
|
||||
Other income, net:
|
|
|
|
||||
Interest expense
|
(384
|
)
|
|
(600
|
)
|
||
Finance cost associated with warrant issuance
|
(1,096
|
)
|
|
—
|
|
||
Gain on warrant liabilities
|
6,376
|
|
|
1,063
|
|
||
Loss on modification of warrants
|
(257
|
)
|
|
—
|
|
||
Other expense, net
|
(132
|
)
|
|
(425
|
)
|
||
Total other income, net
|
4,507
|
|
|
38
|
|
||
|
|
|
|
||||
Net loss
|
(12,132
|
)
|
|
(26,992
|
)
|
||
Foreign currency translation adjustments
|
142
|
|
|
248
|
|
||
Comprehensive loss
|
$
|
(11,990
|
)
|
|
$
|
(26,744
|
)
|
|
|
|
|
||||
Basic and diluted net loss per share applicable to common shareholders
|
$
|
(0.17
|
)
|
|
$
|
(0.44
|
)
|
Weighted average number of shares outstanding, basic and diluted
|
71,911
|
|
|
61,229
|
|
|
Convertible
Preferred Stock
|
|
Common Stock
|
|
Additional
Paid-in
Capital
|
|
Accumulated
Other
Comprehensive
Income (Loss)
|
|
Accumulated
Deficit
|
|
Total
Stockholders’
Equity
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
|
|
|
||||||||||||||||||
Balance at December 31, 2017
|
—
|
|
|
$
|
—
|
|
|
59,943
|
|
|
$
|
60
|
|
|
$
|
165,825
|
|
|
$
|
(340
|
)
|
|
$
|
(144,154
|
)
|
|
$
|
21,391
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(26,992
|
)
|
|
(26,992
|
)
|
||||||
Issuance of common stock under:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
ATM program, net of commission & issuance costs of $274
|
—
|
|
|
—
|
|
|
2,032
|
|
|
2
|
|
|
4,444
|
|
|
—
|
|
|
—
|
|
|
4,446
|
|
||||||
Equipois sales earn-out
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
28
|
|
||||||
Equity incentive plan
|
—
|
|
|
—
|
|
|
571
|
|
|
1
|
|
|
(61
|
)
|
|
—
|
|
|
—
|
|
|
(60
|
)
|
||||||
Matching contribution to 401(k) plan
|
—
|
|
|
—
|
|
|
221
|
|
|
—
|
|
|
508
|
|
|
—
|
|
|
—
|
|
|
508
|
|
||||||
In lieu of cash compensation
|
—
|
|
|
—
|
|
|
178
|
|
|
—
|
|
|
291
|
|
|
—
|
|
|
—
|
|
|
291
|
|
||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,868
|
|
|
—
|
|
|
—
|
|
|
2,868
|
|
||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
248
|
|
|
—
|
|
|
248
|
|
||||||
Balance at December 31, 2018
|
—
|
|
|
—
|
|
|
62,963
|
|
|
63
|
|
|
173,903
|
|
|
(92
|
)
|
|
(171,146
|
)
|
|
2,728
|
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,132
|
)
|
|
(12,132
|
)
|
||||||
Issuance of common stock under:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Equity financing, net
|
—
|
|
|
—
|
|
|
22,995
|
|
|
23
|
|
|
12,421
|
|
|
—
|
|
|
—
|
|
|
12,444
|
|
||||||
Equipois sales earn-out
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
22
|
|
||||||
Equity incentive plan
|
—
|
|
|
—
|
|
|
186
|
|
|
—
|
|
|
228
|
|
|
—
|
|
|
—
|
|
|
228
|
|
||||||
Matching contribution to 401(k) plan
|
—
|
|
|
—
|
|
|
141
|
|
|
—
|
|
|
191
|
|
|
—
|
|
|
—
|
|
|
191
|
|
||||||
In lieu of employee cash bonus
|
—
|
|
|
—
|
|
|
617
|
|
|
1
|
|
|
918
|
|
|
—
|
|
|
—
|
|
|
919
|
|
||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,255
|
|
|
—
|
|
|
—
|
|
|
2,255
|
|
||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
142
|
|
|
—
|
|
|
142
|
|
||||||
Balance at December 31, 2019
|
—
|
|
|
$
|
—
|
|
|
86,920
|
|
|
$
|
87
|
|
|
$
|
189,938
|
|
|
$
|
50
|
|
|
$
|
(183,278
|
)
|
|
$
|
6,797
|
|
|
Years ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Operating activities
|
|
|
|
||||
Net loss
|
$
|
(12,132
|
)
|
|
$
|
(26,992
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities
|
|
|
|
||||
Depreciation and amortization
|
690
|
|
|
1,515
|
|
||
Provision for excess and obsolete inventories
|
66
|
|
|
191
|
|
||
Changes in allowance for doubtful accounts
|
52
|
|
|
(50
|
)
|
||
Loss on disposal of property and equipment
|
—
|
|
|
126
|
|
||
Amortization of debt discount and accretion of final payment fee
|
92
|
|
|
152
|
|
||
Change in fair value of contingent liabilities
|
(28
|
)
|
|
(35
|
)
|
||
Common stock contribution to 401(k) plan
|
142
|
|
|
212
|
|
||
Stock-based compensation expense
|
2,255
|
|
|
2,868
|
|
||
Finance cost attributable to issuance of warrants
|
1,096
|
|
|
—
|
|
||
Gain on revaluation of warrant liabilities
|
(6,376
|
)
|
|
(1,063
|
)
|
||
Loss on modification of warrants
|
257
|
|
|
—
|
|
||
Unrealized loss on foreign currency transactions
|
133
|
|
|
381
|
|
||
Changes in operating assets and liabilities
|
|
|
|
||||
Accounts receivable
|
(1,599
|
)
|
|
(850
|
)
|
||
Inventories
|
893
|
|
|
(1,655
|
)
|
||
Prepaid expense, operating lease right-of-use assets, and other assets, current and noncurrent
|
369
|
|
|
1,046
|
|
||
Accounts payable
|
(1,231
|
)
|
|
752
|
|
||
Accrued and lease liabilities
|
(1,135
|
)
|
|
559
|
|
||
Deferred revenues
|
684
|
|
|
678
|
|
||
Net cash used in operating activities
|
(15,772
|
)
|
|
(22,165
|
)
|
||
Investing activities
|
|
|
|
||||
Acquisition of property and equipment
|
(60
|
)
|
|
(131
|
)
|
||
Net cash used in investing activities
|
(60
|
)
|
|
(131
|
)
|
||
Financing activities
|
|
|
|
||||
Proceeds from issuance of common stock and warrants, net
|
21,188
|
|
|
4,446
|
|
||
Principal payments on notes payable
|
(2,377
|
)
|
|
(2,174
|
)
|
||
Proceeds from exercise of stock options
|
228
|
|
|
1
|
|
||
Net cash provided by financing activities
|
19,039
|
|
|
2,273
|
|
||
Effect of exchange rate changes on cash
|
10
|
|
|
(135
|
)
|
||
Net (decrease) increase in cash
|
3,217
|
|
|
(20,158
|
)
|
||
Cash at beginning of the period
|
7,655
|
|
|
27,813
|
|
||
Cash at end of the period
|
$
|
10,872
|
|
|
$
|
7,655
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow activities
|
|
|
|
||||
Cash paid for interest
|
$
|
309
|
|
|
$
|
457
|
|
Cash paid for income taxes
|
$
|
23
|
|
|
$
|
18
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash activities
|
|
|
|
||||
Initial recognition of operating right-of-use assets
|
$
|
1,454
|
|
|
$
|
—
|
|
Initial recognition of operating lease liabilities
|
$
|
1,498
|
|
|
$
|
—
|
|
Change in deferred rent associated with ASC 842
|
$
|
44
|
|
|
$
|
—
|
|
Transfer of inventory to (from) property and equipment
|
$
|
(77
|
)
|
|
$
|
1,118
|
|
Share issuance for common stock contribution to 401(k) plan
|
$
|
191
|
|
|
$
|
508
|
|
Share issuance for employee bonuses
|
$
|
919
|
|
|
$
|
291
|
|
Share issuance for vesting of restricted stock
|
$
|
63
|
|
|
$
|
1
|
|
Equipois sales earn-out
|
$
|
22
|
|
|
$
|
28
|
|
|
Foreign
Currency
Translation
|
||
Balance at December 31, 2018
|
$
|
(92
|
)
|
Current period other comprehensive income
|
142
|
|
|
Balance at December 31, 2019
|
$
|
50
|
|
|
Years ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Numerator:
|
|
|
|
||||
|
|
|
|
||||
Net loss
|
$
|
(12,132
|
)
|
|
$
|
(26,992
|
)
|
Adjustment for gain on fair value of warrant liability
|
$
|
—
|
|
|
$
|
—
|
|
Adjusted net loss used for dilution calculation
|
$
|
(12,132
|
)
|
|
$
|
(26,992
|
)
|
|
|
|
|
||||
Denominator
|
|
|
|
||||
Weighted-average number of shares outstanding
|
71,911
|
|
|
61,229
|
|
||
Effect of potential dilutive shares
|
—
|
|
|
—
|
|
||
Dilutive weighted-average number of shares outstanding
|
71,911
|
|
|
61,229
|
|
||
|
|
|
|
||||
Net loss per share
|
|
|
|
||||
Basic
|
$
|
(0.17
|
)
|
|
$
|
(0.44
|
)
|
Diluted
|
$
|
(0.17
|
)
|
|
$
|
(0.44
|
)
|
|
Years ended December 31,
|
||||
|
2019
|
|
2018
|
||
Options to purchase common stock
|
7,411
|
|
|
6,466
|
|
Restricted stock units
|
1,328
|
|
|
278
|
|
Warrants for common stock
|
17,670
|
|
|
3,396
|
|
Total common stock equivalents
|
26,409
|
|
|
10,140
|
|
•
|
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.
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
December 31, 2019
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Warrant liabilities
|
$
|
4,307
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,307
|
|
Contingent success fee liability
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Warrant liability
|
$
|
585
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
585
|
|
Contingent success fee liability
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
34
|
|
|
Warrant
Liability
|
|
Contingent
Success Fee
Liability
|
||||
Balance at December 31, 2018
|
$
|
585
|
|
|
$
|
34
|
|
Initial fair value of warrants issued in conjunction with May 2019 financing
|
7,334
|
|
|
0
|
|
||
Initial fair value of warrants issued in conjunction with December 2019 financing
|
2,507
|
|
|
0
|
|
||
Gain on revaluation of warrants issued in December 2019, May 2019 financing, and December 2015 financing
|
(6,376
|
)
|
|
0
|
|
||
Loss on modification of 2015 Warrants
|
257
|
|
|
—
|
|
||
Gain on revaluation of contingent liabilities
|
—
|
|
|
(28
|
)
|
||
Balance at December 31, 2019
|
$
|
4,307
|
|
|
$
|
6
|
|
|
December 31, 2019
|
|
December 31,
2018 |
||||
Deferred extended maintenance and support
|
$
|
2,837
|
|
|
$
|
2,114
|
|
Deferred royalties
|
290
|
|
|
300
|
|
||
Deferred device revenues
|
125
|
|
|
70
|
|
||
Customer deposits and advances
|
23
|
|
|
62
|
|
||
Deferred rental income
|
6
|
|
|
51
|
|
||
Total deferred revenues
|
3,281
|
|
|
2,597
|
|
||
Less current portion
|
(1,492
|
)
|
|
(1,102
|
)
|
||
Deferred revenues, non-current
|
$
|
1,789
|
|
|
$
|
1,495
|
|
Beginning balance
|
$
|
2,597
|
|
Deferral of revenue
|
2,621
|
|
|
Recognition of deferred revenue
|
(1,937
|
)
|
|
Ending balance
|
$
|
3,281
|
|
|
EksoHealth
|
|
EksoWorks
|
|
Total
|
||||||
Device revenue
|
$
|
9,064
|
|
|
$
|
1,726
|
|
|
$
|
10,790
|
|
Service, support and rentals
|
2,560
|
|
|
—
|
|
|
2,560
|
|
|||
Parts and other
|
259
|
|
|
234
|
|
|
493
|
|
|||
Collaborative arrangements
|
74
|
|
|
—
|
|
|
74
|
|
|||
|
$
|
11,957
|
|
|
$
|
1,960
|
|
|
$
|
13,917
|
|
|
EksoHealth
|
|
EksoWorks
|
|
Total
|
||||||
Device revenue
|
$
|
6,403
|
|
|
$
|
2,360
|
|
|
$
|
8,763
|
|
Service, support and rentals
|
2,100
|
|
|
—
|
|
|
2,100
|
|
|||
Parts and other
|
323
|
|
|
118
|
|
|
441
|
|
|||
Collaborative arrangements
|
28
|
|
|
—
|
|
|
28
|
|
|||
|
$
|
8,854
|
|
|
$
|
2,478
|
|
|
$
|
11,332
|
|
|
Estimated
|
|
December 31,
|
||||||
|
Life (Years)
|
|
2019
|
|
2018
|
||||
Company owned fleet
|
3-4
|
|
$
|
3,385
|
|
|
$
|
3,794
|
|
Computer software
|
3-5
|
|
851
|
|
|
818
|
|
||
Leasehold improvement
|
5-10
|
|
631
|
|
|
631
|
|
||
Furniture, office and leased equipment
|
3-7
|
|
554
|
|
|
555
|
|
||
Machinery and equipment
|
3-7
|
|
289
|
|
|
289
|
|
||
Tools, molds, dies and jigs
|
5
|
|
96
|
|
|
69
|
|
||
Computers and peripherals
|
3-5
|
|
77
|
|
|
77
|
|
||
|
|
|
5,883
|
|
|
6,233
|
|
||
Accumulated depreciation and amortization
|
|
|
(4,226
|
)
|
|
(3,868
|
)
|
||
Property and equipment, net
|
|
|
$
|
1,657
|
|
|
$
|
2,365
|
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Salaries, benefits and related expenses
|
$
|
1,098
|
|
|
$
|
2,446
|
|
Device warranty
|
285
|
|
|
255
|
|
||
Clinical trials
|
203
|
|
|
227
|
|
||
Financing lease liability
|
18
|
|
|
35
|
|
||
Severance
|
—
|
|
|
270
|
|
||
Other
|
79
|
|
|
256
|
|
||
Total
|
$
|
1,683
|
|
|
$
|
3,489
|
|
|
Warranty
|
||||||
|
2019
|
|
2018
|
||||
Balance at beginning of the period
|
$
|
319
|
|
|
$
|
232
|
|
Additions for estimated future expense
|
416
|
|
|
374
|
|
||
Incurred costs
|
(385
|
)
|
|
(287
|
)
|
||
Balance at end of the period
|
$
|
350
|
|
|
$
|
319
|
|
|
|
|
|
||||
Current portion
|
285
|
|
|
255
|
|
||
Long-term portion
|
65
|
|
|
64
|
|
||
Total
|
$
|
350
|
|
|
$
|
319
|
|
Period
|
Amount
|
||
2020
|
$
|
2,333
|
|
2021
|
440
|
|
|
Total principal payments
|
2,773
|
|
|
Less final payment fee, discount and issuance cost
|
33
|
|
|
Long-term debt, net
|
$
|
2,740
|
|
|
|
||
Current portion
|
2,333
|
|
|
Long-term portion
|
407
|
|
|
Long-term debt, net
|
$
|
2,740
|
|
|
Twelve months ended
|
||||||
|
December 31, 2019
|
|
December 31, 2018
|
||||
Contractual interest expense
|
$
|
278
|
|
|
$
|
441
|
|
Amortization of debt issuance costs
|
19
|
|
|
32
|
|
||
Accretion of final payment
|
49
|
|
|
82
|
|
||
Amortization of initial success fee
|
23
|
|
|
39
|
|
||
|
$
|
369
|
|
|
$
|
594
|
|
Period
|
|
Operating
Leases |
||
2020
|
|
$
|
515
|
|
2021
|
|
531
|
|
|
2022
|
|
232
|
|
|
Thereafter
|
|
—
|
|
|
Total lease payments
|
|
1,278
|
|
|
Less: imputed interest
|
|
(146
|
)
|
|
Present value of lease liabilities
|
|
$
|
1,132
|
|
|
|
|
||
Lease liabilities, current
|
|
$
|
421
|
|
Lease liabilities, noncurrent
|
|
711
|
|
|
Total lease liabilities
|
|
$
|
1,132
|
|
|
|
|
||
Weighted-average remaining term (in years)
|
|
2.44
|
|
|
Weighted-average discount rate
|
|
10.5
|
%
|
Source
|
Exercise
Price
|
|
Term
(Years)
|
|
December 31, 2018
|
|
Issued
|
|
Expired
|
|
Exercised
|
|
December 31, 2019
|
|||||||
December 2019 Warrants
|
$
|
0.5402
|
|
|
5
|
|
—
|
|
|
8,333
|
|
|
—
|
|
|
—
|
|
|
8,333
|
|
December 2019 Placement Agent Warrants
|
$
|
0.5625
|
|
|
5
|
|
—
|
|
|
778
|
|
|
—
|
|
|
—
|
|
|
778
|
|
May 2019 Warrants
|
$
|
0.38
|
|
|
5
|
|
—
|
|
|
6,667
|
|
|
—
|
|
|
—
|
|
|
6,667
|
|
2017 Information Agent Warrants
|
$
|
1.50
|
|
|
3
|
|
200
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
200
|
|
2015 Warrants
|
$
|
2.75
|
|
|
5
|
|
1,604
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,604
|
|
2014 PPO and Merger warrants
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Placement agent warrants
|
$
|
7.00
|
|
|
5
|
|
426
|
|
|
—
|
|
|
(426
|
)
|
|
—
|
|
|
—
|
|
PPO warrants
|
$
|
14.00
|
|
|
5
|
|
1,078
|
|
|
—
|
|
|
(1,078
|
)
|
|
—
|
|
|
—
|
|
Pre-2014 warrants
|
$
|
9.66
|
|
|
9-10
|
|
88
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|
|
|
|
|
3,396
|
|
|
15,778
|
|
|
(1,504
|
)
|
|
—
|
|
|
17,670
|
|
|
December 31, 2019
|
December 20, 2019
|
||||
Current share price
|
$
|
0.39
|
|
$
|
0.39
|
|
Conversion price
|
$
|
0.5402
|
|
$
|
0.5402
|
|
Risk-free interest rate
|
1.73
|
%
|
1.73
|
%
|
||
Expected term (years)
|
5.47
|
|
5.50
|
|
||
Volatility of stock
|
95.7
|
%
|
96.3
|
%
|
|
December 31, 2019
|
December 20, 2019
|
||||
Current share price
|
$
|
0.39
|
|
$
|
0.39
|
|
Conversion price
|
$
|
0.5625
|
|
$
|
0.5625
|
|
Risk-free interest rate
|
1.69
|
%
|
1.69
|
%
|
||
Expected term (years)
|
4.97
|
|
5.00
|
|
||
Volatility of stock
|
93.1
|
%
|
92.7
|
%
|
|
December 31, 2019
|
May 24, 2019
|
|
|||
Current share price
|
$
|
0.39
|
|
$
|
1.49
|
|
Conversion price
|
$
|
0.38
|
|
$
|
2.00
|
|
Risk-free interest rate
|
1.67
|
%
|
2.12
|
%
|
||
Expected term (years)
|
4.40
|
|
5.00
|
|
||
Volatility of stock
|
93.9
|
%
|
98
|
%
|
|
December 31, 2019
|
December 31, 2018
|
||||
Current share price
|
$
|
0.39
|
|
$
|
1.24
|
|
Conversion price
|
$
|
2.75
|
|
$
|
3.74
|
|
Risk-free interest rate
|
1.59
|
%
|
2.48
|
%
|
||
Expected term (years)
|
0.99
|
|
1.99
|
|
||
Volatility of stock
|
98
|
%
|
104
|
%
|
Original share pool
|
2,058
|
|
2015 increase
|
1,656
|
|
June 2017 increase
|
1,000
|
|
December 2017 increase (ratified in June 2018)
|
4,400
|
|
2019 increase
|
3,500
|
|
Total share authorized for grant as of December 31, 2019
|
12,614
|
|
|
Shares Available For Grant
|
|
Available as of December 31, 2018
|
1,267
|
|
Granted
|
(4,344
|
)
|
Forfeited
|
938
|
|
Expired
|
437
|
|
Share pool increase
|
3,500
|
|
Available as of December 31, 2019
|
1,798
|
|
|
Options
Outstanding
|
|
Weighted
Average
Exercise
Price
|
|
Weighted
Average
Remaining
Contractual
Life (Years)
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding at beginning of year
|
6,466
|
|
|
$
|
3.05
|
|
|
|
|
|
||
Granted
|
2,414
|
|
|
$
|
0.85
|
|
|
|
|
|
||
Exercised
|
(186
|
)
|
|
$
|
1.23
|
|
|
|
|
|
||
Forfeited
|
(846
|
)
|
|
$
|
2.02
|
|
|
|
|
|
||
Expired
|
(437
|
)
|
|
$
|
3.94
|
|
|
|
|
|
||
Outstanding at end of year
|
7,411
|
|
|
$
|
2.44
|
|
|
8.08
|
|
$
|
—
|
|
Vested and expected to vest
|
7,411
|
|
|
$
|
2.44
|
|
|
8.08
|
|
$
|
—
|
|
Exercisable at year end
|
3,258
|
|
|
$
|
3.86
|
|
|
6.31
|
|
$
|
—
|
|
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||
Range of
Exercise
Prices
|
|
Number of
Shares
|
|
Weighted-Average
Remaining
Contractual Life
(Years)
|
|
Weighted
Average
Price
|
|
Number of
Shares
|
|
Weighted
Average
Price
|
||||||
$0.49 - $0.61
|
|
1,768
|
|
|
9.7
|
|
$
|
0.61
|
|
|
64
|
|
|
$
|
0.56
|
|
$1.13 - $1.79
|
|
1,970
|
|
|
8.67
|
|
$
|
1.54
|
|
|
742
|
|
|
$
|
1.59
|
|
$1.82 - $2.33
|
|
1,773
|
|
|
8.6
|
|
$
|
1.97
|
|
|
829
|
|
|
$
|
1.99
|
|
$2.68 - $15.33
|
|
1,900
|
|
|
5.46
|
|
$
|
5.52
|
|
|
1,623
|
|
|
$
|
5.99
|
|
|
|
7,411
|
|
|
8.08
|
|
$
|
2.44
|
|
|
3,258
|
|
|
$
|
3.86
|
|
|
Years Ended December 31,
|
||
|
2019
|
|
2018
|
Dividend yield
|
—
|
|
—
|
Risk-free interest rate
|
1.67% - 2.45%
|
|
2.68% - 3.0%
|
Expected term (in years)
|
6.08
|
|
5.27-10
|
Volatility
|
100%-103%
|
|
88%-106%
|
|
Number of
Shares
|
|
Weighted
Average Grant-
Date Fair Value
|
|||
Unvested as of January 1, 2019
|
278
|
|
|
$
|
1.83
|
|
Granted
|
1,763
|
|
|
$
|
0.94
|
|
Vested
|
(621
|
)
|
|
$
|
1.66
|
|
Forfeited
|
(92
|
)
|
|
$
|
1.93
|
|
Unvested as of December 31, 2019
|
1,328
|
|
|
$
|
0.72
|
|
|
Years Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Sales and marketing
|
$
|
653
|
|
|
$
|
611
|
|
Research and development
|
241
|
|
|
426
|
|
||
General and administrative
|
1,361
|
|
|
1,831
|
|
||
|
$
|
2,255
|
|
|
$
|
2,868
|
|
|
Years Ended December 31,
|
||||||
|
2019
|
|
2018
|
||||
Domestic
|
$
|
(10,321
|
)
|
|
$
|
(24,787
|
)
|
Foreign
|
(1,811
|
)
|
|
(2,205
|
)
|
||
Loss before income taxes
|
$
|
(12,132
|
)
|
|
$
|
(26,992
|
)
|
|
Years Ended December 31,
|
||||
|
2019
|
|
2018
|
||
Federal tax at statutory rate
|
21.0
|
%
|
|
21.0
|
%
|
State tax, net of federal tax effect
|
—
|
|
|
—
|
|
R&D credit
|
1.0
|
|
|
1.3
|
|
Change in valuation allowance
|
(27.2
|
)
|
|
(21.1
|
)
|
Unrealized gain on warrant
|
8.7
|
|
|
0.8
|
|
Foreign exchange
|
0.9
|
|
|
1.0
|
|
Other
|
(4.4
|
)
|
|
(3.0
|
)
|
Total tax expense (benefit)
|
—
|
%
|
|
—
|
%
|
|
December 31,
|
||||||
|
2019
|
|
2018
|
||||
Deferred tax assets:
|
|
|
|
||||
Depreciation and other
|
$
|
263
|
|
|
$
|
248
|
|
Net operating loss carryforwards
|
40,683
|
|
|
36,970
|
|
||
Research and development tax credits
|
1,817
|
|
|
1,769
|
|
||
Accruals and reserves
|
289
|
|
|
480
|
|
||
Deferred revenue
|
220
|
|
|
221
|
|
||
Stock compensation expense
|
2,197
|
|
|
1,888
|
|
||
Lease assets
|
224
|
|
|
—
|
|
||
Other
|
45
|
|
|
55
|
|
||
|
|
|
|
||||
Deferred tax liabilities:
|
|
|
|
||||
Lease liabilities
|
(214
|
)
|
|
—
|
|
||
Prepaid expenses
|
(43
|
)
|
|
(49
|
)
|
||
Less: Valuation allowance
|
(45,481
|
)
|
|
(41,582
|
)
|
||
Net deferred tax asset (liability)
|
$
|
—
|
|
|
$
|
—
|
|
Balance as of December 31, 2018
|
628
|
|
|
Increase of unrecognized tax benefits taken in prior years
|
(46
|
)
|
|
Increase of unrecognized tax benefits related to current year
|
55
|
|
|
Balance as of December 31, 2019
|
$
|
637
|
|
|
Payments Due By Period
|
||||||||||||||
|
Total
|
|
Less than
one year
|
|
1-3 Years
|
|
3-5 Years
|
||||||||
Term loan
|
$
|
2,878
|
|
|
$
|
2,437
|
|
|
$
|
441
|
|
|
$
|
—
|
|
Facility operating lease
|
1,278
|
|
|
515
|
|
|
763
|
|
|
—
|
|
||||
Capital lease
|
22
|
|
|
22
|
|
|
—
|
|
|
—
|
|
||||
Total
|
$
|
4,178
|
|
|
$
|
2,974
|
|
|
$
|
1,204
|
|
|
$
|
—
|
|
|
EksoHealth
|
|
EksoWorks
|
|
Total
|
||||||
Year ended December 31, 2019
|
|
|
|
|
|
||||||
Revenue
|
$
|
11,957
|
|
|
$
|
1,960
|
|
|
$
|
13,917
|
|
Cost of revenue
|
5,404
|
|
|
1,749
|
|
|
7,153
|
|
|||
Gross profit
|
$
|
6,553
|
|
|
$
|
211
|
|
|
$
|
6,764
|
|
|
|
|
|
|
|
||||||
Year ended December 31, 2018
|
|
|
|
|
|
||||||
Revenue
|
$
|
8,854
|
|
|
$
|
2,478
|
|
|
$
|
11,332
|
|
Cost of revenue
|
4,968
|
|
|
2,055
|
|
|
7,023
|
|
|||
Gross profit
|
$
|
3,886
|
|
|
$
|
423
|
|
|
$
|
4,309
|
|
(a)
|
Financial Statements and Schedules: The following financial statement documents are included as part of Item 8 to this Form 10-K:
|
(b)
|
Exhibits. The exhibits filed with this Annual Report are set forth in the Exhibit Index.
|
Exhibit
Number
|
|
Description
|
|
|
|
1.1
|
|
|
|
|
|
2.1
|
|
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
3.3
|
|
|
|
|
|
3.4
|
|
|
|
|
|
3.5
|
|
|
|
|
|
3.6
|
|
|
|
|
|
3.7
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
|
|
|
|
4.4
|
|
|
|
|
|
4.5
|
|
|
|
|
|
4.6
|
|
|
|
|
|
4.7
|
|
|
|
|
|
4.8
|
|
|
|
|
|
4.9*
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2†
|
|
|
|
|
|
10.3
|
|
|
|
|
|
10.4†
|
|
|
|
|
|
10.5†
|
|
|
|
|
|
10.6†
|
|
|
|
|
|
10.7†
|
|
|
|
|
|
10.8†
|
|
|
|
|
|
10.9†
|
|
|
|
|
|
10.10†
|
|
|
|
|
|
10.11†* **
|
|
|
|
|
|
10.12†
|
|
|
|
|
|
10.13
|
|
|
|
|
|
10.14
|
|
|
|
|
10.15**
|
|
|
|
|
|
10.16**
|
|
|
|
|
|
10.17**
|
|
|
|
|
|
10.18†
|
|
|
|
|
|
10.19†
|
|
|
|
|
|
10.20
|
|
|
|
|
|
10.21
|
|
|
|
|
|
10.22
|
|
|
|
|
|
10.23
|
|
|
|
|
|
10.24
|
|
|
|
|
|
10.25
|
|
|
|
|
|
10.26
|
|
|
|
|
|
10.27
|
|
|
|
|
|
10.28*
|
|
|
|
|
|
10.29
|
|
|
|
|
|
10.30
|
|
|
|
|
|
10.31
|
|
|
|
|
|
10.32
|
|
|
|
|
|
10.33
|
|
|
|
|
|
10.34**
|
|
|
|
|
|
10.35**
|
|
|
|
|
|
10.36
|
|
|
|
|
|
10.37* **
|
|
|
|
|
|
21.1*
|
|
|
|
|
|
23.1*
|
|
|
|
|
|
31.1*
|
|
|
|
|
|
31.2*
|
|
|
|
|
|
32.1*
|
|
|
|
|
|
32.2*
|
|
101 §*
|
Interactive Data Files of Financial Statements and Notes.
|
101.ins §*
|
Instant Document
|
101.sch §*
|
XBRL Taxonomy Schema Document
|
101.cal §*
|
XBRL Taxonomy Calculation Linkbase Document
|
101.def §*
|
XBRL Taxonomy Definition Linkbase Document
|
101.lab §*
|
XBRL Taxonomy Label Linkbase Document
|
101.pre §*
|
XBRL Taxonomy Presentation Linkbase Document
|
**
|
Confidential Treatment portions of this exhibit have been omitted as permitted by applicable regulations.
|
|
By:
|
/S/ Jack Peurach
|
February 27, 2020
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
Signature
|
|
Title
|
|
Date
|
|
|
|
|
|
/S/ Jack Peurach
|
|
President and Chief Executive Officer
|
|
February 27, 2020
|
Jack Peurach
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
/S/ John F. Glenn
|
|
Chief Financial Officer
|
|
February 27, 2020
|
John F. Glenn
|
|
(Principal Accounting and Financial Officer)
|
|
|
|
|
|
|
|
/S/ Steven Sherman
|
|
Chairman of the Board
|
|
February 27, 2020
|
Steven Sherman
|
|
|
|
|
|
|
|
|
|
/S/ Marilyn Hamilton
|
|
Director
|
|
February 27, 2020
|
Marilyn Hamilton
|
|
|
|
|
|
|
|
|
|
/S/ Charles Li
|
|
Director
|
|
February 27, 2020
|
Charles Li
|
|
|
|
|
|
|
|
|
|
/S/ Thomas A. Schreck
|
|
Director
|
|
February 27, 2020
|
Thomas A. Schreck
|
|
|
|
|
|
|
|
|
|
/S/ Stanley Stern
|
|
Director
|
|
February 27, 2020
|
Stanley Stern
|
|
|
|
|
|
|
|
|
|
/S/ Ted Wang
|
|
Director
|
|
February 27, 2020
|
Ted Wang
|
|
|
|
|
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