|
x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Nevada
|
|
99-0367049
|
(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification No.)
|
Title of each class
|
|
Trading Symbol(s)
|
|
Name of each exchange on which registered
|
Common Stock, $0.001 par value per share
|
|
EKSO
|
|
Nasdaq Capital Market
|
Large accelerated filer
¨
|
|
Accelerated filer
x
|
|
|
|
Non-accelerated filer
¨
|
|
Smaller reporting company
x
|
|
|
|
|
|
Emerging growth company
¨
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Page No.
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June 30, 2019
|
|
December 31, 2018
|
||||
|
(unaudited)
|
|
(Note 2)
|
||||
Assets
|
|
|
|
|
|
||
Current assets:
|
|
|
|
|
|
||
Cash
|
$
|
13,262
|
|
|
$
|
7,655
|
|
Accounts receivable, net of allowances of $119 and $128, respectively
|
4,541
|
|
|
3,660
|
|
||
Inventories, net
|
3,724
|
|
|
3,371
|
|
||
Prepaid expenses and other current assets
|
606
|
|
|
281
|
|
||
Total current assets
|
22,133
|
|
|
14,967
|
|
||
Property and equipment, net
|
1,816
|
|
|
2,365
|
|
||
Right-of-use assets
|
1,277
|
|
|
—
|
|
||
Goodwill
|
189
|
|
|
189
|
|
||
Other assets
|
168
|
|
|
134
|
|
||
Total assets
|
$
|
25,583
|
|
|
$
|
17,655
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
$
|
2,480
|
|
|
$
|
3,156
|
|
Accrued liabilities
|
2,768
|
|
|
3,541
|
|
||
Deferred revenues, current
|
1,369
|
|
|
1,102
|
|
||
Note payable, current
|
2,333
|
|
|
2,333
|
|
||
Lease liabilities, current
|
393
|
|
|
—
|
|
||
Total current liabilities
|
9,343
|
|
|
10,132
|
|
||
Deferred revenues
|
1,761
|
|
|
1,495
|
|
||
Note payable, net
|
1,535
|
|
|
2,648
|
|
||
Lease liabilities
|
934
|
|
|
—
|
|
||
Warrant liabilities
|
6,561
|
|
|
585
|
|
||
Other non-current liabilities
|
45
|
|
|
67
|
|
||
Total liabilities
|
20,179
|
|
|
14,927
|
|
||
Commitments and contingencies (Note 14)
|
|
|
|
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding at June 30, 2019 and December 31, 2018
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value; 141,429 shares authorized; 74,895 and 62,963, shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively
|
75
|
|
|
63
|
|
||
Additional paid-in capital
|
186,142
|
|
|
173,903
|
|
||
Accumulated other comprehensive loss
|
(50
|
)
|
|
(92
|
)
|
||
Accumulated deficit
|
(180,763
|
)
|
|
(171,146
|
)
|
||
Total stockholders’ equity
|
5,404
|
|
|
2,728
|
|
||
Total liabilities and stockholders’ equity
|
$
|
25,583
|
|
|
$
|
17,655
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Revenue
|
$
|
3,262
|
|
|
$
|
2,967
|
|
|
$
|
6,878
|
|
|
$
|
5,486
|
|
Cost of revenue
|
1,702
|
|
|
2,000
|
|
|
3,719
|
|
|
3,750
|
|
||||
Gross profit
|
1,560
|
|
|
967
|
|
|
3,159
|
|
|
1,736
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses:
|
|
|
|
|
|
|
|
||||||||
Sales and marketing
|
3,039
|
|
|
3,933
|
|
|
5,848
|
|
|
7,786
|
|
||||
Research and development
|
1,499
|
|
|
1,389
|
|
|
2,883
|
|
|
3,197
|
|
||||
General and administrative
|
2,120
|
|
|
2,827
|
|
|
4,437
|
|
|
6,564
|
|
||||
Change in fair value, contingent consideration
|
—
|
|
|
3
|
|
|
1
|
|
|
(15
|
)
|
||||
Total operating expenses
|
6,658
|
|
|
8,152
|
|
|
13,169
|
|
|
17,532
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Loss from operations
|
(5,098
|
)
|
|
(7,185
|
)
|
|
(10,010
|
)
|
|
(15,796
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Other income (expense), net:
|
|
|
|
|
|
|
|
||||||||
Interest expense
|
(107
|
)
|
|
(160
|
)
|
|
(228
|
)
|
|
(324
|
)
|
||||
Gain (loss) on revaluation of warrant liabilities
|
2,737
|
|
|
(213
|
)
|
|
1,615
|
|
|
520
|
|
||||
Loss on modification of warrant
|
—
|
|
|
—
|
|
|
(257
|
)
|
|
—
|
|
||||
Warrant issuance expense
|
(706
|
)
|
|
—
|
|
|
(706
|
)
|
|
—
|
|
||||
Other income (expense), net
|
108
|
|
|
(420
|
)
|
|
(31
|
)
|
|
(277
|
)
|
||||
Total other income (expense), net
|
2,032
|
|
|
(793
|
)
|
|
393
|
|
|
(81
|
)
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss
|
$
|
(3,066
|
)
|
|
$
|
(7,978
|
)
|
|
$
|
(9,617
|
)
|
|
$
|
(15,877
|
)
|
Other comprehensive (loss) income
|
(106
|
)
|
|
320
|
|
|
42
|
|
|
113
|
|
||||
Comprehensive loss
|
$
|
(3,172
|
)
|
|
$
|
(7,658
|
)
|
|
$
|
(9,575
|
)
|
|
$
|
(15,764
|
)
|
|
|
|
|
|
|
|
|
||||||||
Basic and diluted net loss per share
|
$
|
(0.04
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.26
|
)
|
|
|
|
|
|
|
|
|
||||||||
Weighted average number of shares of common stock outstanding, basic and diluted
|
70,702
|
|
|
60,621
|
|
|
67,886
|
|
|
60,386
|
|
|
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, 2018
|
—
|
|
|
$
|
—
|
|
|
62,963
|
|
|
$
|
63
|
|
|
$
|
173,903
|
|
|
$
|
(92
|
)
|
|
$
|
(171,146
|
)
|
|
$
|
2,728
|
|
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,551
|
)
|
|
(6,551
|
)
|
||||||
Issuance of common stock under:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Equity financing, net
|
—
|
|
|
—
|
|
|
4,362
|
|
|
5
|
|
|
7,300
|
|
|
—
|
|
|
—
|
|
|
7,305
|
|
||||||
Equipois sales earn-out
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
22
|
|
|
—
|
|
|
—
|
|
|
22
|
|
||||||
Equity incentive plan
|
—
|
|
|
—
|
|
|
45
|
|
|
—
|
|
|
55
|
|
|
—
|
|
|
—
|
|
|
55
|
|
||||||
Matching contribution to 401(k) plan
|
—
|
|
|
—
|
|
|
141
|
|
|
—
|
|
|
191
|
|
|
—
|
|
|
—
|
|
|
191
|
|
||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
636
|
|
|
—
|
|
|
—
|
|
|
636
|
|
||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
148
|
|
|
—
|
|
|
148
|
|
||||||
Balance at March 31, 2019
|
—
|
|
|
—
|
|
|
67,529
|
|
|
68
|
|
|
182,107
|
|
|
56
|
|
|
(177,697
|
)
|
|
4,534
|
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,066
|
)
|
|
(3,066
|
)
|
||||||
Issuance of common stock under:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Equity financing, net
|
—
|
|
|
—
|
|
|
6,667
|
|
|
6
|
|
|
2,387
|
|
|
—
|
|
|
—
|
|
|
2,393
|
|
||||||
Equity incentive plan
|
—
|
|
|
—
|
|
|
141
|
|
|
—
|
|
|
173
|
|
|
—
|
|
|
—
|
|
|
173
|
|
||||||
In lieu of employee cash bonus
|
—
|
|
|
—
|
|
|
558
|
|
|
1
|
|
|
918
|
|
|
—
|
|
|
—
|
|
|
919
|
|
||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
557
|
|
|
—
|
|
|
—
|
|
|
557
|
|
||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(106
|
)
|
|
—
|
|
|
(106
|
)
|
||||||
Balance at June 30, 2019
|
—
|
|
|
$
|
—
|
|
|
74,895
|
|
|
$
|
75
|
|
|
$
|
186,142
|
|
|
$
|
(50
|
)
|
|
$
|
(180,763
|
)
|
|
$
|
5,404
|
|
|
Convertible Preferred Stock
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated Other Comprehensive
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
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,899
|
)
|
|
(7,899
|
)
|
||||||
Issuance of common stock under:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Equipois sales earn-out
|
—
|
|
|
—
|
|
|
18
|
|
|
—
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
28
|
|
||||||
Equity incentive plan
|
—
|
|
|
—
|
|
|
52
|
|
|
—
|
|
|
(62
|
)
|
|
—
|
|
|
—
|
|
|
(62
|
)
|
||||||
Matching contribution to 401(k) plan
|
—
|
|
|
—
|
|
|
221
|
|
|
—
|
|
|
508
|
|
|
—
|
|
|
—
|
|
|
508
|
|
||||||
In lieu of cash compensation
|
—
|
|
|
—
|
|
|
121
|
|
|
—
|
|
|
190
|
|
|
—
|
|
|
—
|
|
|
190
|
|
||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
892
|
|
|
—
|
|
|
—
|
|
|
892
|
|
||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(207
|
)
|
|
—
|
|
|
(207
|
)
|
||||||
Balance at March 31, 2018
|
—
|
|
|
—
|
|
|
60,355
|
|
|
60
|
|
|
167,381
|
|
|
(547
|
)
|
|
(152,053
|
)
|
|
14,841
|
|
||||||
Net loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,978
|
)
|
|
(7,978
|
)
|
||||||
Issuance of common stock under:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Equity incentive plan
|
—
|
|
|
—
|
|
|
454
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
||||||
In lieu of cash compensation
|
—
|
|
|
—
|
|
|
23
|
|
|
—
|
|
|
40
|
|
|
—
|
|
|
—
|
|
|
40
|
|
||||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
402
|
|
|
—
|
|
|
—
|
|
|
402
|
|
||||||
Foreign currency translation adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
320
|
|
|
—
|
|
|
320
|
|
||||||
Balance at June 30, 2018
|
—
|
|
|
$
|
—
|
|
|
60,832
|
|
|
$
|
61
|
|
|
$
|
167,823
|
|
|
$
|
(227
|
)
|
|
$
|
(160,031
|
)
|
|
$
|
7,626
|
|
|
Six Months Ended June 30,
|
||||||
|
2019
|
|
2018
|
||||
Operating activities:
|
|
|
|
|
|
||
Net loss
|
$
|
(9,617
|
)
|
|
$
|
(15,877
|
)
|
Adjustments to reconcile net loss to net cash used in operating activities
|
|
|
|
||||
Depreciation and amortization
|
493
|
|
|
888
|
|
||
Provision for excess and obsolete inventories
|
24
|
|
|
157
|
|
||
Changes in allowance for doubtful accounts
|
50
|
|
|
(109
|
)
|
||
Loss on disposal of property and equipment
|
—
|
|
|
54
|
|
||
Gain on revaluation of warrant liabilities
|
(1,615
|
)
|
|
(520
|
)
|
||
Finance cost attributable to issuance of warrants
|
706
|
|
|
—
|
|
||
Stock-based compensation expense
|
1,193
|
|
|
1,294
|
|
||
Amortization of debt discount and accretion of final payment fee
|
55
|
|
|
84
|
|
||
Change in fair value of contingent liabilities
|
1
|
|
|
(17
|
)
|
||
Common stock contribution to 401(k) plan
|
103
|
|
|
118
|
|
||
Loss on modification of warrants
|
257
|
|
|
—
|
|
||
Loss on foreign currency transactions
|
34
|
|
|
234
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
(931
|
)
|
|
(678
|
)
|
||
Inventories
|
(260
|
)
|
|
(198
|
)
|
||
Prepaid expenses, operating lease right-of-use assets, and other assets current and noncurrent
|
(182
|
)
|
|
757
|
|
||
Accounts payable
|
(654
|
)
|
|
210
|
|
||
Accrued and lease liabilities
|
102
|
|
|
215
|
|
||
Deferred revenues
|
533
|
|
|
584
|
|
||
Net cash used in operating activities
|
(9,708
|
)
|
|
(12,804
|
)
|
||
Investing activities:
|
|
|
|
||||
Acquisition of property and equipment
|
(60
|
)
|
|
(31
|
)
|
||
Net cash used in investing activities
|
(60
|
)
|
|
(31
|
)
|
||
Financing activities:
|
|
|
|
||||
Proceeds from issuance of common stock and warrants, net
|
16,325
|
|
|
—
|
|
||
Principal payments on note payable
|
(1,185
|
)
|
|
(994
|
)
|
||
Proceeds from exercise of stock options
|
228
|
|
|
—
|
|
||
Net cash provided by (used in) financing activities
|
15,368
|
|
|
(994
|
)
|
||
Effect of exchange rate changes on cash
|
7
|
|
|
(94
|
)
|
||
Net increase (decrease) in cash
|
5,607
|
|
|
(13,923
|
)
|
||
Cash at beginning of period
|
7,655
|
|
|
27,813
|
|
||
Cash at end of period
|
$
|
13,262
|
|
|
$
|
13,890
|
|
|
|
|
|
||||
Supplemental disclosure of cash flow activities
|
|
|
|
||||
Cash paid for interest
|
$
|
183
|
|
|
$
|
238
|
|
Cash paid for income taxes
|
$
|
8
|
|
|
$
|
—
|
|
|
|
|
|
||||
Supplemental disclosure of non-cash activities
|
|
|
|
Initial recognition of operating lease right-of-use assets
|
$
|
1,454
|
|
|
$
|
—
|
|
Initial recognition of operating lease liabilities
|
$
|
1,498
|
|
|
$
|
—
|
|
Transfer of inventory to (from) property and equipment
|
$
|
(117
|
)
|
|
$
|
684
|
|
Share issuance for common stock contribution to 401(k) plan
|
$
|
191
|
|
|
$
|
508
|
|
Share issuance for employee bonuses
|
$
|
919
|
|
|
$
|
230
|
|
Equipois sales earn-out
|
$
|
22
|
|
|
$
|
28
|
|
|
Foreign Currency Translation
|
||
Balance at December 31, 2018
|
$
|
(92
|
)
|
Current period other comprehensive income
|
42
|
|
|
Balance at June 30, 2019
|
$
|
(50
|
)
|
•
|
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
|
||||||||
June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Warrant liabilities
|
|
$
|
6,561
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,561
|
|
Contingent success fee liability
|
|
$
|
35
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
35
|
|
|
|
|
|
|
|
|
|
|
||||||||
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
|
|
|
—
|
|
||
Gain on revaluation of warrants issued in May 2019 financing and December 2015 financing
|
|
(1,615
|
)
|
|
—
|
|
||
Loss on modification of December 2015 warrants
|
|
257
|
|
|
—
|
|
||
Loss on revaluation of contingent liabilities
|
|
—
|
|
|
1
|
|
||
Balance at June 30, 2019
|
|
$
|
6,561
|
|
|
$
|
35
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Raw materials
|
$
|
2,800
|
|
|
$
|
2,676
|
|
Work in progress
|
446
|
|
|
331
|
|
||
Finished goods
|
673
|
|
|
730
|
|
||
|
3,919
|
|
|
3,737
|
|
||
Less: inventory reserve
|
(195
|
)
|
|
(366
|
)
|
||
Inventories, net
|
$
|
3,724
|
|
|
$
|
3,371
|
|
|
June 30,
2019 |
|
December 31,
2018 |
||||
Deferred extended maintenance and support
|
$
|
2,705
|
|
|
$
|
2,114
|
|
Deferred royalties
|
300
|
|
|
300
|
|
||
Deferred rental income
|
18
|
|
|
51
|
|
||
Customer deposits and advances
|
73
|
|
|
62
|
|
||
Deferred device revenues
|
34
|
|
|
70
|
|
||
Total deferred revenues
|
3,130
|
|
|
2,597
|
|
||
Less current portion
|
(1,369
|
)
|
|
(1,102
|
)
|
||
Deferred revenues, non-current
|
$
|
1,761
|
|
|
$
|
1,495
|
|
|
Six months ended June 30, 2019
|
||
Beginning balance
|
$
|
2,597
|
|
Deferral of revenue
|
1,346
|
|
|
Recognition of deferred revenue
|
(813
|
)
|
|
Ending balance
|
$
|
3,130
|
|
|
EksoHealth
|
|
EksoWorks
|
|
Other
|
|
Total
|
||||||||
Device revenue
|
$
|
2,164
|
|
|
$
|
359
|
|
|
$
|
—
|
|
|
$
|
2,523
|
|
Service, support and rentals
|
671
|
|
|
—
|
|
|
—
|
|
|
671
|
|
||||
Parts and other
|
5
|
|
|
55
|
|
|
—
|
|
|
60
|
|
||||
Collaborative arrangements
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
||||
|
$
|
2,840
|
|
|
$
|
414
|
|
|
$
|
8
|
|
|
$
|
3,262
|
|
|
EksoHealth
|
|
EksoWorks
|
|
Other
|
|
Total
|
||||||||
Device revenue
|
$
|
4,239
|
|
|
$
|
1,076
|
|
|
$
|
—
|
|
|
$
|
5,315
|
|
Service, support and rentals
|
1,375
|
|
|
—
|
|
|
—
|
|
|
1,375
|
|
||||
Parts and other
|
40
|
|
|
140
|
|
|
—
|
|
|
180
|
|
||||
Collaborative arrangements
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
||||
|
$
|
5,654
|
|
|
$
|
1,216
|
|
|
$
|
8
|
|
|
$
|
6,878
|
|
|
June 30,
2019 |
|
December 31,
2018
|
||||
Salaries, benefits and related expenses
|
$
|
1,865
|
|
|
$
|
2,446
|
|
Device warranty
|
294
|
|
|
307
|
|
||
Clinical trials
|
307
|
|
|
227
|
|
||
Severance
|
46
|
|
|
270
|
|
||
Financing lease liability
|
36
|
|
|
35
|
|
||
Other
|
220
|
|
|
256
|
|
||
Total
|
$
|
2,768
|
|
|
$
|
3,541
|
|
|
Warranty
|
||
Balance at December 31, 2018
|
$
|
307
|
|
Additions for estimated future expense
|
180
|
|
|
Incurred costs
|
(193
|
)
|
|
Balance at June 30, 2019
|
$
|
294
|
|
Period
|
|
Amount
|
||
2019 - remainder
|
|
$
|
1,167
|
|
2020
|
|
2,333
|
|
|
2021
|
|
440
|
|
|
Total principal payments
|
|
3,940
|
|
|
Less accreted portion of final payment fee, net of issuance cost and success fee discounts
|
|
72
|
|
|
Long-term debt, net
|
|
$
|
3,868
|
|
|
|
|
||
Current portion
|
|
$
|
2,333
|
|
Long-term portion
|
|
1,535
|
|
|
Long-term debt, net
|
|
$
|
3,868
|
|
Period
|
|
Operating Leases
|
||
2019 - remainder
|
|
$
|
273
|
|
2020
|
|
553
|
|
|
2021
|
|
565
|
|
|
2022
|
|
262
|
|
|
2023
|
|
—
|
|
|
Total lease payments
|
|
1,653
|
|
|
Less: imputed interest
|
|
(326
|
)
|
|
Present value of lease liabilities
|
|
$
|
1,327
|
|
|
|
|
||
Lease liabilities, current
|
|
$
|
393
|
|
Lease liabilities, noncurrent
|
|
934
|
|
|
Total lease liabilities
|
|
$
|
1,327
|
|
|
|
|
||
Weighted-average remaining lease term (in years)
|
|
2.94
|
|
|
Weighted-average discount rate
|
|
10.5
|
%
|
Source
|
|
Exercise
Price
|
|
Term
(Years)
|
|
December 31,
2018 |
|
Issued
|
|
Expired
|
|
June 30, 2019
|
||||||
2019 Warrants
|
|
$
|
2.00
|
|
|
5
|
|
—
|
|
|
6,667
|
|
|
—
|
|
|
6,667
|
|
Information Agent Warrants
|
|
$
|
1.50
|
|
|
3
|
|
200
|
|
|
—
|
|
|
—
|
|
|
200
|
|
2015 Warrants
|
|
$
|
2.75
|
|
|
5
|
|
1,604
|
|
|
—
|
|
|
—
|
|
|
1,604
|
|
2014 PPO and Merger
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Placement agent warrants
|
|
$
|
7.00
|
|
|
5
|
|
426
|
|
|
—
|
|
|
(426
|
)
|
|
—
|
|
PPO warrants
|
|
$
|
14.00
|
|
|
5
|
|
1,078
|
|
|
—
|
|
|
(1,078
|
)
|
|
—
|
|
Pre-2014 warrants
|
|
$
|
9.66
|
|
|
9-10
|
|
88
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|
|
|
|
|
|
3,396
|
|
|
6,667
|
|
|
(1,504
|
)
|
|
8,559
|
|
|
|
June 30, 2019
|
|
May 24, 2019
|
||||||
Current share price
|
|
$
|
1.27
|
|
|
$
|
1.49
|
|
||
Conversion price
|
|
$
|
2.00
|
|
|
$
|
2.00
|
|
||
Risk-free interest rate
|
|
1.76
|
%
|
|
2.12
|
%
|
||||
Term (years)
|
|
4.9
|
|
|
5.0
|
|
||||
Volatility of stock
|
|
96.7
|
%
|
|
98.0
|
%
|
Current share price
|
$
|
1.27
|
|
Conversion price
|
$
|
2.75
|
|
Risk-free interest rate
|
1.84%
|
|
|
Term (years)
|
1.5
|
|
|
Volatility of stock
|
102.0%
|
|
|
Stock
Awards
|
|
Weighted-
Average
Exercise Price
|
|
Weighted-
Average
Remaining
Contractual
Life (Years)
|
|
Aggregate
Intrinsic
Value
|
|||||
Balance as of December 31, 2018
|
6,466
|
|
|
$
|
3.05
|
|
|
|
|
|
||
Options granted
|
674
|
|
|
1.45
|
|
|
|
|
|
|||
Options exercised
|
(186
|
)
|
|
1.23
|
|
|
|
|
|
|||
Options forfeited
|
(451
|
)
|
|
2.12
|
|
|
|
|
|
|||
Options cancelled
|
(180
|
)
|
|
3.75
|
|
|
|
|
|
|||
Balance as of June 30, 2019
|
6,323
|
|
|
$
|
2.98
|
|
|
7.93
|
|
$
|
65
|
|
Vested and expected to vest at June 30, 2019
|
6,323
|
|
|
$
|
2.98
|
|
|
7.93
|
|
$
|
65
|
|
Exercisable as of June 30, 2019
|
2,554
|
|
|
$
|
4.61
|
|
|
6.08
|
|
$
|
42
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Dividend yield
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Risk-free interest rate
|
2.09
|
%
|
|
2.85
|
%
|
|
2.12
|
%
|
|
2.70%-2.97%
|
|
Expected term (in years)
|
6
|
|
|
6-10
|
|
|
6
|
|
|
6-10
|
|
Volatility
|
102
|
%
|
|
89
|
%
|
|
102
|
%
|
|
89
|
%
|
|
Number of
Shares
|
|
Weighted-
Average Grant
Date Fair Value
|
|||
Unvested as of December 31, 2018
|
278
|
|
|
$
|
1.83
|
|
Granted
|
560
|
|
|
1.64
|
|
|
Vested
|
(563
|
)
|
|
1.65
|
|
|
Forfeited
|
(36
|
)
|
|
2.02
|
|
|
Unvested at June 30, 2019
|
239
|
|
|
$
|
1.78
|
|
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Sales and marketing
|
$
|
156
|
|
|
$
|
166
|
|
|
$
|
379
|
|
|
$
|
275
|
|
Research and development
|
73
|
|
|
47
|
|
|
118
|
|
|
225
|
|
||||
General and administrative
|
328
|
|
|
189
|
|
|
696
|
|
|
794
|
|
||||
|
$
|
557
|
|
|
$
|
402
|
|
|
$
|
1,193
|
|
|
$
|
1,294
|
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Numerator:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net loss applicable to common stockholders, basic and diluted
|
$
|
(3,066
|
)
|
|
$
|
(7,978
|
)
|
|
$
|
(9,617
|
)
|
|
$
|
(15,877
|
)
|
Denominator:
|
|
|
|
|
|
|
|
||||||||
Weighted-average number of shares, basic and diluted
|
70,702
|
|
|
60,621
|
|
|
67,886
|
|
|
60,386
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Net loss per share, basic and diluted
|
$
|
(0.04
|
)
|
|
$
|
(0.13
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.26
|
)
|
|
Three Months Ended
June 30, |
|
Six Months Ended
June 30, |
||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
Options to purchase common stock
|
6,323
|
|
|
2,916
|
|
|
6,323
|
|
|
2,916
|
|
Restricted stock units
|
239
|
|
|
78
|
|
|
239
|
|
|
78
|
|
Warrants for common stock
|
8,559
|
|
|
3,396
|
|
|
8,559
|
|
|
3,396
|
|
Total common stock equivalents
|
15,121
|
|
|
6,390
|
|
|
15,121
|
|
|
6,390
|
|
|
EksoHealth
|
|
EksoWorks
|
|
Other
|
|
Total
|
||||||||
Three months ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
2,840
|
|
|
$
|
414
|
|
|
$
|
8
|
|
|
$
|
3,262
|
|
Cost of revenue
|
1,327
|
|
|
368
|
|
|
7
|
|
|
1,702
|
|
||||
Gross profit
|
$
|
1,513
|
|
|
$
|
46
|
|
|
$
|
1
|
|
|
$
|
1,560
|
|
|
|
|
|
|
|
|
|
||||||||
Three months ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
2,399
|
|
|
$
|
557
|
|
|
$
|
11
|
|
|
$
|
2,967
|
|
Cost of revenue
|
1,486
|
|
|
500
|
|
|
14
|
|
|
2,000
|
|
||||
Gross profit
|
$
|
913
|
|
|
$
|
57
|
|
|
$
|
(3
|
)
|
|
$
|
967
|
|
|
EksoHealth
|
|
EksoWorks
|
|
Other
|
|
Total
|
||||||||
Six Months Ended June 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
5,654
|
|
|
$
|
1,216
|
|
|
$
|
8
|
|
|
$
|
6,878
|
|
Cost of revenue
|
2,627
|
|
|
1,085
|
|
|
7
|
|
|
3,719
|
|
||||
Gross profit
|
$
|
3,027
|
|
|
$
|
131
|
|
|
$
|
1
|
|
|
$
|
3,159
|
|
|
|
|
|
|
|
|
|
||||||||
Six Months Ended June 30, 2018
|
|
|
|
|
|
|
|
|
|
|
|||||
Revenue
|
$
|
4,521
|
|
|
$
|
954
|
|
|
$
|
11
|
|
|
$
|
5,486
|
|
Cost of revenue
|
2,872
|
|
|
864
|
|
|
14
|
|
|
3,750
|
|
||||
Gross profit
|
$
|
1,649
|
|
|
$
|
90
|
|
|
$
|
(3
|
)
|
|
$
|
1,736
|
|
|
Three Months Ended June 30,
|
|