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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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•
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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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•
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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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•
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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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•
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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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•
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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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•
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One commercial leader each for the Americas, EMEA, and APAC;
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•
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Americas, EMEA, and APAC sales professionals that pursue new prospects and organizes demonstrations;
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•
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Clinical professionals and physical therapists that provide peer-to-peer demonstrations and trainings;
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•
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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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•
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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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•
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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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·
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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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|
·
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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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·
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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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·
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nationalization of foreign‑owned assets, including intellectual property.
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·
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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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·
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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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·
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the expense of establishing facilities and operations in new foreign markets;
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·
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building an organization capable of supporting geographically dispersed operations;
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·
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challenges caused by distance, language and cultural differences;
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·
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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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·
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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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|
·
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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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·
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foreign exchange controls that might prevent us from repatriating income earned outside the United States;
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·
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imposition of public sector controls;
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·
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differing payer reimbursement regimes, governmental payers or patient self-pay systems and price controls;
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|
·
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political, economic and social instability; and
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·
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restrictions on the export or import of technology.
|
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·
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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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·
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increased component prices and supply delays as we establish alternative suppliers;
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·
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inability to develop alternative sources for product components;
|
|
·
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required modifications of our products, which may cause delays in product shipments, increased manufacturing costs, and increased product prices; and
|
|
·
|
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.
|
|
·
|
test, introduce and develop new products and services including enhancements to our existing products;
|
|
·
|
develop and expand the breadth of products and services offered;
|
|
·
|
develop and expand our market presence through relationships with third parties; and
|
|
·
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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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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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institute a more comprehensive compliance function, including with respect to corporate governance; and
|
|
·
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involve, to a greater degree, our outside legal counsel and accountants in the above activities.
|
|
·
|
compliance with the auditor attestation requirements in the assessment of our internal control over financial reporting;
|
|
·
|
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;
|
|
·
|
full disclosure and analysis obligations regarding executive compensation; and
|
|
·
|
compliance with regulatory requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved.
|
|
·
|
our ability to grow our revenue and customer base;
|
|
·
|
the announcement of new products or product enhancements by us or our competitors;
|
|
·
|
developments concerning regulatory oversight and approvals;
|
|
·
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variations in our and our competitors’ results of operations;
|
|
·
|
changes in earnings estimates or recommendations by securities analysts, if our common stock is covered by analysts;
|
|
·
|
successes or challenges in our collaborative arrangements or alternative funding sources;
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|
·
|
developments in the rehabilitation and industrial robotics markets;
|
|
·
|
the results of product liability or intellectual property lawsuits;
|
|
·
|
future issuances of common stock or other securities;
|
|
·
|
the addition or departure of key personnel;
|
|
·
|
announcements by us or our competitors of acquisitions, investments or strategic alliances; and
|
|
·
|
general market conditions and other factors, including factors unrelated to our operating performance.
|
|
|
2019
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
||||||||||
Statement of Operations Data:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
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
|
•
|
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.
|
•
|
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.
|
•
|
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.
|
•
|
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).
|
•
|
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.
|
•
|
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.
|
•
|
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.
|
•
|
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.
|
•
|
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
|
|
|
|
|
A.
|
Landlord is the owner of the office building located at1414 Harbour Way South, Richmond, CA 94804 (the “Building”).
|
B.
|
Tenant is a tenant of the Building pursuant to a Lease Agreement with Landlord dated November 29, 2011 (the “Lease”).
|
C.
|
Landlord and Tenant desire to modify the Lease in certain respects to provide for, among other things, the revision of the Over-Allowance Amount as described in Exhibit C, Section 2.
|
定义༚ 1
|
1
|
协议范围 10
|
10
|
许可技术的转让 13
|
13
|
转授许可 16
|
16
|
许可技术的改进和更新 17
|
Improvements and Updates of Licensed Technologies.
|
17
|
研发费用 19
|
19
|
许可专利的挑战 23
|
23
|
许可技术以及第三方侵权索赔的执行 23
|
23
|
遵守法律 26
|
27
|
保密条款 28
|
28
|
声明与保证 31
|
31
|
责任限制 35
|
35
|
免责 36
|
36
|
期限与终止。 38
|
38
|
其他 39
|
39
|
附件A 许可产品
|
50
|
50
|
附件B 保密协议
|
51
|
APPENDIX B CONFIDENTIALITY AGREEMENT
|
51
|
附件C 培训和支持
|
54
|
APPENDIX C TRAINING AND SUPPORT
|
54
|
附件D 费用承担
|
57
|
57
|
附录 E 交付物清单
|
59
|
APPENDIX E LIST OF DELIVERABLES
|
59
|
1.1
|
某一方的“关联方”系指控制该方、由该方控制或与该方处于共同控制之下的任何其他人。在该定义中༌“控制”一词的意思是直接或间接持有某一实体百分之五十(50%)以上具有投票权的股份༌或如未持有该份额的股份༌通过出资或持股或契约式控股或其他方式༌拥有足够的权力来实质性地影响该实体、或董事会、股东会议或该实体的其他决策机构༛“受控于”和“处于共同控制”具有相关含义。
|
1.2
|
“本协议”定义如前言所述。
|
1.3
|
“工作日”系指除中华人民共和国星期六、星期日或公众假期外的其他日子。
|
1.4
|
“保密信息”系指协议一方或其关联方或代表所有非公开的、保密的或专有的信息༌无论是口头、书面、电子或其他形式或媒体的信息༌无论此类信息是否标记、指定或确认为“保密”༌保密信息包括由于标的物的性质或其披露的周边环境而被合理理解为保密或专有的任何信息༌尤其包括༚(a)许可技术༛(b)协议一方的其他非专利发明、创意、方法和发现、专有技术、商业秘密、未发表的专利申请、发明披露、发明摘要和其他保密知识产权༛(c)上述任何一项的全
|
1.5
|
“开发产品”系指[***]。
|
1.6
|
“披露方”系指向另一方披露保密信息的一方。
|
1.7
|
“生效日期”具有前言所述的含义。
|
1.8
|
“最终用户手册”系指许可方向其许可产品的购买者提供的标准用户手册༌该手册告知买方许可产品的适当功能以及如何评估问题。
|
1.9
|
“成立日期”系指《合资经营企业合同》中规定的成立日期。
|
1.10
|
“政府机构”系指任何联邦、州、州、国家、超国家、地方或其他政府机构༌无论国内或国外༌包括任何分部、部门、机构、机关、权力机构༈包括任何监管机构༉、委员会、局或处༌或任何法院、法庭或仲裁机构。
|
1.11
|
“改进”系指[***]。因此༌“更新”系指[***]。
|
1.12
|
“法律”系指中央、地方、联邦、州、地方或外国政府或其政治分支、或任何具有合法管辖权的仲裁机构、法院或法庭的任何法规、法律、条例、条例、细则、规则、规范、命令、宪法、条约、普通法、判决、法令、其他要求或法规。
|
1.13
|
“被许可方”具有前言所述的含义。
|
1.14
|
“许可产品”系指附录A中所列明的产品。需特别指出的是༌只要优创或优创指定的第三方根据合资合同约定按时向许可方进行股权投资༌开发产品将纳入许可产品的范围༌则合资公司可以自动被授权免费使用许可产品。
|
1.15
|
“许可技术”系指除爱科索出资的专利权之外的涉及在中国制造现有产品、开发产品及其组件和配件的所有其他专利技术和非专利制造技术༌包括但不限于设计、图纸、程序༈包括质量控制程序༉、数据、规范、制造方法和工艺、组装工艺和试运行。
|
1.16
|
“许可方”具有前言中所述的含义。
|
1.17
|
“损失”系指所有损失、损害赔偿、责任、缺乏、索赔、诉讼、判决、和解、利息、奖励、罚款、罚金、任何种类的成本或开支༌包括合理的律师费、执行本协议项下任何免责权利的成本以及追究任何保险公司的成本。
|
1.18
|
“净销售收入”是指被许可方在合同区域出售、出租、转让或销售许可产品而实际收到的[***]༈[***]༉༌其中不包括[***]༌减去༚
|
(i)
|
[***]༛
|
(ii)
|
[***]༛以及
|
(iii)
|
[***]。
|
1.19
|
“专利申请”系指除专利权外任何实用新型申请、设计申请、延续和分割申请、临时申请、非临时申请、外国专利申请或专利保护申请༌尤其包括PCT申请。
|
1.20
|
“专利保护”系指在一国境内编制并提交专利申请。
|
1.21
|
“专利权”具有合资合同所约定的含义。
|
1.22
|
“人”系指个人、公司、合伙企业、合资企业、有限责任公司、政府机关、非法人组织、信托、协会或其他实体。
|
1.23
|
“中华人民共和国”或“中国”仅就本协议而言༌系指中华人民共和国大陆地区。
|
1.24
|
“代表”系指一方及其关联方的雇员、高级职员、董事、顾问和法律顾问。
|
1.25
|
“接收方”是接收另一方保密信息的一方。
|
1.26
|
“技术支持”系指许可方向被许可方提供的技术援助和/或技术培训。
|
1.27
|
“技术文件”系指许可产品的标准、规范和说明༌以及与在合同区域内制造、组装、使用和/或销售许可产品有关的技术文献、图纸、图片、磁带等。
|
1.28
|
“期限”具有第14.1条规定的含义。
|
1.29
|
“合同区域”指中国、香港、新加坡和马来西亚以及合同各方协商确定的其他国家和地区༌但不包括日本、印度和澳大利亚。
|
1.30
|
“U.S.A.” 或 “U.S.” 系指美利坚合众国。
|
2.1
|
许可技术的许可
|
2.1.1
|
根据本协议条款和条件༌许可方特此在合资期限内和合同区域内授予被许可方在许可技术下不可转让的、不可转授的 (除根据合资合同批准的转授以外)、不可撤销的、免费的、独占性的权利和许可 (除第2.2条中所指权利外) ༌以制造、组装、生产、在中国境内使用许可产品和/或在合同区域内销售许可产品༌提供与许可产品相关的市场推广、技术培训和维护༌并对许可方进行的研发项目进行投资。
|
2.1.2
|
尽管有第2.1.1条中的规定༌如果自被许可方在中国销售第一件Ekso GT 产品后的[***]期间༌被许可方在中国销售的许可产品少于[***]༌则根据第2.1.1条授予被许可方的许可将会在许可方的自行决定下转变为非独占性的许可。在发生该转变后༌许可方应有权将根据第2.1.1条授予的权利授予或转授给合同区域内的任何第三方。此外༌被许可方应就专利权向许可方授予不可转让、不可再授权和不可撤销的免费独家权利和许可༌允许许可方在合同区域内制造、装配、制造或销售现有产品和开发产品。
|
2.1.3
|
除非本协议另有约定༌许可方应负责与许可专利和专利申请的准备、申请和审查相关的所有费用༌直到到达国家申请阶段༌无论是通过国际申请阶段(PCT)还是或直接通过国家申请阶段。许可方将负责管控专利的审查。若上述专利申请发生在合同区域内༌且以被许可方名义申请的༌则被许可方应负责与许可专利在全国申请阶段的专利处理和维护相关的所有费用。
|
2.1.4
|
对于作为许可专利的每一项专利和专利申请༌许可方应全权负责准备、申请、审查和维护并作出与此相关的所有决定༌并应通知被许可方任何专利和专利申请的状态所发生的任何变化。
|
2.2
|
保留权利
|
2.2.1
|
许可方保留在合同区域外生产、组装、使用和/或销售许可产品的权利、提供许可产品相关的技术推广、培训和维护的权利、以及对合同区域外的许可产品相关的研发项目进行投资的权利。
|
2.3
|
有限许可
|
2.3.1
|
除许可方根据第2条授予的权利和许可外༌本协议不向被许可方或任何其他人授予任何权利、所有权或权益༌包括许可方通过暗示、禁止反言或其他方式在合同区域之外提交的专利申请的任何许可。在限制上述规定的情况下༌本协议中的任何内容均不应被解释为通过暗示、禁止反言或其他方式༌授予除许可技术外许可方的任何专利或技术的任何权利、所有权或权益༌不论此类其他专利是否在许可技术任何专利中占主导或从属地位。本协议项下未明确授予许可方的所有权利、所有权和利益༌特此保留。
|
2.3.2
|
经许可方和被许可方不时达成协议༌并通过对本协议的书面修改༌双方可不时调整交付物清单和附件A。本许可协议的目的是为能够使被许可方生产协议下所有许可产品༌若在产品生产和制造过程中发现除附件中相关技术文件外༌[***]
|
3.1
|
许可技术的交付
|
3.1.1
|
许可方应在生效日或之前根据附录E规定༌就与许可产品相关的所有许可技术及技术文件༈以下简称“可交付物”༉编制一份清单༈以下简称“可交付物清单”༉༛此外༌对于未列于可交付物清单中的༌但是生产许可产品及其组件和配件所需的与许可技术相关的任何技术文件或资料༌许可方应及时以英文形式提供。
|
3.1.2
|
为了满足被许可方的合理需求༌以在合同区域内制造、装配、使用和/或销售许可产品、提供许可产品相关的市场推广、技术培训和维护༌许可方应[***]༌向被许可方提供可交付物清单中列出的可交付物༛以及
|
3.1.3
|
许可方提供的所有可交付物均受美国相关法律对上述技术和专有技术以及技术文件施加的出口限制的约束。许可方承诺༌已取得可交付物的交付所需获得的美国政府或任何其他监管机关或政府机关出口许可或其他批准意见༌许可方提供所有技术文件和所有材料为英语并采用许可方当前使用的计量单位。
|
3.1.4
|
除非双方另有书面约定༌与可交付物有关的翻译费用应由被许可方承担。
|
3.1.5
|
被许可方可复印技术文件仅供内部已签署保密协议的员工使用༌严格执行附件B中所载保密协议。此类技术文件的任何副本༌无论原件或翻译件༌应继续遵循许可方的版权通知。被许可方不得向第三方披露技术文件或许可技术༌除非被许可方充分遵循第10条所述的要求。对于被许可方或被许可方向其披露任何技术文件的第三方༌被许可方应根据本协议第10条的约定༌就任何违反保密规定的行为向许可方负责。如果许可方通知被许可方༌需要对技术文件进行修改༌则被许可方应立即开始使用修改后的技术文件。如果技术文件是内部使用的༌被许可方不得删除或更改版权通知或保密通知。如果技术文件是为最终用户准备的༌被许可方可删除或修改版权通知༌前提是被许可方妥善保存了有关该最终用户公司名称和地址的相关记录。
|
3.2
|
技术支持和培训的交付
|
3.2.1
|
许可方同意向被许可方人员提供必要的培训和技术支持 (“培训和支持”) ༌以确保被许可方能够理解和使用许可方对许可产品所使用的技术。
|
3.2.2
|
许可方应当向被许可方提供培训和支持༌使得被许可方能够在合同区域内制造许可产品及其组件和配件༌并熟练与许可产品有关的许可技术༌完全独立地制造出达到许可方技术标准的许可产品 (当前的以及不时更新的)。培训和支持详细内容见本协议附录C。.
|
3.2.3
|
对于许可方在本协议项下提供的培训和支持的费用༌该等费用应根据本协议附录D规定支付。
|
5.1
|
许可技术的研发
|
5.2
|
改进和更新的保密性
|
5.3
|
技术文件和许可技术的更新
|
5.3.1
|
如果许可方提供的技术文件不适用于被许可方在合同区域当地的生产条件༌则被许可方同意告知许可方该等情况并提供该等技术文件更新的建议。许可方应审查被许可方提出的更新༌并将与被许可方协商༌确定可能适用于此类技术文件的更新。双方同意༌所有此类技术文件的更新均归许可方所有。
|
5.3.2
|
如果被许可方根据合同区域的当地条件需要更新许可技术༌则被许可方应及时向许可方提交许可技术的任何更新。许可方应审查被许可方提出的更新༌双方应协商决定对许可技术的更新。双方同意༌所有该等许可技术的更新均由许可方拥有。
|
5.3.3
|
为确保许可产品的质量༌未经许可方同意༌被许可方不得引进或使用与许可方提供的许可技术或技术文件相冲突、影响其正常使用或应用的任何软件、技术或专有技术。对于使用许可方品牌的许可产品༌如果被许可方就许可方提供的许可技术或技术文件研发出了一项改进或更新༌则根据第5.3.2条༌在对许可方品牌的许可产品作出任何变更之前༌被许可方应将此项改进或更新告知许可方༌并获得许可方的同意。
|
5.3.4
|
由于技术文件和许可技术属于不断改进或变更的技术༌在本协议整个协议期限内༌根据本协议和合资合同的条款和条件༌被许可方应有权无偿使用许可方不时对技术文件和许可技术作出的修改。任何此类修改或其他相关材料需要翻译的༌应由被许可方承担翻译费用。
|
6.1
|
研发费用
|
6.2
|
研发费用支付方式
|
6.2.1
|
[***]内༌被许可人应向许可人提供一份说 ༚
|
(a)
|
收到的净收益累计金额 (按每个季度[***])༛
|
(b)
|
被许可方在相关季度期限内制造、出售、转让或另行处置的许可产品总数༛
|
(c)
|
被许可方在相关季度期限内因出售、转让或另行处置的所有许可产品而收到的净售价累计金额༛
|
(d)
|
研发费用款项计算的季度期限༛
|
(e)
|
计算研发费用的方法༌包括确定计算研发费用时的所有扣款项༛
|
(f)
|
研发费用计算所用的汇率༛
|
(g)
|
根据本协议准确核对付款所需的其他细节。
|
6.2.2
|
收到付款说明后[***]工作日内༌许可方应开具每个季度所有应付研发费用的发票༌并提供审核该等费用和其他应付款的各种信息和文件༌以便被许可方在收到该等付款报表后[***]工作日内审核该等应付款项。
|
6.2.3
|
收到研发费用发票和随附的充分支持信息和文件༈以便审核相应的应付款༉并确认无误后[***]工作日内༌被许可方应支付发票金额。否则被许可方应退回发票和相关意见༌双方应尽力在[***]工作日内解决被许可方在意见中提出的任何问题。
|
6.2.4
|
所有研发费用款项应以[***]计值༌由被许可方使用[***]支付༌且应通过电汇方式直接转给许可方随时指定的、其在美国银行开立的账户。汇率应以中国人民银行于付款日期公布的汇率为准。
|
6.2.5
|
被许可方应在提交每份并向许可方支付款项后[***]内保持适当的记录༌以便根据本协议验证每份说明和待支付款项。
|
6.2.6
|
对于本协议项下应由被许可方付给许可方的任何款项༈投资款除外)༌若逾期未付༈本协议约定的可以抵扣情况下༌可抵扣之日视为已按期支付༉༌被许可方应以[***]的利率向许可方支付利息。每笔到期金额的利息应从金额到期之日开始计算༌直至许可方实际收到金额款项之日止。支付利息并非专有补偿༌也不得替代许可方因被许可方逾期未支付本协议项下款项而有权获得的其他补偿。
|
7.1
|
许可限制
|
8.1
|
侵权或第三方索赔的通知
|
8.2
|
提起诉讼或辩护的权利
|
8.2.1
|
许可方或被许可方没有义务依法执行许可专利的专利权。但是༌许可方和被许可方均有权对任何可能侵权的第三方强制执行许可产品的专利权。若许可方选择不强制执行许可专利༌则被许可方根据本协议应有权对第三方强制执行许可专利。当协议任一方༈许可方或被许可方༉选择执行许可专利的专利权时༌该方将承担所有与此相关的费用和风险༌如果成功༌在扣除与专利权的执行直接相关的所有合理费用后༌该方将与本协议的另一方按照[***]的比例来分配获得的损害赔偿金额。如未获成功༌该方将承担因该等诉讼而产生的所有费用和损害赔偿。
|
8.2.2
|
如果许可方提起诉讼或为任何此类诉讼进行辩护༌则被许可方应在所有方面配合许可方༌并以一切合理的方式提供协助༌包括其雇员应要求作证༌并提供有效调查结果或与审判相关的记录、文件、信息、样品、标本等。被许可方可以先承担费用༌前提是在支付该等费用之前༌许可方已收到书面通知༌许可方会补偿被许可方在提供此类协助时自行承担的所有合理费用。
|
8.3
|
追偿与和解
|
8.3.1
|
因该诉讼或其他法律程序而产生的任何追偿、损害赔偿或和解应由许可方完整保留༛以及
|
8.3.2
|
许可方可在未获得被许可方事前书面同意的情况下༌通过同意令、和解或其他自愿最终处置来解决任何诉讼或其他法律程序༌但前提是༌在未获得被许可方事前书面同意༈该同意不可无故扣留或延迟༉的情况下༌许可方不得以不利于被许可方的权利的方式解决任何诉讼或其他法律程序。
|
8.4
|
介入权
|
9.1
|
专利标记
|
9.2
|
技术文件和非专利制造技术标记
|
9.3
|
监管机构的批准
|
10.1
|
保密义务
|
10.1.1
|
除绝对有必要使用保密信息༌以行使其在本协议项下的权利并履行其在本协议项下的义务之外༌不得使用披露方的保密信息༛以及
|
10.1.2
|
根据第10.2条严格保密披露方的保密信息༌未经披露方事先书面同意༌不得披露披露方的保密信息༌但前提是༌接收方可向其以下代表披露保密信息༚
|
(a)
|
为了接收方履行或行使本协议项下有关保密信息的权利༌有必要了解保密信息的代表༛
|
(b)
|
已知悉相关约束条件的代表༛以及
|
(c)
|
受书面保密协议约束的代表༌至少与第10.1条中的规定具有同等限制性༌但前提是༌接收方应负责确保其代表遵守该协议༌并对其代表违反本第10.1条的行为负责。
|
10.2
|
例外情况
|
10.2.1
|
及时向披露方发出书面通知༌以便披露方可以寻求保护令或其他适当补救措施或放弃其在第10条项下的权利༛以及
|
10.2.2
|
仅披露法律要求其提供的部分保密信息。
|
10.3
|
保密协议
|
10.3.1
|
被许可方理解许可方在本协议项下向被许可方提供的许可技术以及技术文件的保密性༌并特此承诺对与许可方在本协议项下提供的许可技术以及技术文件相关的所有数据和信息保密。被许可方进一步同意遵守本协议所附保密协议 (附件B) 中保密条款༌并通过本协议附件B与其员工签订保密协议。
|
10.3.2
|
被许可方进一步代表其自身及其员工、代理人及其员工同意对许可方在本协议项下提供的许可技术以及技术文件保密。根据第3.2条接受培训的被许可方员工以及被许可方指定接受培训的任何人员应在培训开始前签署保密协议 (即本协议附件B)。
|
11.1
|
双方声明和保证
|
11.1.1
|
各方是根据其注册成立管辖区的法律法规正式成立、有效存续且正常运营的公司或其他实体༈如本协议所述༉༛
|
11.1.2
|
拥有并在整个协议期限内保留订立本协议并履行其项下义务的完整权利和权力༛
|
11.1.3
|
在本协议末尾处签署本协议的代表是经各方所有必要公司程序正式授权的༛以及
|
11.1.4
|
当该方签署并交付时༌本协议应构成该方的合法、有效和有约束力的义务༌并可根据其条款对该方强制执行。
|
11.2
|
被许可方的声明和保证
|
11.2.1
|
被许可方声明并保证༌至本协议生效日༌其尚未收到任何索赔、潜在索赔、诉讼或法律程序的通知༌且并未获知或无理由获知任何以下信息༚(a)可能使得任何许可专利的任何权利要求失效或无效或不可执行的信息༛(b)证明许可产品不受任何许可专利的任何权利要求所覆盖的信息༛或(c)导致任何许可专利的任何权利要求未能发生༌或与其目前未决范围相比严重受限的信息。
|
11.2.2
|
被许可方声明并保证༌在协议期限内༌在许可方提供充分的技术文件、技术支持和培训的前提下༌被许可方分销、使用、制造和/或销售的许可产品的标准应与许可方在美国生产的标准化许可产品的标准相同༌但前提是༚许可方应根据本协议提供技术文件以及培训和支持༌被许可方承担技术文件的所有翻译费用༌并向许可方报销其根据本协议提供培训和支持所产生的费用。
|
11.3
|
许可方声明与保证
|
11.3.1
|
其拥有许可和披露许可技术和技术文件的充分法定权利。许可方声明和保证所提供的技术在所有重要方面均完整、无误、有效༌并未侵犯第三人的权益༌能够达到本合同约定的目的。但是༌当被许可方使用的关键材料或设备并非技术文件或许可技术中详述的材料或设备༌或使用的程序在各方面并不符合技术文件或许可技术或许可方的其他指示时༌此类声明和保证不适用。
|
11.3.2
|
除上述规定外༌许可技术不包含任何可能会影响或限制许可方在本协议项下许可的产权负担༌也未与任何第三方订立可能会影响或限制许可方在本协议项下许可的任何协议。
|
11.3.3
|
许可方尚未收到任何索赔、潜在索赔、诉讼或法律程序的通知༌且并未获知或无理由获知任何以下信息༚(a)可能使得许可技术中任何专利的任何权利要求失效或无效或不可执行的信息༛(b)导致许可技术中任何专利申请的任何权利要求未能发布༌或与其目前未决范围相比严重受限的信息。
|
11.3.4
|
许可方能够按照本协议约定交付技术文件并提供培训和支持༛
|
11.3.5
|
被许可方向许可方支付研发费用的前提是许可方保证会在任一项现有产品、开发产品的研发项目成果出来后在[***]授权并交付被许可方使用。若许可方未遵守上述规定༌被许可方有权拒绝支付本合同项下的研发费用༌并要求许可方退还被许可方已向其支付的所有研发费用。
|
12.1
|
免责声明。由于许可方不控制合同区域内许可产品的生产、处理和使用༌被许可方同意༌对于由于本协议的履行而导致的任何实际或间接损害赔偿༌包括在合同区域内许可产品的生产、处理和使用中༌被许可方与第三方交易而发生的任何责任༌许可方不承担任何责任༌但因许可方违反本协议11.3条声明与保证而给被许可方造成直接损失除外。
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12.2
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间接损害赔偿及其他间接损害赔偿的除外在法律允许的最大限度内༌对于任何伤害或声誉、业务、产量、收入、利润、预期利润、合同或机会的损失༈无论是否归类为损害赔偿༉或任何后果性的、附带的、间接的、惩戒性的、特殊的、惩罚性的或加重的损害赔偿༌无论是否是由于违约、侵权行为༈包括过失༉、严格责任、产品责任或其他因素༈包括本协议的签订、履行或违约༉造成的༌无论此类损失或损害是否是可预见的或被要求承担该等责任的一方是否已被告知此类损失或损害的可能性༌协议任一方均不应对另一方负责༌尽管没有就其基本目的达成任何协议或其他补救办法༌但由于第三方索赔而造成的协议任一方的损失应视为直接损失。
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13.1
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被许可方免责
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13.1.1
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许可方应使被许可方免受在合同区域内发生的知识产权侵权的合理索赔༌如果该侵权仅是因许可技术而引起的༌且被许可方同意按照要求协助许可方并尽量减少任何可能产生的损害赔偿。
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13.1.2
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尽管有第13.1.1条所述规定༌许可方在以下情况下不应免除被许可方的责任༚
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(a)
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被许可方对许可产品进行了技术文件中所述以外的其他修改༌而此类修改造成了相关损失༛
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(b)
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被许可方在未得到许可方书面指示或批准的情况下༌将许可产品与被许可方或任何第三方的设备或关键材料结合或按照其进行修改༌而非按照技术文件中所述的设备或材料༛
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(c)
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被许可方未遵守许可方的规范、许可技术、技术文件中规定的程序或许可方对许可产品的其他指示༛
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(d)
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在许可方与被许可方沟通了第三方关于许可产品的请求或将该请求通知到被许可方的情况下༌被许可方未遵守该请求。
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13.2
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许可方免责
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14.1
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期限
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14.2
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终止事由
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14.2.1
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被许可方对本协议构成重大违约༌且如果该违约行为是可纠正的༌被许可方未能在许可方书面通知其违约行为后[***]内纠正该违约行为༌该重大违约行为包括但不限于༚
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(a)
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被许可方未遵守本协议授予许可的地域范围或业务范围༛
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(b)
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被许可方违反许可技术的保密义务༛
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(c)
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被许可方违反本协议第7条。
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15.1
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不可抗力
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15.2
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争议解决
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15.3
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无公开声明
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15.4
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通知
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许可方༚
If to Licensor:
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美国加利福尼亚州里士满港口大道南1414号2101室༈邮政编码༚94804༉
1414 Harbour Way South, Suite 1201 Richmond, California 94804 U.S.A
电话༚[***]
Tel: [***]
传真༚[***]
Facsimile: [***]
电子邮箱༚[***]
E-mail: [***]
收件人༚首席执行官
Attention: Chief Executive Officer
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被许可方༚
If to Licensee:
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爱科索智能机器人有限公司
Exoskeleton Intelligent Robotics Co. Limited
[***]
[***]
电话༚[***]
Tel: [***]
电子邮箱༚[***]
E-mail: [***]
收件人༚[***]
Attention: [***]
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15.5
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释义
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15.6
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标题
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15.7
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完整协议
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15.8
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转让
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15.9
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无第三方受益人
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15.10
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修订༛修改༛弃权
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15.11
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可分割性
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15.12
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适用法律༛管辖权问题
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15.13
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副本
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•
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EksoGT
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•
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EksoVest
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•
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EksoZeroG Arm
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•
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开发产品
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•
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Developed Products
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•
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由被许可方生产的与上文所述相关的组件和配件
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•
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Components and subassemblies related to the above and manufactured by the Licensee
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(1)
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I have reviewed this annual report on Form 10-K of Ekso Bionics Holdings, Inc.;
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(2)
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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(3)
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
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(4)
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The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and
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(5)
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The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.
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/s/ Jack Peurach
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Jack Peurach
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Principal Executive Officer
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(1)
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I have reviewed this annual report on Form 10-K of Ekso Bionics Holdings, Inc.;
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(2)
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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(3)
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;
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(4)
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The company’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the company’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and
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(5)
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The company’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company’s auditors and the audit committee of the company’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the company’s internal control over financial reporting.
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/s/ John F. Glenn
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John F. Glenn
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Principal Financial Officer
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.
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/s/ Jack Peurach
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Jack Peurach
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Principal Executive Officer
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(1)
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The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates and for the periods indicated.
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/s/ John F. Glenn
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John F. Glenn
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Principal Financial Officer
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