0001549084
EKSO BIONICS HOLDINGS, INC.
false
--12-31
Q3
2024
29
79
0.001
0.001
10,000
10,000
0
0
0
0
0.001
0.001
141,429
141,429
21,998
21,998
14,848
14,848
2
0
1
3
2
1
1
1
8
12
8
16
3
3
1
5
3
146
141,429
10,000
21,998
14,848
0
0
0
0
0
6,000
5
0
2
2
1
2,900
2
false
false
false
false
Intellectual property not yet placed in service as of December 31, 2023.
As of December 31, 2023, management determined that a financing event was likely in the first quarter of 2024, and reduced the share price used in the model by 25% in order to reflect the total amount that would be realized accordingly.
Intellectual property not yet placed in service as of September 30, 2024.
00015490842024-01-012024-09-30
xbrli:shares
00015490842024-10-25
thunderdome:item
iso4217:USD
00015490842024-09-30
00015490842023-12-31
iso4217:USDxbrli:shares
00015490842024-07-012024-09-30
00015490842023-07-012023-09-30
00015490842023-01-012023-09-30
0001549084us-gaap:PreferredStockMember2023-12-31
0001549084us-gaap:CommonStockMember2023-12-31
0001549084us-gaap:AdditionalPaidInCapitalMember2023-12-31
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-31
0001549084us-gaap:RetainedEarningsMember2023-12-31
0001549084us-gaap:PreferredStockMember2024-01-012024-03-31
0001549084us-gaap:CommonStockMember2024-01-012024-03-31
0001549084us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-31
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-31
0001549084us-gaap:RetainedEarningsMember2024-01-012024-03-31
00015490842024-01-012024-03-31
0001549084us-gaap:PreferredStockMember2024-03-31
0001549084us-gaap:CommonStockMember2024-03-31
0001549084us-gaap:AdditionalPaidInCapitalMember2024-03-31
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-31
0001549084us-gaap:RetainedEarningsMember2024-03-31
00015490842024-03-31
0001549084us-gaap:PreferredStockMember2024-04-012024-06-30
0001549084us-gaap:CommonStockMember2024-04-012024-06-30
0001549084us-gaap:AdditionalPaidInCapitalMember2024-04-012024-06-30
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-04-012024-06-30
0001549084us-gaap:RetainedEarningsMember2024-04-012024-06-30
00015490842024-04-012024-06-30
0001549084us-gaap:PreferredStockMember2024-06-30
0001549084us-gaap:CommonStockMember2024-06-30
0001549084us-gaap:AdditionalPaidInCapitalMember2024-06-30
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-06-30
0001549084us-gaap:RetainedEarningsMember2024-06-30
00015490842024-06-30
0001549084us-gaap:PreferredStockMember2024-07-012024-09-30
0001549084us-gaap:CommonStockMember2024-07-012024-09-30
0001549084us-gaap:AdditionalPaidInCapitalMember2024-07-012024-09-30
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-07-012024-09-30
0001549084us-gaap:RetainedEarningsMember2024-07-012024-09-30
0001549084us-gaap:PreferredStockMemberekso:September2024OfferingMember2024-07-012024-09-30
0001549084us-gaap:CommonStockMemberekso:September2024OfferingMember2024-07-012024-09-30
0001549084us-gaap:AdditionalPaidInCapitalMemberekso:September2024OfferingMember2024-07-012024-09-30
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMemberekso:September2024OfferingMember2024-07-012024-09-30
0001549084us-gaap:RetainedEarningsMemberekso:September2024OfferingMember2024-07-012024-09-30
0001549084ekso:September2024OfferingMember2024-07-012024-09-30
0001549084us-gaap:PreferredStockMember2024-09-30
0001549084us-gaap:CommonStockMember2024-09-30
0001549084us-gaap:AdditionalPaidInCapitalMember2024-09-30
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-09-30
0001549084us-gaap:RetainedEarningsMember2024-09-30
0001549084us-gaap:PreferredStockMember2022-12-31
0001549084us-gaap:CommonStockMember2022-12-31
0001549084us-gaap:AdditionalPaidInCapitalMember2022-12-31
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-31
0001549084us-gaap:RetainedEarningsMember2022-12-31
00015490842022-12-31
0001549084us-gaap:PreferredStockMember2023-01-012023-03-31
0001549084us-gaap:CommonStockMember2023-01-012023-03-31
0001549084us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-31
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-31
0001549084us-gaap:RetainedEarningsMember2023-01-012023-03-31
00015490842023-01-012023-03-31
0001549084us-gaap:PreferredStockMember2023-03-31
0001549084us-gaap:CommonStockMember2023-03-31
0001549084us-gaap:AdditionalPaidInCapitalMember2023-03-31
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-31
0001549084us-gaap:RetainedEarningsMember2023-03-31
00015490842023-03-31
0001549084us-gaap:PreferredStockMember2023-04-012023-06-30
0001549084us-gaap:CommonStockMember2023-04-012023-06-30
0001549084us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-30
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-30
0001549084us-gaap:RetainedEarningsMember2023-04-012023-06-30
00015490842023-04-012023-06-30
0001549084us-gaap:PreferredStockMember2023-06-30
0001549084us-gaap:CommonStockMember2023-06-30
0001549084us-gaap:AdditionalPaidInCapitalMember2023-06-30
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-30
0001549084us-gaap:RetainedEarningsMember2023-06-30
00015490842023-06-30
0001549084us-gaap:PreferredStockMember2023-07-012023-09-30
0001549084us-gaap:CommonStockMember2023-07-012023-09-30
0001549084us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-30
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-30
0001549084us-gaap:RetainedEarningsMember2023-07-012023-09-30
0001549084us-gaap:PreferredStockMember2023-09-30
0001549084us-gaap:CommonStockMember2023-09-30
0001549084us-gaap:AdditionalPaidInCapitalMember2023-09-30
0001549084us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-30
0001549084us-gaap:RetainedEarningsMember2023-09-30
00015490842023-09-30
xbrli:pure
0001549084us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-09-30
0001549084us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMemberekso:CustomerAMember2024-01-012024-09-30
0001549084us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMemberekso:CustomerBMember2024-01-012024-09-30
0001549084us-gaap:AccountsReceivableMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-12-31
0001549084us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2024-07-012024-09-30
0001549084us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberekso:CustomerAMember2024-07-012024-09-30
0001549084us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2023-07-012023-09-30
0001549084us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberekso:CustomerAMember2023-07-012023-09-30
0001549084us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberekso:CustomerBMember2023-07-012023-09-30
0001549084us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberekso:CustomerCMember2023-07-012023-09-30
0001549084us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2024-01-012024-09-30
0001549084us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberekso:CustomerAMember2024-01-012024-09-30
0001549084us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMember2023-01-012023-09-30
0001549084us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberekso:CustomerAMember2023-01-012023-09-30
0001549084us-gaap:RevenueFromContractWithCustomerMemberus-gaap:CustomerConcentrationRiskMemberekso:CustomerBMember2023-01-012023-09-30
0001549084us-gaap:AccumulatedTranslationAdjustmentMember2023-12-31
0001549084us-gaap:AccumulatedTranslationAdjustmentMember2022-12-31
0001549084us-gaap:AccumulatedTranslationAdjustmentMember2024-09-30
0001549084us-gaap:AccumulatedTranslationAdjustmentMember2023-09-30
0001549084us-gaap:FairValueMeasurementsRecurringMember2024-09-30
0001549084us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-30
0001549084us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-30
0001549084us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2024-09-30
0001549084us-gaap:FairValueMeasurementsRecurringMember2023-12-31
0001549084us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-31
0001549084us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-31
0001549084us-gaap:FairValueInputsLevel3Memberus-gaap:FairValueMeasurementsRecurringMember2023-12-31
0001549084us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2023-12-31
0001549084us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2024-01-012024-09-30
0001549084us-gaap:DerivativeFinancialInstrumentsLiabilitiesMember2024-09-30
utr:M
0001549084srt:MinimumMemberekso:EksoHealthMember2024-01-012024-09-30
0001549084srt:MaximumMemberekso:EksoHealthMember2024-01-012024-09-30
0001549084ekso:ParkerMember2023-09-25
00015490842024-01-012024-09-30
utr:Y
00015490842025-01-012024-09-30
00015490842026-01-012024-09-30
0001549084us-gaap:ProductAndServiceOtherMember2024-09-30
0001549084ekso:SubscriptionMember2024-09-30
0001549084us-gaap:ProductMemberekso:EksoHealthMember2024-07-012024-09-30
0001549084us-gaap:ProductMemberekso:EksoWorksMember2024-07-012024-09-30
0001549084us-gaap:ProductMember2024-07-012024-09-30
0001549084us-gaap:ServiceMemberekso:EksoHealthMember2024-07-012024-09-30
0001549084us-gaap:ServiceMemberekso:EksoWorksMember2024-07-012024-09-30
0001549084us-gaap:ServiceMember2024-07-012024-09-30
0001549084ekso:SubscriptionMemberekso:EksoHealthMember2024-07-012024-09-30
0001549084ekso:SubscriptionMemberekso:EksoWorksMember2024-07-012024-09-30
0001549084ekso:SubscriptionMember2024-07-012024-09-30
0001549084us-gaap:ProductAndServiceOtherMemberekso:EksoHealthMember2024-07-012024-09-30
0001549084us-gaap:ProductAndServiceOtherMemberekso:EksoWorksMember2024-07-012024-09-30
0001549084us-gaap:ProductAndServiceOtherMember2024-07-012024-09-30
0001549084ekso:EksoHealthMember2024-07-012024-09-30
0001549084ekso:EksoWorksMember2024-07-012024-09-30
0001549084us-gaap:ProductMemberekso:EksoHealthMember2023-07-012023-09-30
0001549084us-gaap:ProductMemberekso:EksoWorksMember2023-07-012023-09-30
0001549084us-gaap:ProductMember2023-07-012023-09-30
0001549084us-gaap:ServiceMemberekso:EksoHealthMember2023-07-012023-09-30
0001549084us-gaap:ServiceMemberekso:EksoWorksMember2023-07-012023-09-30
0001549084us-gaap:ServiceMember2023-07-012023-09-30
0001549084ekso:SubscriptionMemberekso:EksoHealthMember2023-07-012023-09-30
0001549084ekso:SubscriptionMemberekso:EksoWorksMember2023-07-012023-09-30
0001549084ekso:SubscriptionMember2023-07-012023-09-30
0001549084us-gaap:ProductAndServiceOtherMemberekso:EksoHealthMember2023-07-012023-09-30
0001549084us-gaap:ProductAndServiceOtherMemberekso:EksoWorksMember2023-07-012023-09-30
0001549084us-gaap:ProductAndServiceOtherMember2023-07-012023-09-30
0001549084ekso:EksoHealthMember2023-07-012023-09-30
0001549084ekso:EksoWorksMember2023-07-012023-09-30
0001549084us-gaap:ProductMemberekso:EksoHealthMember2024-01-012024-09-30
0001549084us-gaap:ProductMemberekso:EksoWorksMember2024-01-012024-09-30
0001549084us-gaap:ProductMember2024-01-012024-09-30
0001549084us-gaap:ServiceMemberekso:EksoHealthMember2024-01-012024-09-30
0001549084us-gaap:ServiceMemberekso:EksoWorksMember2024-01-012024-09-30
0001549084us-gaap:ServiceMember2024-01-012024-09-30
0001549084ekso:SubscriptionMemberekso:EksoHealthMember2024-01-012024-09-30
0001549084ekso:SubscriptionMemberekso:EksoWorksMember2024-01-012024-09-30
0001549084ekso:SubscriptionMember2024-01-012024-09-30
0001549084us-gaap:ProductAndServiceOtherMemberekso:EksoHealthMember2024-01-012024-09-30
0001549084us-gaap:ProductAndServiceOtherMemberekso:EksoWorksMember2024-01-012024-09-30
0001549084us-gaap:ProductAndServiceOtherMember2024-01-012024-09-30
0001549084ekso:EksoHealthMember2024-01-012024-09-30
0001549084ekso:EksoWorksMember2024-01-012024-09-30
0001549084us-gaap:ProductMemberekso:EksoHealthMember2023-01-012023-09-30
0001549084us-gaap:ProductMemberekso:EksoWorksMember2023-01-012023-09-30
0001549084us-gaap:ProductMember2023-01-012023-09-30
0001549084us-gaap:ServiceMemberekso:EksoHealthMember2023-01-012023-09-30
0001549084us-gaap:ServiceMemberekso:EksoWorksMember2023-01-012023-09-30
0001549084us-gaap:ServiceMember2023-01-012023-09-30
0001549084ekso:SubscriptionMemberekso:EksoHealthMember2023-01-012023-09-30
0001549084ekso:SubscriptionMemberekso:EksoWorksMember2023-01-012023-09-30
0001549084ekso:SubscriptionMember2023-01-012023-09-30
0001549084us-gaap:ProductAndServiceOtherMemberekso:EksoHealthMember2023-01-012023-09-30
0001549084us-gaap:ProductAndServiceOtherMemberekso:EksoWorksMember2023-01-012023-09-30
0001549084us-gaap:ProductAndServiceOtherMember2023-01-012023-09-30
0001549084ekso:EksoHealthMember2023-01-012023-09-30
0001549084ekso:EksoWorksMember2023-01-012023-09-30
0001549084ekso:WarrantyMember2024-03-31
0001549084ekso:WarrantyMember2023-12-31
0001549084ekso:WarrantyMember2024-04-012024-09-30
0001549084ekso:WarrantyMember2024-01-012024-09-30
0001549084ekso:WarrantyMember2024-09-30
0001549084us-gaap:DevelopedTechnologyRightsMember2024-09-30
0001549084us-gaap:TradeNamesMember2024-09-30
0001549084us-gaap:IntellectualPropertyMember2024-09-30
0001549084us-gaap:CustomerRelationshipsMember2024-09-30
0001549084us-gaap:DevelopedTechnologyRightsMember2023-12-31
0001549084us-gaap:TradeNamesMember2023-12-31
0001549084us-gaap:IntellectualPropertyMember2023-12-31
0001549084us-gaap:CustomerRelationshipsMember2023-12-31
0001549084ekso:PwbAgreementMemberekso:TermLoanMember2020-08-30
0001549084ekso:PwbAgreementMemberekso:TermLoanMember2020-08-012020-08-30
0001549084ekso:PwbAgreementMemberekso:TermLoanMember2024-09-30
0001549084ekso:PwbAgreementMemberekso:TermLoanMember2024-01-012024-09-30
0001549084ekso:PwbAgreementMemberekso:TermLoanMember2024-07-012024-09-30
0001549084ekso:PwbAgreementMemberekso:TermLoanMember2023-07-012023-09-30
0001549084ekso:PwbAgreementMemberekso:TermLoanMember2023-01-012023-09-30
0001549084ekso:PromissoryNoteMemberus-gaap:SubordinatedDebtMember2022-12-05
0001549084ekso:PromissoryNoteMemberus-gaap:SubordinatedDebtMember2022-12-052022-12-05
0001549084ekso:PromissoryNoteMemberus-gaap:SubordinatedDebtMember2024-09-30
0001549084ekso:PromissoryNoteMemberus-gaap:SubordinatedDebtMember2024-01-012024-09-30
0001549084ekso:PromissoryNoteMemberus-gaap:SubordinatedDebtMember2024-07-012024-09-30
0001549084ekso:PromissoryNoteMemberus-gaap:SubordinatedDebtMember2023-07-012023-09-30
0001549084ekso:PromissoryNoteMemberus-gaap:SubordinatedDebtMember2023-01-012023-09-30
0001549084ekso:SanRafaelCaliforniaMember2022-07-31
0001549084ekso:SanRafaelCaliforniaMember2024-09-30
0001549084ekso:HamburgGermanyMember2022-02-28
0001549084ekso:HamburgGermanyMember2024-09-30
0001549084ekso:BrecksvilleOhioMember2024-09-30
0001549084ekso:September2024OfferingMember2024-09-032024-09-03
0001549084ekso:September2024PrefundedWarrantMember2024-09-03
0001549084ekso:September2024SeriesAWarrantsMember2024-09-03
0001549084ekso:September2024SeriesBWarrantsMember2024-09-03
0001549084ekso:January2024OfferingMember2024-01-102024-01-10
0001549084ekso:January2024OfferingMember2024-01-10
0001549084ekso:AtTheMarketOfferingMember2020-10-012020-10-31
0001549084srt:MinimumMemberekso:AtTheMarketOfferingMember2020-10-31
0001549084ekso:AtTheMarketOfferingMember2024-07-012024-09-30
0001549084ekso:AtTheMarketOfferingMember2024-01-012024-06-30
0001549084ekso:AtTheMarketOfferingMember2023-04-012023-06-30
0001549084ekso:September2024PrefundedWarrantMember2024-09-30
0001549084ekso:September2024PrefundedWarrantMember2023-12-31
0001549084ekso:September2024PrefundedWarrantMember2024-01-012024-09-30
0001549084ekso:September2024SeriesAWarrantsMember2024-09-30
0001549084ekso:September2024SeriesAWarrantsMember2023-12-31
0001549084ekso:September2024SeriesAWarrantsMember2024-01-012024-09-30
0001549084ekso:September2024SeriesBWarrantsMember2024-09-30
0001549084ekso:September2024SeriesBWarrantsMember2023-12-31
0001549084ekso:September2024SeriesBWarrantsMember2024-01-012024-09-30
0001549084ekso:A2021WarrantsMember2024-09-30
0001549084ekso:A2021WarrantsMember2023-12-31
0001549084ekso:A2021WarrantsMember2024-01-012024-09-30
0001549084ekso:June2020InvestorWarrantsMember2024-09-30
0001549084ekso:June2020InvestorWarrantsMember2023-12-31
0001549084ekso:June2020InvestorWarrantsMember2024-01-012024-09-30
0001549084ekso:June2020PlacementAgentWarrantsMember2024-09-30
0001549084ekso:June2020PlacementAgentWarrantsMember2023-12-31
0001549084ekso:June2020PlacementAgentWarrantsMember2024-01-012024-09-30
0001549084ekso:December2019WarrantsMember2024-09-30
0001549084ekso:December2019WarrantsMember2023-12-31
0001549084ekso:December2019WarrantsMember2024-01-012024-09-30
0001549084ekso:December2019PlacementAgentWarrantsMember2024-09-30
0001549084ekso:December2019PlacementAgentWarrantsMember2023-12-31
0001549084ekso:December2019PlacementAgentWarrantsMember2024-01-012024-09-30
0001549084ekso:May2019WarrantsMember2024-09-30
0001549084ekso:May2019WarrantsMember2023-12-31
0001549084ekso:May2019WarrantsMember2024-01-012024-09-30
0001549084ekso:September2024PrefundedWarrantMember2024-09-012024-09-30
0001549084ekso:September2024WarrantsMember2024-09-012024-09-30
0001549084ekso:A2021WarrantsMember2021-02-012021-02-28
0001549084ekso:A2021WarrantsMember2021-02-28
0001549084ekso:A2021WarrantsMemberus-gaap:MeasurementInputSharePriceMember2024-09-30
0001549084ekso:A2021WarrantsMemberus-gaap:MeasurementInputSharePriceMember2023-12-31
0001549084ekso:A2021WarrantsMemberus-gaap:MeasurementInputConversionPriceMember2024-09-30
0001549084ekso:A2021WarrantsMemberus-gaap:MeasurementInputConversionPriceMember2023-12-31
0001549084ekso:A2021WarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2024-09-30
0001549084ekso:A2021WarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2023-12-31
0001549084ekso:A2021WarrantsMemberus-gaap:MeasurementInputExpectedTermMember2024-09-30
0001549084ekso:A2021WarrantsMemberus-gaap:MeasurementInputExpectedTermMember2023-12-31
0001549084ekso:A2021WarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2024-09-30
0001549084ekso:A2021WarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2023-12-31
0001549084ekso:June2020InvestorWarrantsMember2020-06-30
0001549084ekso:June2020InvestorWarrantsMemberus-gaap:MeasurementInputSharePriceMember2024-09-30
0001549084ekso:June2020InvestorWarrantsMemberus-gaap:MeasurementInputSharePriceMember2023-12-31
0001549084ekso:June2020InvestorWarrantsMemberus-gaap:MeasurementInputConversionPriceMember2024-09-30
0001549084ekso:June2020InvestorWarrantsMemberus-gaap:MeasurementInputConversionPriceMember2023-12-31
0001549084ekso:June2020InvestorWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2024-09-30
0001549084ekso:June2020InvestorWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2023-12-31
0001549084ekso:June2020InvestorWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2024-09-30
0001549084ekso:June2020InvestorWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2023-12-31
0001549084ekso:June2020InvestorWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2024-09-30
0001549084ekso:June2020InvestorWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2023-12-31
0001549084ekso:June2020PlacementAgentWarrantsMember2020-06-012020-06-30
0001549084ekso:June2020PlacementAgentWarrantsMember2020-06-30
0001549084ekso:June2020PlacementAgentWarrantsMemberus-gaap:MeasurementInputSharePriceMember2024-09-30
0001549084ekso:June2020PlacementAgentWarrantsMemberus-gaap:MeasurementInputSharePriceMember2023-12-31
0001549084ekso:June2020PlacementAgentWarrantsMemberus-gaap:MeasurementInputConversionPriceMember2024-09-30
0001549084ekso:June2020PlacementAgentWarrantsMemberus-gaap:MeasurementInputConversionPriceMember2023-12-31
0001549084ekso:June2020PlacementAgentWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2024-09-30
0001549084ekso:June2020PlacementAgentWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2023-12-31
0001549084ekso:June2020PlacementAgentWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2024-09-30
0001549084ekso:June2020PlacementAgentWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2023-12-31
0001549084ekso:June2020PlacementAgentWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2024-09-30
0001549084ekso:June2020PlacementAgentWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2023-12-31
0001549084ekso:December2019WarrantsMember2019-06-30
0001549084ekso:December2019WarrantsMemberus-gaap:MeasurementInputSharePriceMember2024-09-30
0001549084ekso:December2019WarrantsMemberus-gaap:MeasurementInputSharePriceMember2023-12-31
0001549084ekso:December2019WarrantsMemberus-gaap:MeasurementInputConversionPriceMember2024-09-30
0001549084ekso:December2019WarrantsMemberus-gaap:MeasurementInputConversionPriceMember2023-12-31
0001549084ekso:December2019WarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2024-09-30
0001549084ekso:December2019WarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2023-12-31
0001549084ekso:December2019WarrantsMemberus-gaap:MeasurementInputExpectedTermMember2024-09-30
0001549084ekso:December2019WarrantsMemberus-gaap:MeasurementInputExpectedTermMember2023-12-31
0001549084ekso:December2019WarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2024-09-30
0001549084ekso:December2019WarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2023-12-31
0001549084ekso:December2019PlacementAgentWarrantsMember2019-12-31
0001549084ekso:December2019PlacementAgentWarrantsMemberus-gaap:MeasurementInputSharePriceMember2024-09-30
0001549084ekso:December2019PlacementAgentWarrantsMemberus-gaap:MeasurementInputSharePriceMember2023-12-31
0001549084ekso:December2019PlacementAgentWarrantsMemberus-gaap:MeasurementInputConversionPriceMember2024-09-30
0001549084ekso:December2019PlacementAgentWarrantsMemberus-gaap:MeasurementInputConversionPriceMember2023-12-31
0001549084ekso:December2019PlacementAgentWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2024-09-30
0001549084ekso:December2019PlacementAgentWarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2023-12-31
0001549084ekso:December2019PlacementAgentWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2024-09-30
0001549084ekso:December2019PlacementAgentWarrantsMemberus-gaap:MeasurementInputExpectedTermMember2023-12-31
0001549084ekso:December2019PlacementAgentWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2024-09-30
0001549084ekso:December2019PlacementAgentWarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2023-12-31
0001549084ekso:May2019WarrantsMember2019-05-31
0001549084ekso:May2019WarrantsMemberus-gaap:MeasurementInputSharePriceMember2023-12-31
0001549084ekso:May2019WarrantsMemberus-gaap:MeasurementInputConversionPriceMember2023-12-31
0001549084ekso:May2019WarrantsMemberus-gaap:MeasurementInputRiskFreeInterestRateMember2023-12-31
0001549084ekso:May2019WarrantsMemberus-gaap:MeasurementInputExpectedTermMember2023-12-31
0001549084ekso:May2019WarrantsMemberus-gaap:MeasurementInputPriceVolatilityMember2023-12-31
0001549084ekso:EquityIncentivePlan2014Member2024-06-062024-06-06
0001549084ekso:EquityIncentivePlan2014Member2024-09-30
0001549084ekso:EquityIncentivePlan2014Member2023-12-31
0001549084ekso:EquityIncentivePlan2014Member2024-01-012024-09-30
0001549084ekso:EquityIncentivePlan2014Member2024-09-30
0001549084us-gaap:RestrictedStockUnitsRSUMember2023-12-31
0001549084us-gaap:RestrictedStockUnitsRSUMember2024-01-012024-09-30
0001549084us-gaap:RestrictedStockUnitsRSUMember2024-09-30
0001549084us-gaap:SellingAndMarketingExpenseMember2024-07-012024-09-30
0001549084us-gaap:SellingAndMarketingExpenseMember2023-07-012023-09-30
0001549084us-gaap:SellingAndMarketingExpenseMember2024-01-012024-09-30
0001549084us-gaap:SellingAndMarketingExpenseMember2023-01-012023-09-30
0001549084us-gaap:ResearchAndDevelopmentExpenseMember2024-07-012024-09-30
0001549084us-gaap:ResearchAndDevelopmentExpenseMember2023-07-012023-09-30
0001549084us-gaap:ResearchAndDevelopmentExpenseMember2024-01-012024-09-30
0001549084us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-09-30
0001549084us-gaap:GeneralAndAdministrativeExpenseMember2024-07-012024-09-30
0001549084us-gaap:GeneralAndAdministrativeExpenseMember2023-07-012023-09-30
0001549084us-gaap:GeneralAndAdministrativeExpenseMember2024-01-012024-09-30
0001549084us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-09-30
0001549084us-gaap:AdditionalPaidInCapitalMember2024-01-012024-09-30
0001549084us-gaap:AdditionalPaidInCapitalMember2023-01-012023-09-30
0001549084ekso:SalesRevenueGoodsNetExcludingGovernmentSalesMemberus-gaap:RoyaltyAgreementTermsMember2024-01-012024-09-30
0001549084ekso:LicenseRevenueMemberus-gaap:RoyaltyAgreementTermsMember2024-01-012024-09-30
0001549084ekso:LicensedPatentProductsMemberus-gaap:RoyaltyAgreementTermsMember2012-10-152012-10-15
0001549084ekso:LicensedSoftwareProductsMemberus-gaap:RoyaltyAgreementTermsMember2012-10-152012-10-15
0001549084us-gaap:RoyaltyAgreementTermsMember2012-10-152012-10-15
0001549084us-gaap:RoyaltyAgreementTermsMember2022-03-012022-03-01
0001549084us-gaap:RoyaltyAgreementTermsMember2023-01-012024-09-30
0001549084ekso:SanRafaelBrecksvilleAndHamburgMember2024-09-30
0001549084us-gaap:EmployeeStockOptionMember2024-07-012024-09-30
0001549084us-gaap:EmployeeStockOptionMember2023-07-012023-09-30
0001549084us-gaap:EmployeeStockOptionMember2024-01-012024-09-30
0001549084us-gaap:EmployeeStockOptionMember2023-01-012023-09-30
0001549084us-gaap:RestrictedStockMember2024-07-012024-09-30
0001549084us-gaap:RestrictedStockMember2023-07-012023-09-30
0001549084us-gaap:RestrictedStockMember2024-01-012024-09-30
0001549084us-gaap:RestrictedStockMember2023-01-012023-09-30
0001549084us-gaap:WarrantMember2024-07-012024-09-30
0001549084us-gaap:WarrantMember2023-07-012023-09-30
0001549084us-gaap:WarrantMember2024-01-012024-09-30
0001549084us-gaap:WarrantMember2023-01-012023-09-30
0001549084ekso:PrefundedWarrantsMember2024-01-012024-09-30
0001549084country:US2024-07-012024-09-30
0001549084country:US2023-07-012023-09-30
0001549084country:US2024-01-012024-09-30
0001549084country:US2023-01-012023-09-30
0001549084ekso:AmericasOtherMember2024-07-012024-09-30
0001549084ekso:AmericasOtherMember2023-07-012023-09-30
0001549084ekso:AmericasOtherMember2024-01-012024-09-30
0001549084ekso:AmericasOtherMember2023-01-012023-09-30
0001549084srt:AmericasMember2024-07-012024-09-30
0001549084srt:AmericasMember2023-07-012023-09-30
0001549084srt:AmericasMember2024-01-012024-09-30
0001549084srt:AmericasMember2023-01-012023-09-30
0001549084country:FR2024-07-012024-09-30
0001549084country:FR2023-07-012023-09-30
0001549084country:FR2024-01-012024-09-30
0001549084country:FR2023-01-012023-09-30
0001549084country:PL2024-07-012024-09-30
0001549084country:PL2023-07-012023-09-30
0001549084country:PL2024-01-012024-09-30
0001549084country:PL2023-01-012023-09-30
0001549084ekso:EmeaOtherMember2024-07-012024-09-30
0001549084ekso:EmeaOtherMember2023-07-012023-09-30
0001549084ekso:EmeaOtherMember2024-01-012024-09-30
0001549084ekso:EmeaOtherMember2023-01-012023-09-30
0001549084us-gaap:EMEAMember2024-07-012024-09-30
0001549084us-gaap:EMEAMember2023-07-012023-09-30
0001549084us-gaap:EMEAMember2024-01-012024-09-30
0001549084us-gaap:EMEAMember2023-01-012023-09-30
0001549084country:HK2024-07-012024-09-30
0001549084country:HK2023-07-012023-09-30
0001549084country:HK2024-01-012024-09-30
0001549084country:HK2023-01-012023-09-30
0001549084ekso:ApacOtherMember2024-07-012024-09-30
0001549084ekso:ApacOtherMember2023-07-012023-09-30
0001549084ekso:ApacOtherMember2024-01-012024-09-30
0001549084ekso:ApacOtherMember2023-01-012023-09-30
0001549084srt:AsiaPacificMember2024-07-012024-09-30
0001549084srt:AsiaPacificMember2023-07-012023-09-30
0001549084srt:AsiaPacificMember2024-01-012024-09-30
0001549084srt:AsiaPacificMember2023-01-012023-09-30
0001549084ekso:AngelPondCapitalLlcMember2024-01-012024-09-30
0001549084ekso:InitialPayment1Memberekso:AngelPondCapitalLlcMember2024-01-012024-09-30
0001549084ekso:InitialPaymentMemberekso:AngelPondCapitalLlcMember2024-01-012024-09-30
0001549084ekso:AngelPondCapitalLlcMember2024-09-30
0001549084ekso:AngelPondCapitalLlcMember2023-12-31
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2024
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______ to ______
Commission File Number: 001-37854
Ekso Bionics Holdings, Inc.
(Exact name of registrant as specified in its charter)
| Nevada | 99-0367049 |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| 101 Glacier Point, Suite A San Rafael, CA | 94901 |
| (Address of principal executive offices) | (Zip Code) |
(510) 984-1761
(Registrant’s telephone number, including area code)
(Former name, former address, and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Name of each exchange on which registered:
| 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 |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | | Accelerated filer | ☐ |
| | | | | |
| Non-accelerated filer | ☒ | | Smaller reporting company | ☒ |
| | | | | |
| | | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of registrant’s common stock outstanding as of October 25, 2024 was 21,998,369.
Ekso Bionics Holdings, Inc.
Quarterly Report on Form 10-Q
Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Ekso Bionics Holdings, Inc.
Condensed Consolidated Balance Sheets
(In thousands, except par value)
| | | September 30, 2024 | | | December 31, 2023 | |
| | | (unaudited) | | | | |
| Assets | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash and restricted cash | | $ | 8,292 | | | $ | 8,638 | |
| Accounts receivable, net of allowances of $29 and $79, respectively | | | 6,964 | | | | 5,645 | |
| Inventories | | | 5,031 | | | | 5,050 | |
| Prepaid expenses and other current assets | | | 779 | | | | 875 | |
| Total current assets | | | 21,066 | | | | 20,208 | |
| Property and equipment, net | | | 1,628 | | | | 2,018 | |
| Right-of-use assets | | | 891 | | | | 977 | |
| Intangible assets, net | | | 4,662 | | | | 4,892 | |
| Goodwill | | | 431 | | | | 431 | |
| Other assets | | | 531 | | | | 392 | |
| Total assets | | $ | 29,209 | | | $ | 28,918 | |
| | | | | | | | | |
| Liabilities and Stockholders’ Equity | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Accounts payable | | $ | 1,808 | | | $ | 1,847 | |
| Accrued liabilities | | | 1,975 | | | | 2,664 | |
| Deferred revenues, current | | | 2,039 | | | | 1,993 | |
| Notes payable, current | | | 1,250 | | | | 1,250 | |
| Lease liabilities, current | | | 434 | | | | 363 | |
| Total current liabilities | | | 7,506 | | | | 8,117 | |
| Deferred revenues | | | 1,971 | | | | 2,169 | |
| Notes payable, net | | | 4,106 | | | | 4,832 | |
| Lease liabilities | | | 556 | | | | 723 | |
| Warrant liabilities | | | 35 | | | | 366 | |
| Other non-current liabilities | | | 165 | | | | 105 | |
| Total liabilities | | | 14,339 | | | | 16,312 | |
| Commitments and Contingencies (Note 14) | | | | | | | | |
| Stockholders’ equity: | | | | | | | | |
| Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding as of September 30, 2024 and December 31, 2023 | | | — | | | | — | |
| Common stock, $0.001 par value; 141,429 shares authorized; 21,998 and 14,848 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively | | | 22 | | | | 15 | |
| Additional paid-in capital | | | 261,898 | | | | 251,580 | |
| Accumulated other comprehensive income | | | 12 | | | | 156 | |
| Accumulated deficit | | | (247,062 | ) | | | (239,145 | ) |
| Total stockholders’ equity | | | 14,870 | | | | 12,606 | |
| Total liabilities and stockholders’ equity | | $ | 29,209 | | | $ | 28,918 | |
The accompanying notes are an integral part of these condensed consolidated financial statements
Ekso Bionics Holdings, Inc.
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands, except per share amounts)
(Unaudited)
| |
|
Three Months Ended |
|
|
Nine Months Ended |
|
| |
|
September 30, |
|
|
September 30, |
|
| |
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
| Revenue |
|
$ |
4,129 |
|
|
$ |
4,607 |
|
|
$ |
12,835 |
|
|
$ |
13,432 |
|
| Cost of revenue |
|
|
1,920 |
|
|
|
2,151 |
|
|
|
6,038 |
|
|
|
6,722 |
|
| Gross profit |
|
|
2,209 |
|
|
|
2,456 |
|
|
|
6,797 |
|
|
|
6,710 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Sales and marketing |
|
|
1,760 |
|
|
|
2,052 |
|
|
|
5,424 |
|
|
|
6,489 |
|
| Research and development |
|
|
777 |
|
|
|
1,159 |
|
|
|
3,029 |
|
|
|
3,712 |
|
| General and administrative |
|
|
2,311 |
|
|
|
2,176 |
|
|
|
6,574 |
|
|
|
8,172 |
|
| Total operating expenses |
|
|
4,848 |
|
|
|
5,387 |
|
|
|
15,027 |
|
|
|
18,373 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loss from operations |
|
|
(2,639 |
) |
|
|
(2,931 |
) |
|
|
(8,230 |
) |
|
|
(11,663 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other income (expense), net: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense, net |
|
|
(79 |
) |
|
|
(64 |
) |
|
|
(210 |
) |
|
|
(236 |
) |
| Loss on modification of warrant |
|
|
— |
|
|
|
— |
|
|
|
(109 |
) |
|
|
— |
|
| Gain on revaluation of warrant liabilities |
|
|
14 |
|
|
|
60 |
|
|
|
440 |
|
|
|
186 |
|
| Unrealized gain (loss) on foreign exchange |
|
|
634 |
|
|
|
(433 |
) |
|
|
194 |
|
|
|
(223 |
) |
| Other (expense) income, net |
|
|
(2 |
) |
|
|
3 |
|
|
|
(2 |
) |
|
|
(48 |
) |
| Total other income (expense), net |
|
|
567 |
|
|
|
(434 |
) |
|
|
313 |
|
|
|
(321 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(2,072 |
) |
|
$ |
(3,365 |
) |
|
$ |
(7,917 |
) |
|
$ |
(11,984 |
) |
| Other comprehensive income (loss) |
|
|
(527 |
) |
|
|
374 |
|
|
|
(144 |
) |
|
|
170 |
|
| Comprehensive loss |
|
$ |
(2,599 |
) |
|
$ |
(2,991 |
) |
|
$ |
(8,061 |
) |
|
$ |
(11,814 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loss per share applicable to common shareholders, basic and diluted |
|
$ |
(0.10 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.42 |
) |
|
$ |
(0.88 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Weighted average number of common shares outstanding, basic and diluted |
|
|
20,310 |
|
|
|
14,073 |
|
|
|
18,657 |
|
|
|
13,672 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements
Ekso Bionics Holdings, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(In thousands)
(Unaudited)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
Total |
|
| |
|
Convertible Preferred Stock |
|
|
Common Stock |
|
|
Additional |
|
|
Comprehensive |
|
|
Accumulated |
|
|
Stockholders’ |
|
| |
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Paid-in Capital |
|
|
(Loss) Income |
|
|
Deficit |
|
|
Equity |
|
| Balance as of December 31, 2023 |
|
|
— |
|
|
$ |
— |
|
|
|
14,848 |
|
|
$ |
15 |
|
|
$ |
251,580 |
|
|
$ |
156 |
|
|
$ |
(239,145 |
) |
|
$ |
12,606 |
|
| Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,429 |
) |
|
|
(3,429 |
) |
| Issuance of common stock under: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity financing, net |
|
|
— |
|
|
|
— |
|
|
|
2,997 |
|
|
|
3 |
|
|
|
3,967 |
|
|
|
— |
|
|
|
— |
|
|
|
3,970 |
|
| Matching contribution to 401(k) plan |
|
|
— |
|
|
|
— |
|
|
|
163 |
|
|
|
— |
|
|
|
237 |
|
|
|
— |
|
|
|
— |
|
|
|
237 |
|
| Equity incentive plan |
|
|
— |
|
|
|
— |
|
|
|
88 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
376 |
|
|
|
— |
|
|
|
— |
|
|
|
376 |
|
| Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
291 |
|
|
|
— |
|
|
|
291 |
|
| Balance as of March 31, 2024 |
|
|
— |
|
|
$ |
— |
|
|
|
18,096 |
|
|
$ |
18 |
|
|
$ |
256,160 |
|
|
$ |
447 |
|
|
$ |
(242,574 |
) |
|
$ |
14,051 |
|
| Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,416 |
) |
|
|
(2,416 |
) |
| Issuance of common stock under: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity financing, net |
|
|
— |
|
|
|
— |
|
|
|
75 |
|
|
|
— |
|
|
|
47 |
|
|
|
— |
|
|
|
— |
|
|
|
47 |
|
| Equity incentive plan |
|
|
— |
|
|
|
— |
|
|
|
273 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
| Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
284 |
|
|
|
— |
|
|
|
— |
|
|
|
284 |
|
| Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
92 |
|
|
|
— |
|
|
|
92 |
|
| Balance as of June 30, 2024 |
|
|
— |
|
|
$ |
— |
|
|
|
18,444 |
|
|
$ |
19 |
|
|
$ |
256,491 |
|
|
$ |
539 |
|
|
$ |
(244,990 |
) |
|
$ |
12,059 |
|
| Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,072 |
) |
|
|
(2,072 |
) |
| Issuance of common stock and warrants under: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity financing, net |
|
|
— |
|
|
|
— |
|
|
|
3,100 |
|
|
|
3 |
|
|
|
5,001 |
|
|
|
|
|
|
|
|
|
|
|
5,004 |
|
| Exercise of warrants |
|
|
— |
|
|
|
— |
|
|
|
335 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
— |
|
| Issuance of common stock under: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity incentive plan |
|
|
— |
|
|
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
406 |
|
|
|
— |
|
|
|
— |
|
|
|
406 |
|
| Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(527 |
) |
|
|
— |
|
|
|
(527 |
) |
| Balance as of September 30, 2024 |
|
|
— |
|
|
$ |
— |
|
|
|
21,998 |
|
|
$ |
22 |
|
|
$ |
261,898 |
|
|
$ |
12 |
|
|
$ |
(247,062 |
) |
|
$ |
14,870 |
|
Ekso Bionics Holdings, Inc.
Condensed Consolidated Statements of Stockholders’ Equity
(In thousands)
(Unaudited)
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|
Total |
|
| |
|
Convertible Preferred Stock |
|
|
Common Stock |
|
|
Additional |
|
|
Comprehensive |
|
|
Accumulated |
|
|
Stockholders’ |
|
| |
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Paid-in Capital |
|
|
(Loss) Income |
|
|
Deficit |
|
|
Equity |
|
| Balance as of December 31, 2022 |
|
|
— |
|
|
$ |
— |
|
|
|
13,203 |
|
|
$ |
13 |
|
|
$ |
248,813 |
|
|
$ |
563 |
|
|
$ |
(223,947 |
) |
|
$ |
25,442 |
|
| Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,389 |
) |
|
|
(4,389 |
) |
| Issuance of common stock under: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity incentive plan |
|
|
— |
|
|
|
— |
|
|
|
139 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
424 |
|
|
|
— |
|
|
|
— |
|
|
|
424 |
|
| Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(194 |
) |
|
|
— |
|
|
|
(194 |
) |
| Balance as of March 31, 2023 |
|
|
— |
|
|
$ |
— |
|
|
|
13,342 |
|
|
$ |
13 |
|
|
$ |
249,237 |
|
|
$ |
369 |
|
|
$ |
(228,336 |
) |
|
$ |
21,283 |
|
| Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,230 |
) |
|
|
(4,230 |
) |
| Issuance of common stock under: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Matching contribution to 401(k) plan |
|
|
— |
|
|
|
— |
|
|
|
161 |
|
|
|
— |
|
|
|
249 |
|
|
|
— |
|
|
|
— |
|
|
|
249 |
|
| Equity incentive plan |
|
|
— |
|
|
|
— |
|
|
|
304 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
| Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
514 |
|
|
|
— |
|
|
|
— |
|
|
|
514 |
|
| Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10 |
) |
|
|
— |
|
|
|
(10 |
) |
| Balance as of June 30, 2023 |
|
|
— |
|
|
$ |
— |
|
|
|
13,807 |
|
|
$ |
14 |
|
|
$ |
250,000 |
|
|
$ |
359 |
|
|
$ |
(232,566 |
) |
|
$ |
17,807 |
|
| Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,365 |
) |
|
|
(3,365 |
) |
| Issuance of common stock under: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Equity incentive plan |
|
|
— |
|
|
|
— |
|
|
|
428 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
441 |
|
|
|
— |
|
|
|
— |
|
|
|
441 |
|
| Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
374 |
|
|
|
— |
|
|
|
374 |
|
| Balance as of September 30, 2023 |
|
|
— |
|
|
$ |
— |
|
|
|
14,235 |
|
|
$ |
14 |
|
|
$ |
250,441 |
|
|
$ |
733 |
|
|
$ |
(235,931 |
) |
|
$ |
15,257 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements
Ekso Bionics Holdings, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
| |
|
Nine Months Ended September 30, |
|
| |
|
2024 |
|
|
2023 |
|
| Operating activities: |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(7,917 |
) |
|
$ |
(11,984 |
) |
| Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
1,210 |
|
|
|
1,266 |
|
| Changes in provision for credit losses on accounts receivable |
|
|
73 |
|
|
|
25 |
|
| Gain on revaluation of warrant liabilities |
|
|
(440 |
) |
|
|
(186 |
) |
| Stock-based compensation expense |
|
|
1,066 |
|
|
|
1,379 |
|
| Loss on modification of warrant |
|
|
109 |
|
|
|
— |
|
| Common stock contribution to 401(k) plan |
|
|
177 |
|
|
|
304 |
|
| Unrealized loss (gain) on foreign currency transactions |
|
|
(194 |
) |
|
|
223 |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
(1,427 |
) |
|
|
(1,348 |
) |
| Inventories |
|
|
(80 |
) |
|
|
(162 |
) |
| Prepaid expenses and other assets, current and noncurrent |
|
|
63 |
|
|
|
(370 |
) |
| Accounts payable |
|
|
(41 |
) |
|
|
(647 |
) |
| Accrued, lease and other liabilities, current and noncurrent |
|
|
(852 |
) |
|
|
(522 |
) |
| Deferred revenues |
|
|
(160 |
) |
|
|
1,552 |
|
| Net cash used in operating activities |
|
|
(8,413 |
) |
|
|
(10,470 |
) |
| Investing activities: |
|
|
|
|
|
|
|
|
| Acquisition of property and equipment |
|
|
(16 |
) |
|
|
(114 |
) |
| Net cash used in investing activities |
|
|
(16 |
) |
|
|
(114 |
) |
| Financing activities: |
|
|
|
|
|
|
|
|
| Principal payments under notes payable |
|
|
(938 |
) |
|
|
— |
|
| Proceeds from issuance of common stock, net |
|
|
9,021 |
|
|
|
— |
|
| Net cash provided by financing activities |
|
|
8,083 |
|
|
|
— |
|
| Effect of exchange rate changes on cash |
|
|
— |
|
|
|
(4 |
) |
| Net decrease in cash |
|
|
(346 |
) |
|
|
(10,588 |
) |
| Cash and restricted cash at beginning of period |
|
|
8,638 |
|
|
|
20,525 |
|
| Cash and restricted cash at end of period |
|
$ |
8,292 |
|
|
$ |
9,937 |
|
| |
|
|
|
|
|
|
|
|
| Supplemental disclosure of cash flow activities |
|
|
|
|
|
|
|
|
| Cash paid for interest |
|
$ |
142 |
|
|
$ |
145 |
|
| Cash paid for income taxes |
|
$ |
9 |
|
|
$ |
33 |
|
| Supplemental disclosure of non-cash activities |
|
|
|
|
|
|
|
|
| Transfer of inventory to (from) property and equipment |
|
$ |
105 |
|
|
$ |
(146 |
) |
| Initial recognition of operating lease liability and right of use asset |
|
$ |
180 |
|
|
$ |
— |
|
| Share issuance RSU |
|
$ |
1 |
|
|
$ |
— |
|
| Modification of operating lease right-of-use asset and lease liability |
|
$ |
— |
|
|
$ |
(10 |
) |
| Share issuance for common stock contribution to 401(k) plan |
|
$ |
237 |
|
|
$ |
249 |
|
The accompanying notes are an integral part of these condensed consolidated financial statements
Ekso Bionics Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
($ and share amounts in thousands, except per share amounts)
1. Organization
Description of Business
Ekso Bionics Holdings, Inc. (the “Company”) designs, develops, and markets wearable powered and non-powered exoskeleton products to augment human strength, endurance and mobility. The Company’s exoskeleton technology is primarily focused on aiding in the recovery and improved quality of life of individuals who have suffered from a variety of neurological conditions and allows for neurorehabilitation ranging from hospital to home, and also has technology that can be utilized by able-bodied users in the workplace. The Company has marketed devices that (i) enable individuals with neurological conditions affecting gait, including acquired brain injury ("ABI") and multiple sclerosis ("MS"), and spinal cord injury ("SCI") to rehabilitate and to stand and walk in neurorehabilitation settings and, for patients with a SCI, for home and community use, (ii) assist individuals with a broad range of upper extremity impairments, and (iii) allow industrial workers to perform difficult repetitive work for extended periods. Founded in 2005, the Company is headquartered in the San Francisco Bay area and listed on the Nasdaq Capital Market under the symbol “EKSO”.
Liquidity and Going Concern
As of September 30, 2024, the Company had an accumulated deficit of $247,062. Largely as a result of significant research and development activities related to the development of the Company’s advanced technology and commercialization of such technology into its medical device business, the Company has incurred significant operating losses and negative cash flows from operations since inception. During the nine months ended September 30, 2024, the Company used $8,413 of cash in its operations. Cash on hand as of September 30, 2024 was $8,292.
As described in Note 9. Notes Payable, net, borrowings under the Company’s secured term loan agreement with Banc of California have a liquidity covenant requiring minimum cash on hand equivalent to the current outstanding principal balance. As of September 30, 2024, $2,000 of cash must remain as restricted. After considering cash restrictions, effective unrestricted cash as of September 30, 2024 was approximately $6,292.
Our expectation to generate operating losses and negative operating cash flows in the future and the need for additional funding to support our planned operations raise substantial doubt regarding our ability to continue as a going concern for a period of one year after the date that the condensed consolidated financial statements are issued. Management intends to raise funds through one or more financings. However, due to several factors, including those outside management’s control, there can be no assurance that the Company will be able to complete such financings on acceptable terms or in amounts sufficient to continue operating the business under the operating plan. If we are unable to complete sufficient additional financings, management’s plans include delaying or abandoning certain product development projects, cost reduction efforts for our products, and refocused sales efforts to accelerate revenue growth above historical results. We have concluded the likelihood that our plan to successfully reduce expenses to align with our available cash, while reasonably possible, is less than probable. Accordingly, we have concluded that substantial doubt exists about our ability to continue as a going concern for a period of at least 12 months from the date of issuance of these condensed consolidated financial statements.
The accompanying condensed consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The condensed consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.
Ekso Bionics Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
($ and share amounts in thousands, except per share amounts)
2. Basis of Presentation and Summary of Significant Accounting Policies and Estimates
Basis of Presentation and Consolidation
The accompanying condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, which was filed with the SEC on March 4, 2024.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements have been prepared on a consistent basis with the audited consolidated financial statements for the fiscal year ended December 31, 2023, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein.
The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the year ending December 31, 2024 or any future periods.
The condensed consolidated financial statements include the financial statements of Ekso Bionics Holdings, Inc. and its subsidiaries. All significant transactions and balances between Ekso Bionics Holdings, Inc. and its subsidiaries have been eliminated in consolidation.
Use of Estimates
The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet, and the reported amounts of revenues and expenses during the reporting period. For the Company, these estimates include, but are not limited to, intangible and tangible assets acquired and liabilities assumed in business combinations, revenue recognition, deferred revenue, the valuation of warrants and employee equity awards, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, and contingencies. Actual results could differ from those estimates.
Foreign Currency
The assets and liabilities of foreign subsidiaries and equity investments, where the local currency is the functional currency, are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at average rates during the period, with resulting foreign currency translation adjustments recorded in accumulated other comprehensive income as a component of stockholders’ equity. Gains and losses from the re-measurement of balances denominated in currencies other than the entities' functional currencies, are recorded in other expense, net in the accompanying condensed consolidated statements of operations and comprehensive loss.
Ekso Bionics Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
($ and share amounts in thousands, except per share amounts)
Inventory
Inventories are recorded at the lower of cost or net realizable value. Cost is computed using the standard cost method, which approximates actual cost on a first-in, first-out basis. Materials from vendors are received and recorded as raw materials. Once the raw materials are incorporated in the fabrication of the product, the related value of the component is recorded as work in progress ("WIP"). Direct and indirect labor and applicable overhead costs are also allocated and recorded to WIP inventory. Finished goods are comprised of completed products that are ready for customer shipment. The Company periodically evaluates the carrying value of inventory on hand for potential excess amounts over sales and forecasted demand. Excess and obsolete inventories identified, if any, are recorded as an inventory impairment charge within the condensed consolidated statements of operations and comprehensive loss. The Company's estimate of write-downs for excess and obsolete inventory is based on a detailed analysis which includes on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of inventory.
Leases
The Company records its leases in accordance with the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 842, Leases. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items, such as initial direct costs paid or incentives received.
Lease expense is recognized over the expected lease term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, lease liabilities current and lease liabilities non-current.
Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term.
Revenue Recognition
The Company records its revenue in accordance with ASC 606, Revenue from Contracts with Customers. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. The Company enters into contracts that can include various combinations of products and services, which when capable of being distinct, are accounted for as separate performance obligations. Revenue recognition is evaluated based on the following five steps: (i) identification of the contract with the customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied.
For multiple-element arrangements, revenue is allocated to each performance obligation based on its relative standalone selling price. Standalone selling prices are determined based on observable prices at which the Company separately sells its products or services. If a standalone selling price is not directly observable, judgment is made to estimate the selling price based on market conditions and entity-specific factors including cost plus analyses, features and functionality of the product and/or services, the geography of the Company’s customers, and type of customer. Any discounts or other reductions to the transaction price are allocated proportionately to all performance obligations within the multiple-element arrangement. The Company periodically validates the stand-alone selling price for performance obligations by evaluating whether changes in the key assumptions used to determine the stand-alone selling prices will have a significant effect on the allocation of transaction price between multiple performance obligations.
The Company exercised judgement to determine that a product return reserve was not required as historical returns activity have not been material.
Ekso Bionics Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
($ and share amounts in thousands, except per share amounts)
Concentration of Credit Risk and Other Risks and Uncertainties
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and accounts receivable.
The Company's cash balances held in domestic banks are deposited into accounts at various institutions with each balance under the $250 Federal Deposit Insurance Corporation ("FDIC") insurance limit. The Company has significant cash balances at foreign financial institutions which regularly exceed the applicable country cash deposit insurance limits of approximately $100 at each of the Company's two foreign banks. Any foreign exchange loss incurred or a lack of access to such funds could have a significant adverse impact on the Company's financial condition, results of operations, and cash flows.
The Company extends credit to customers in the normal course of business. Concentrations of credit risk with respect to accounts receivable exist to the full extent of amounts presented in the condensed consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable. Accounts receivable are derived from the sale of products shipped and services performed for customers primarily located in the U.S., Europe, Asia, and Australia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and provides an allowance for potential credit losses. The allowance for potential credit losses on trade receivables reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance based on known troubled accounts, historical experience, and other currently available evidence. Payment terms and conditions vary by contract type, although terms generally include a requirement of payment within 30 to 90 days. The Company has not experienced material losses related to accounts receivable as of September 30, 2024 and December 31, 2023.
Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency other than the U.S. dollar. The Company does not enter into any foreign currency hedging agreements and is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon collecting receivables denominated in a foreign currency.
The Company hadtwo customers with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable as of September 30, 2024 (14% and 13%), as compared with no customers as of December 31, 2023.
During the three months ended September 30, 2024, the Company had one customer with sales of 10% or more of the Company’s total revenue (26%), as compared with three customers in the three months ended September 30, 2023 (18%, 11% and 11%).
During the nine months ended September 30, 2024, the Company had one customer with sales of 10% or more of the Company’s total revenue (15%), as compared with two customers in the nine months ended September 30, 2023 (17% and 10%).
Recent Accounting Pronouncements
In December 2023, the FASB issued Accounting Standards Update ("ASU") No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures ("ASU 2023-09"), to enhance income tax reporting disclosures and require disclosure of specific categories in the tabular rate reconciliation. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, on a prospective basis. Early adoption and retrospective application are permitted. We are currently evaluating the impact on our disclosures.
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 looks to provide improvements to the segment disclosure by providing users with more decision-useful information about reportable segments in a public entity. The main provisions require a company to disclose, on an annual and interim basis, significant expenses included within each reported measure of segment profit or loss, an amount for other segment items by reportable segment and a description of its composition. ASU 2023-07 is to be applied retrospectively to all prior periods presented in the financial statements with an effective date for all public entities for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted. The Company does not expect the impact of adopting ASU 2023-07 to be material on its consolidated financial statements.
Accounting Pronouncements Adopted in 2024
In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity ("ASU 2020-06"), which simplified the accounting for convertible instruments. ASU 2020-06 eliminated certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance eliminated certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance became effective for the Company in the first quarter of 2024 and was applied using a full retrospective approach. The adoption did not have a material impact on the Company's consolidated financial statements.
Ekso Bionics Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
($ and share amounts in thousands, except per share amounts)
3. Accumulated Other Comprehensive Income (Loss)
The Company's accumulated other comprehensive income (loss) consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments. The change in accumulated other comprehensive income (loss) presented on the condensed consolidated balance sheets for the nine months ended September 30, 2024 and 2023, is reflected in the table below net of tax:
| |
|
Nine Months Ended September 30, |
|
| |
|
2024 |
|
|
2023 |
|
| Balance at beginning of period |
|
$ |
156 |
|
|
$ |
563 |
|
| Net unrealized gain (loss) on foreign currency translation |
|
|
(144 |
) |
|
|
170 |
|
| Balance at end of period |
|
$ |
12 |
|
|
$ |
733 |
|
Ekso Bionics Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
($ and share amounts in thousands, except per share amounts)
4. Fair Value Measurement
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Three levels of inputs, of which the first two are considered observable and the last unobservable, may be used to measure fair value which are the following:
| • |
Level 1—Quoted prices in active markets for identical assets or liabilities. The Company considers a market to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis. |
| • |
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
| • |
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation. |
Ekso Bionics Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
($ and share amounts in thousands, except per share amounts)
The Company’s fair value hierarchies for its financial assets and liabilities, which require fair value measurement on a recurring basis are as follows:
| |
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| September 30, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant liabilities |
|
$ |
35 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
35 |
|
| December 31, 2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant liabilities |
|
$ |
366 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
366 |
|
The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the nine months ended September 30, 2024, which were measured at fair value on a recurring basis:
| |
|
Warrant Liabilities |
|
| Balance as of December 31, 2023 |
|
$ |
366 |
|
| Loss on modification of warrant |
|
|
109 |
|
| Gain on revaluation of warrants |
|
|
(440 |
) |
| Balance as of September 30, 2024 |
|
$ |
35 |
|
Refer to Note 11. Capitalization and Equity Structure – Warrants for additional information regarding the valuation of warrants.
5. Inventories
Inventories as of September 30, 2024 and December 31, 2023 consisted of the following:
| |
|
September 30, 2024 |
|
|
December 31, 2023 |
|
| Raw materials |
|
$ |
3,917 |
|
|
$ |
4,298 |
|
| Work in progress |
|
|
301 |
|
|
|
290 |
|
| Finished goods |
|
|
813 |
|
|
|
462 |
|
| Inventories |
|
$ |
5,031 |
|
|
$ |
5,050 |
|
6. Revenue
The Company’s medical device segment (EksoHealth) revenue is primarily generated through the sale and subscription of the EksoNR, Ekso Indego Therapy, and Ekso Indego Personal devices, along with the sale of support and maintenance contracts. Revenue from medical device product sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility for sales of the EksoNR, Ekso Indego Therapy, and Ekso Indego Personal devices. Support and maintenance contracts extend coverage beyond the Company’s standard warranty agreements ranging from 12 to 48 months. Revenue is recognized evenly over the term of the contracts. Revenue from medical device subscriptions is recognized evenly over the contract term, typically over 24 months.
The Company’s industrial device segment (EksoWorks) revenue is primarily generated through the sale of the upper body exoskeleton EVO and associated accessories. Revenue from industrial device sales is recognized at the point in time when control of the product transfers to the customer. Transfer of control generally occurs upon shipment from the Company’s facility.
Ekso Bionics Holdings, Inc.
Notes to Condensed Consolidated Financial Statements
($ and share amounts in thousands, except per share amounts)
Deferred Revenue
Deferred revenue is comprised mainly of unearned revenue related to extended support and maintenance contracts, but also includes other offerings for which the Company has been paid in advance and earns revenue when the Company transfers control of the product or service.
Deferred revenue consisted of the following:
| | | September 30, 2024 | | | December 31, 2023 | |
| Deferred extended maintenance and support | | $ | 3,850 | | | | 3,993 | |
| Deferred device and advances | | | 160 | | | | 169 | |
| Total deferred revenues | | | 4,010 | | | | 4,162 | |
| Less current portion | | | (2,039 | ) | | | (1,993 | ) |
| Deferred revenues, non-current | | $ | 1,971 | | | $ | 2,169 | |
On September 25, 2023, the Company entered into a warranty claim lump-sum agreement with Parker Hannifin Corporation ("Parker"), pursuant to which, among other things, Parker paid the Company $700 for the release of Parker's obligation to reimburse the Company for its costs and expenses associated with servicing certain product warranty obligations. The Company recorded the lump sum payment as deferred revenue and recognizes revenue as services are performed.
Deferred revenue activity consisted of the following for the nine months ended September 30, 2024:
| Beginning balance | | $ | 4,162 | |
| Deferral of revenue | | | 2,168 | |
| Recognition of deferred revenue | | | (2,320 | ) |
| Ending balance | | $ | 4,010 | |
The Company expects to recognize approximately $703 of the deferred revenue during the remainder of 2024, $1,559 in 2025, and $1,748 thereafter.
In addition to deferred revenue, the Company has a non-cancellable backlog of $3,417, related to its customer orders received but not fulfilled and other ancillary products and services of $2,885, expected to be recognized during 2024 and 2025, and contracts for subscription units of $532, expected to be recognized during 2024, 2025 and 2026.
Disaggregation of Revenue
The following table disaggregates the Company’s revenue by major source for the three months ended September 30, 2024:
| | | EksoHealth | | | EksoWorks | | | Total | |
| Device revenue | | $ | 3,096 | | | $ | 24 | | | $ | 3,120 | |
| Service and support | | | 691 | | | | — | | | | 691 | |
| Subscriptions | | | 123 | | | | — | | | | 123 | |
| Parts and other | | | 177 | | | | 18 | | | | 195 | |
| | | $ | 4,087 | | | $ | 42 | | | $ | 4,129 | |
The following table disaggregates the Company’s revenue by major source for the three months ended September 30, 2023:
| | | EksoHealth | | | EksoWorks | | | Total | |
| Device revenue | | $ | 3,390 | | | $ | 190 | | | $ | 3,580 | |
| Service and support | | | 726 | | | | — | | | | 726 | |
| Subscriptions | | | 245 | | | | — | | | | 245 | |
| Parts and other | | | 27 | | | | 29 | | | | 56 | |
| | | $ | 4,388 | | | $ | 219 | | | $ | 4,607 | |
The following table disaggregates the Company’s revenue by major source for the nine months ended September 30, 2024:
| | | EksoHealth | | | EksoWorks | | | Total | |
| Device revenue | | $ | 9,337 | | | $ | 351 | | | $ | 9,688 | |
| Service and support | | | 2,292 | | | | — | | | | 2,292 | |
| Subscriptions | | | 413 | | | | — | | | | 413 | |
| Parts and other | | | 388 | | | | 54 | | | | 442 | |
| | | $ | 12,430 | | | $ | 405 | | | $ | 12,835 | |
The following table disaggregates the Company’s revenue by major source for the nine months ended September 30, 2023:
| | | EksoHealth | | | EksoWorks | | | Total | |
| Device revenue | | $ | 10,041 | | |