x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Nevada | 99-0367049 | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
1414 Harbour Way South, Suite 1201 Richmond, CA | 94804 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer ¨ | Accelerated filer x | |
Non-accelerated filer ¨ | Smaller reporting company x | |
Page No. | ||
March 31, 2019 | December 31, 2018 | ||||||
(unaudited) | (Note 2) | ||||||
Assets | |||||||
Current assets: | |||||||
Cash | $ | 9,236 | $ | 7,655 | |||
Accounts receivable, net of allowances of $179 and $128, respectively | 3,793 | 3,660 | |||||
Inventories, net | 3,300 | 3,371 | |||||
Prepaid expenses and other current assets | 506 | 281 | |||||
Total current assets | 16,835 | 14,967 | |||||
Property and equipment, net | 2,331 | 2,365 | |||||
Right-of-use assets | 1,365 | — | |||||
Goodwill | 189 | 189 | |||||
Other assets | 140 | 134 | |||||
Total assets | $ | 20,860 | $ | 17,655 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 2,474 | $ | 3,156 | |||
Accrued liabilities | 3,286 | 3,541 | |||||
Deferred revenues, current | 1,211 | 1,102 | |||||
Note payable, current | 2,333 | 2,333 | |||||
Lease liabilities, current | 406 | — | |||||
Total current liabilities | 9,710 | 10,132 | |||||
Deferred revenues | 1,499 | 1,495 | |||||
Note payable, net | 2,093 | 2,648 | |||||
Lease liabilities | 1,006 | — | |||||
Warrant liability | 1,964 | 585 | |||||
Other non-current liabilities | 54 | 67 | |||||
Total liabilities | 16,326 | 14,927 | |||||
Commitments and contingencies (Note 14) | |||||||
Stockholders' equity: | |||||||
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding at March 31, 2019 and December 31, 2018 | — | — | |||||
Common stock, $0.001 par value; 141,429 shares authorized; 67,529 and 62,963, shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 68 | 63 | |||||
Additional paid-in capital | 182,107 | 173,903 | |||||
Accumulated other comprehensive income (loss) | 56 | (92 | ) | ||||
Accumulated deficit | (177,697 | ) | (171,146 | ) | |||
Total stockholders' equity | 4,534 | 2,728 | |||||
Total liabilities and stockholders' equity | $ | 20,860 | $ | 17,655 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Revenue | $ | 3,616 | $ | 2,518 | |||
Cost of revenue | 2,017 | 1,751 | |||||
Gross profit | 1,599 | 767 | |||||
Operating expenses: | |||||||
Sales and marketing | 2,809 | 3,853 | |||||
Research and development | 1,384 | 1,808 | |||||
General and administrative | 2,317 | 3,738 | |||||
Change in fair value, contingent consideration | 1 | (19 | ) | ||||
Total operating expenses | 6,511 | 9,380 | |||||
Loss from operations | (4,912 | ) | (8,613 | ) | |||
Other income (expense), net: | |||||||
Interest expense | (121 | ) | (163 | ) | |||
Gain (loss) on revaluation of warrant liability | (1,122 | ) | 732 | ||||
Loss on modification of warrant | (257 | ) | — | ||||
Other (expense) income, net | (139 | ) | 143 | ||||
Total other (expense) income, net | (1,639 | ) | 712 | ||||
Net loss | $ | (6,551 | ) | $ | (7,901 | ) | |
Other comprehensive income (loss) | 148 | (207 | ) | ||||
Comprehensive loss | $ | (6,403 | ) | $ | (8,108 | ) | |
Basic and diluted net loss per share | $ | (0.10 | ) | $ | (0.13 | ) | |
Weighted average number of shares of common stock outstanding, basic and diluted | 65,067 | 60,146 |
Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total Stockholders' Equity | |||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance at December 31, 2018 | — | — | 62,963 | $ | 63 | $ | 173,903 | $ | (92 | ) | $ | (171,146 | ) | $ | 2,728 | |||||||||||||
Net loss | — | — | — | — | — | — | (6,551 | ) | (6,551 | ) | ||||||||||||||||||
Issuance of common stock under: | ||||||||||||||||||||||||||||
Equity financing, net | — | — | 4,362 | 5 | 7,300 | — | — | 7,305 | ||||||||||||||||||||
Equipois sales earn-out | — | — | 18 | — | 22 | — | — | 22 | ||||||||||||||||||||
Equity incentive plan | — | — | 45 | — | 55 | — | — | 55 | ||||||||||||||||||||
Matching contribution to 401(k) plan | — | — | 141 | — | 191 | — | — | 191 | ||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 636 | — | — | 636 | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | 148 | — | 148 | ||||||||||||||||||||
Balance at March 31, 2019 | — | — | 67,529 | $ | 68 | $ | 182,107 | $ | 56 | $ | (177,697 | ) | $ | 4,534 |
Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Loss | Accumulated Deficit | Total Stockholders' Equity | |||||||||||||||||||||||
Shares | Amount | Shares | Amount | |||||||||||||||||||||||||
Balance at December 31, 2017 | — | — | 59,943 | $ | 60 | $ | 165,825 | $ | (340 | ) | $ | (144,154 | ) | $ | 21,391 | |||||||||||||
Net loss | — | — | — | — | — | — | (7,901 | ) | (7,901 | ) | ||||||||||||||||||
Issuance of common stock under: | ||||||||||||||||||||||||||||
Equipois sales earn-out | — | — | 18 | — | 28 | — | — | 28 | ||||||||||||||||||||
Equity incentive plan | — | — | 52 | — | — | — | — | — | ||||||||||||||||||||
Matching contribution to 401(k) plan | — | — | 221 | — | 508 | — | — | 508 | ||||||||||||||||||||
In lieu of cash compensation | — | — | 121 | — | 190 | — | — | 190 | ||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 830 | — | — | 830 | ||||||||||||||||||||
Foreign currency translation adjustments | — | — | — | — | — | (207 | ) | — | (207 | ) | ||||||||||||||||||
Balance at March 31, 2018 | — | — | 60,355 | $ | 60 | $ | 167,381 | $ | (547 | ) | $ | (152,055 | ) | $ | 14,839 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Operating activities: | |||||||
Net loss | $ | (6,551 | ) | $ | (7,901 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities | |||||||
Depreciation and amortization | 247 | 428 | |||||
Inventory allowance expense | 19 | 130 | |||||
Changes in allowance for doubtful accounts | 55 | (16 | ) | ||||
Change in fair value of warrant liability | 1,122 | (732 | ) | ||||
Stock-based compensation expense | 636 | 892 | |||||
Amortization of debt discount and accretion of final payment fee | 28 | 43 | |||||
Change in fair value of contingent liabilities | 1 | (19 | ) | ||||
Common stock contribution to 401(k) plan | 55 | 56 | |||||
Loss on modification of warrants | 257 | — | |||||
Loss (gain) on foreign currency transactions | 152 | (153 | ) | ||||
Changes in operating assets and liabilities: | |||||||
Accounts receivable | (188 | ) | (798 | ) | |||
Inventories | (154 | ) | (286 | ) | |||
Prepaid expenses, operating lease right-of-use assets, and other assets current and noncurrent | (142 | ) | 379 | ||||
Accounts payable | (660 | ) | 1,011 | ||||
Accrued and lease liabilities | (167 | ) | 80 | ||||
Deferred revenues | 113 | 141 | |||||
Net cash used in operating activities | (5,177 | ) | (6,745 | ) | |||
Investing activities: | |||||||
Acquisition of property and equipment | (7 | ) | (31 | ) | |||
Net cash used in investing activities | (7 | ) | (31 | ) | |||
Financing activities: | |||||||
Proceeds from issuance of common stock, net | 7,305 | — | |||||
Principal payments on note payable | (591 | ) | (399 | ) | |||
Proceeds from exercise of stock options | 55 | — | |||||
Net cash provided by (used in) financing activities | 6,769 | (399 | ) | ||||
Effect of exchange rate changes on cash | (4 | ) | (66 | ) | |||
Net increase (decrease) in cash | 1,581 | (7,241 | ) | ||||
Cash at beginning of period | 7,655 | 27,813 | |||||
Cash at end of period | $ | 9,236 | $ | 20,572 | |||
Supplemental disclosure of cash flow activities | |||||||
Cash paid for interest | $ | 96 | $ | 119 | |||
Cash paid for income taxes | $ | — | $ | 16 | |||
Supplemental disclosure of non-cash activities | |||||||
Initial recognition of operating lease right-of-use assets | $ | 1,454 | $ | — | |||
Initial recognition of operating lease liabilities | $ | 1,498 | $ | — |
Transfer of inventory to property and equipment | $ | 206 | $ | 348 | |||
Share issuance for common stock contribution to 401(k) plan | $ | 191 | $ | 508 | |||
Share issuance for employee bonuses | $ | — | $ | 190 | |||
Equipois sales earn-out | $ | 22 | $ | 28 |
Foreign Currency Translation | |||
Balance at December 31, 2018 | $ | (92 | ) |
Current period other comprehensive income | 148 | ||
Balance at March 31, 2019 | $ | 56 |
• | 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 | |||||||||||||
March 31, 2019 | ||||||||||||||||
Liabilities | ||||||||||||||||
Warrant liabilities | $ | 1,964 | $ | — | $ | — | $ | 1,964 | ||||||||
Contingent success fee liability | $ | 35 | $ | — | $ | — | $ | 35 | ||||||||
December 31, 2018 | ||||||||||||||||
Liabilities | ||||||||||||||||
Warrant liability | $ | 585 | $ | — | $ | — | $ | 585 | ||||||||
Contingent success fee liability | $ | 34 | $ | — | $ | — | $ | 34 |
Warrant Liability | Contingent Success Fee Liability | |||||||
Balance at December 31, 2018 | $ | 585 | $ | 34 | ||||
Loss on revaluation of warrants issued in conjunction with 2015 financing | 1,122 | — | ||||||
Loss on modification of warrants | 257 | — | ||||||
Loss on revaluation of contingent liability | — | 1 | ||||||
Balance at March 31, 2019 | $ | 1,964 | $ | 35 |
March 31, 2019 | December 31, 2018 | ||||||
Raw materials | $ | 2,967 | $ | 2,676 | |||
Work in progress | 303 | 331 | |||||
Finished goods | 335 | 730 | |||||
3,605 | 3,737 | ||||||
Less: inventory reserve | (305 | ) | (366 | ) | |||
Inventories, net | $ | 3,300 | $ | 3,371 |
March 31, 2019 | December 31, 2018 | ||||||
Deferred extended maintenance and support | $ | 2,281 | $ | 2,114 | |||
Deferred royalties | 300 | 300 | |||||
Deferred rental income | 38 | 51 | |||||
Customer deposits and advances | 55 | 62 | |||||
Deferred device revenues | 36 | 70 | |||||
Total deferred revenues | 2,710 | 2,597 | |||||
Less current portion | (1,211 | ) | (1,102 | ) | |||
Deferred revenues, non-current | $ | 1,499 | $ | 1,495 |
Three months ended March 31, 2019 | |||
Beginning balance | $ | 2,597 | |
Deferral of revenue | 561 | ||
Recognition of deferred revenue | (448 | ) | |
Ending balance | $ | 2,710 |
EksoHealth | EksoWorks | Total | |||||||||
Device revenue | $ | 2,075 | $ | 717 | $ | 2,792 | |||||
Service, support and rentals | 705 | — | 705 | ||||||||
Parts and other | 34 | 85 | 119 | ||||||||
$ | 2,814 | $ | 802 | $ | 3,616 |
March 31, 2019 | December 31, 2018 | ||||||
Salaries, benefits and related expenses | $ | 2,458 | $ | 2,446 | |||
Device warranty | 289 | 307 | |||||
Clinical trials | 273 | 227 | |||||
Severance | 116 | 270 | |||||
Financing lease liability | 36 | 35 | |||||
Other | 114 | 256 | |||||
Total | $ | 3,286 | $ | 3,541 |
Warranty | |||
Balance at December 31, 2018 | $ | 307 | |
Additions for estimated future expense | 95 | ||
Incurred costs | (113 | ) | |
Balance at March 31, 2019 | $ | 289 |
Period | Amount | |||
2019 - remainder | $ | 1,750 | ||
2020 | 2,333 | |||
2021 | 440 | |||
Total principal payments | 4,523 | |||
Less accreted portion of final payment fee, net of issuance cost and success fee discounts | 97 | |||
Long-term debt, net | $ | 4,426 | ||
Current portion | $ | 2,333 | ||
Long-term portion | 2,093 | |||
Long-term debt, net | $ | 4,426 |
Period | Operating Leases | |||
2019 - remainder | $ | 406 | ||
2020 | 551 | |||
2021 | 564 | |||
2022 | 261 | |||
2023 | — | |||
Total lease payments | 1,782 | |||
Less: imputed interest | (370 | ) | ||
Present value of lease liabilities | $ | 1,412 | ||
Lease liabilities, current | $ | 406 | ||
Lease liabilities, noncurrent | 1,006 | |||
Total lease liabilities | $ | 1,412 | ||
Weighted-average remaining lease term (in years) | 3.2 | |||
Weighted-average discount rate | 10.5 | % |
Source | Exercise Price | Term (Years) | December 31, 2018 | Expired | March 31, 2019 | ||||||||||
Information Agent Warrants | $ | 1.50 | 3 | 200 | — | 200 | |||||||||
2015 Warrants | $ | 2.75 | 5 | 1,604 | — | 1,604 | |||||||||
2014 PPO and Merger | |||||||||||||||
Placement agent warrants | $ | 7.00 | 5 | 426 | (426 | ) | — | ||||||||
PPO warrants | $ | 14.00 | 5 | 1,078 | (1,078 | ) | — | ||||||||
Pre-2014 warrants | $ | 9.66 | 9-10 | 88 | — | 88 | |||||||||
3,396 | (1,504 | ) | 1,892 |
Current share price | $ | 2.51 | |
Conversion price | $ | 2.75 | |
Risk-free interest rate | 2.30% | ||
Term (years) | 1.75 | ||
Volatility of stock | 102.0% |
Stock Awards | Weighted- Average Exercise Price | Weighted- Average Remaining Contractual Life (Years) | Aggregate Intrinsic Value | |||||||||
Balance as of December 31, 2018 | 6,466 | $ | 3.05 | |||||||||
Options granted | 65 | $ | 2.23 | |||||||||
Options exercised | (54 | ) | 1.23 | |||||||||
Options forfeited | (372 | ) | $ | 2.07 | ||||||||
Options cancelled | — | $ | — | |||||||||
Balance as of March 31, 2019 | 6,105 | $ | 3.12 | 7.64 | $ | 2,959 | ||||||
Vested and expected to vest at March 31, 2019 | 6,105 | $ | 3.12 | 7.64 | $ | 2,959 | ||||||
Exercisable as of March 31, 2019 | 2,602 | $ | 4.64 | 5.59 | $ | 823 |
Three Months Ended March 31, | |||||
2019 | 2018 | ||||
Dividend yield | — | — | |||
Risk-free interest rate | 2.45 | % | 2.74 | % | |
Expected term (in years) | 6 | 10 | |||
Volatility | 103 | % | 88 | % |
Number of Shares | Weighted- Average Grant Date Fair Value | |||||
Unvested as of December 31, 2018 | 278 | $ | 1.83 | |||
Granted | — | $ | — | |||
Vested | — | $ | — | |||
Forfeited | (13 | ) | $ | 2.50 | ||
Unvested at March 31, 2019 | 265 | $ | 1.79 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Sales and marketing | $ | 223 | $ | 109 | |||
Research and development | 45 | 179 | |||||
General and administrative | 368 | 604 | |||||
$ | 636 | $ | 892 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
Numerator: | |||||||
Net loss applicable to common stockholders, basic and diluted | $ | (6,551 | ) | $ | (7,901 | ) | |
Denominator: | |||||||
Weighted-average number of shares, basic and diluted | 65,067 | 60,146 | |||||
Net loss per share, basic and diluted | $ | (0.10 | ) | $ | (0.13 | ) |
Three Months Ended March 31, | |||||
2019 | 2018 | ||||
Options to purchase common stock | 6,105 | 2,898 | |||
Restricted stock | 265 | 125 | |||
Warrants for common stock | 1,892 | 3,396 | |||
Total common stock equivalents | 8,262 | 6,419 |
EksoHealth | EksoWorks | Total | |||||||||
Three months ended March 31, 2019 | |||||||||||
Revenue | $ | 2,814 | $ | 802 | $ | 3,616 | |||||
Cost of revenue | 1,300 | 717 | 2,017 | ||||||||
Gross profit | $ | 1,514 | $ | 85 | $ | 1,599 | |||||
Three months ended March 31, 2018 | |||||||||||
Revenue | $ | 2,122 | $ | 396 | $ | 2,518 | |||||
Cost of revenue | 1,387 | 364 | 1,751 | ||||||||
Gross profit | $ | 735 | $ | 32 | $ | 767 |
Three Months Ended March 31, | |||||||
2019 | 2018 | ||||||
United States | $ | 2,371 | $ | 1,353 | |||
All Other | 1,245 | 1,165 | |||||
$ | 3,616 | $ | 2,518 |
• | our ability to obtain adequate financing to fund operations and to develop or enhance our technology; |
• | our ability to obtain or maintain regulatory approval to market the Company’s medical devices; |
• | the anticipated timing, cost and progress of the development and commercialization of new products or services, and improvements to our existing products, and related impacts on our profitability and cash position; |
• | our ability to effectively market and sell our products and expand our business, both in unit sales and product diversification; |
• | our ability to achieve broad customer adoption of our products and services; |
• | our ability to complete clinical trials on a timely basis and that completed clinical trials will be sufficient to support commercialization of our products; |
• | existing or increased competition; |
• | rapid changes in technological solutions available to our markets; |
• | volatility with our business, including long and variable sales cycles, which could have a negative impact on our results of operations for any given quarter; |
• | our ability to obtain or maintain patent protection for the Company’s intellectual property; |
• | the scope, validity and enforceability of our and third-party intellectual property rights; |
• | significant government regulation of medical devices and the healthcare industry; |
• | our customers’ ability to get third-party reimbursement for our products and services associated with them; |
• | our failure to implement our business plan or strategies; |
• | our ability to retain or attract key employees; |
• | stock volatility or illiquidity; |
• | our ability to maintain adequate internal controls over financial reporting; and |
• | overall economic and market conditions. |
• | In January 2019, we entered into a joint venture agreement (the “JV Agreement”) to form a Chinese limited liability company (the “China JV”) to develop and serve the exoskeleton market in China and other Asian markets and to create a global exoskeleton manufacturing center. In connection with the China JV, one of the China JV partner affiliates agreed to purchase 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, which we received in February 2019. In addition, within thirty (30) business days of the China JV delivering its first batch of finished products to Ekso US, its affiliates or a third-party buyer located in the JV territory, the China JV or the China JV partner are obligated to invest a further $5.0 million in our common stock in accordance with the terms of the JV Agreement. |
• | In the three months ended March 31, 2019, we sold 1.3 million shares of our common stock under our at-the-market offering program at an average price of $1.85 per share, for aggregate proceeds of $2.3 million, net of commission. |
• | In the three months ended March 31, 2019, we booked 23 Ekso GT units, 9 of which were rental units and 4 previously rented units were converted to sales. |
Three months ended March 31, | ||||||||||||||
2019 | 2018 | Change | % Change | |||||||||||
Revenue | $ | 3,616 | $ | 2,518 | $ | 1,098 | 44 | % | ||||||
Cost of Revenue | 2,017 | 1,751 | 266 | 15 | % | |||||||||
Gross profit | 1,599 | 767 | 832 | 108 | % | |||||||||
Operating expenses: | ||||||||||||||
Sales and marketing | 2,809 | 3,853 | (1,044 | ) | (27 | )% | ||||||||
Research and development | 1,384 | 1,808 | (424 | ) | (23 | )% | ||||||||
General and administrative | 2,317 | 3,738 | (1,421 | ) | (38 | )% | ||||||||
Change in fair value, contingent liabilities | 1 | (19 | ) | 20 | (105 | )% | ||||||||
Total operating expenses | 6,511 | 9,380 | (2,869 | ) | (31 | )% | ||||||||
Loss from operations | (4,912 | ) | (8,613 | ) | 3,701 | (43 | )% | |||||||
Other income (expense), net: | ||||||||||||||
Interest expense | (121 | ) | (163 | ) | 42 | (26 | )% | |||||||
(Loss) gain on warrant liability | (1,122 | ) | 732 | (1,854 | ) | (253 | )% | |||||||
Loss on modification of warrant | (257 | ) | — | (257 | ) | — | % | |||||||
Other (expense) income, net | (139 | ) | 143 | (282 | ) | (197 | )% | |||||||
Total other (expense) income, net | (1,639 | ) | 712 | (2,351 | ) | (330 | )% | |||||||
Net loss | $ | (6,551 | ) | $ | (7,901 | ) | $ | 1,350 | (17 | )% |
Three months ended March 31, | |||||||
2019 | 2018 | ||||||
Net cash used in operating activities | $ | (5,177 | ) | $ | (6,745 | ) | |
Net cash used in investing activities | (7 | ) | (31 | ) | |||
Net cash provided (used in) by financing activities | 6,769 | (399 | ) | ||||
Effect of exchange rate changes on cash | (4 | ) | (66 | ) | |||
Net increase (decrease) in cash | 1,581 | (7,241 | ) | ||||
Cash at the beginning of the period | 7,655 | 27,813 | |||||
Cash at the end of the period | $ | 9,236 | $ | 20,572 |
Payments Due By Period: | |||||||||||||||||||
Total | Less than One Year | 1-3 Years | 3-5 Years | After 5 Years | |||||||||||||||
Term loan | $ | 4,847 | $ | 2,587 | $ | 2,260 | $ | — | $ | — | |||||||||
Facility operating leases | 1,782 | 543 | 1,239 | — | — | ||||||||||||||
Purchase obligations | 1,221 | 1,221 | — | — | — | ||||||||||||||
Financing lease | 48 | 36 | 12 | — | |||||||||||||||
Total | $ | 7,898 | $ | 4,387 | $ | 3,511 | $ | — | $ | — |
Exhibit Number | Description | ||
101** | The following financial statements from the Ekso Bionics Holdings, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, formatted in Extensible Business Reporting Language (“XBRL”): | ||
• | unaudited condensed consolidated balance sheets; | ||
• | unaudited condensed consolidated statements of operations and comprehensive loss; | ||
• | unaudited condensed consolidated statements of stockholders' equity; | ||
• | unaudited condensed consolidated statement of cash flows; | ||
• | notes to unaudited condensed consolidated financial statements; |
* | Portions of this exhibit have been omitted as permitted by applicable regulations. | |
** | Filed herewith |
EKSO BIONICS HOLDINGS, INC. | ||
Date: May 1, 2019 | By: | /s/ Jack Peurach |
Jack Peurach | ||
President and Chief Executive Officer | ||
Date: May 1, 2019 | By: | /s/ John F. Glenn |
John F. Glenn | ||
Chief Financial Officer | ||
(Duly Authorized Officer and Principal Financial and Accounting Officer) |
1.1 | 定义。除本合同条款或上下文另有规定外༌以下术语具有如下定义的含义༚ |
1.2 | 释义。除非另有规定༌否则在本合同中༚ |
(a) | 单数形式将包括复数༌反之亦然༌特别是༈但不限于前述一般性情况༉༌任何以单数形式定义的词语或表达༌若以复数形式提供༌则具有相应含义༌反之亦然。此外༌凡提及任何性别༌均应包括其他性别༛ |
(b) | 本合同提及 “包含”、 “包括”等词语时༌应理解为 “包括但不限于”༛ |
(c) | 本合同目录和标题仅供参考༌不得以任何方式影响本合同含义或解释༛ |
(d) | 本合同提及任何法律包括其修订、修改或增补版本༈包括任何继任法律༉༛ |
(e) | 本合同提及任何条款或附录系指本合同条款或附录༈视情况而定༉༛以及 |
(f) | 本合同提及任何人包括其继承人和许可受让人。 |
2.1 | 合同各方。本合同各方包括༚ |
法定地址༚ Legal Address: | 中国浙江省绍兴市柯桥区环镇北路2号 No. 2 Huan Zhen North Road, Keqiao District, Shaoxing, Zhejiang Province, PRC |
法定代表人༚ Legal Representative: | [***] [***] |
电子邮件/Email | [***] |
法定地址༚ Legal Address: | 中国浙江省绍兴市柯桥区柯桥创意路199号B幢5楼-014 Room 014, 5th floor, Building B,No.199 Keqiao creative road, Keqiao District, Shaoxing City, Zhejiang Province PRC |
执行事务合伙人委派代表༚ Assigned Representative of Managing Partner | [***] [***] |
电子邮件/Email | [***] |
法定地址: | 1414 Harbour Way South, Suite 1201 Richmond, California 94804 U.S.A. |
法定代表人༚ l | [***] [***] |
电子邮箱/Email | [***] |
2.2 | 声明与保证 |
3.1 | 成立。中方股东及爱科索根据合资经营法、其他适用中国法律法规及本合同规定༌同意成立合资公司༌以期开展本合同第4.2条所述业务。 |
3.2 | 名称。成立公司中文名称为”爱科索智能机器人有限公司”༌英文名称为 “Exoskeleton Intelligent Robotics Co. Limited”。 |
3.3 | 地点。合同各方同意༌公司成立地点为绍兴市。公司法定地址为中国浙江省绍兴市柯桥区柯北大道1115号。 |
3.4 | 有限责任。合资公司为有限责任公司。除非本合同明文规定༌否则༌一旦合同一方已全额支付公司注册资本的出资额༌则无需通过出资、贷款、垫款、担保或其他方式进一步向公司或代表公司提供资金。合资公司债权人仅对合资公司的资产具有追索权༌不得向合同任一方寻求偿还。若合资公司资产不足以偿还债权人索赔༌合同任一方对此均不承担责任。因合资公司经营产生的任何第三方索赔༌合资公司应免于合同各方承担任何直接损失、损害或责任。 |
4.1 | 目的。合同各方成立公司目的在于加强经济合作༌在拟人外骨骼技术领域寻求紧密的战略合作༌将公司发展成为中外市场上可穿戴仿生外骨骼产品的富有竞争力的制造商。 |
4.2 | 经营范围。[***]。涉及许可证的凭证经营。༈具体经营范围应经主管政府当局批准༉ |
4.3 | 生产规模。合资公司将 [***]。 |
4.4 | 销售安排。合资公司采用爱科索出资的专利权和爱科索许可的许可技术༌[***]制造产品[***]并在本协议约定的[***]内销售产品༌其不得将许可技术授权给任何第三方或合同任一方༌用于在其他地方使用或制造相关产品༌但是༌爱科索可以使用此类技术在中国以外的司法管辖区注册的专利在合同区域外制造和销售其产品、组件和配件。[***] |
(a) | 优创责任༚ |
(i) | 在规定期限内提供认缴资本额༛ |
(ii) | 在合资公司成立前༌负责与合资项目所在区域内的政府当局沟通༌并提供相关协助༌确保合资公司获取相关政府当局批准༌包括公司注册、产品注册等程序༛ |
(iii) | 负责合资公司临时生产场地༌并协助公司设计和建造工厂、其他工程设施、水电供应以及电信和其他基础设施༛ |
(iv) | 在合资公司成立前༌协助公司采购或租赁设备、材料、原材料、办公设施、车辆、通信设施等༌并协助公司提交进口设备文件༛ |
(v) | 尽最大商业努力༌实施符合遵守美国、加拿大和欧盟༌且适合合资公司经营范围的质量管理体系༌费用由合资公司承担༛但是༌合资公司应负责整体生产并确保质量管理体系始终符合适用监管要求༛ |
(vi) | 尽最大商业努力༌协助合资公司处理在药监局注册的相关事宜༛ |
(vii) | 协助并配合合资公司聘用高级管理层༌协助合资公司聘用中方管理人员、技术人员、工人和其他必要人员༛ |
(viii) | 协助合资公司开展产品临床测试和营销管理等网络建设༛ |
(ix) | 负责处理合资公司委托的其他事宜༛以及 |
(x) | 监督并促使其指定董事按照本合同和公司章程规定履行职责༌包括但不限于参加适时召开的董事会会议。 |
(xi) | 作为协议的一部分༌优创或优创指定的第三方将在协议签订后立即向Ekso Bionics Holdings, Inc. 股权投资五百万美元 ($5,000,000), 投资每股价格为2019年1月29日(周二) 收盘价༌_1_.63 美元(购买价格)。并根据股权购买协议提供60天反稀释条款。 |
(xii) | 合资公司能够生产制造合格的EksoGT、EksoVest和EksoZeroG Arm产品后༌自向买方༈如爱科索、其关联方和中国境内外的任何第三方༉发出第一批Ekso Vest、EksoZeroG Arm ༈成品༉以及现有的Ekso GT配件༈指EKSO GT完整的成品的全部配件༌到达爱科索在买方当地组装成品并验收成功后༉༈“发货日期”起༉后 30个工作日内༌合资公司或优创或优创指定第三方向 Ekso Bionics Holdings, Inc. 投资五百万美元༈500万美元༉༈股权投资价格由 “发货日期”之前20个交易日的成交量加权平均价决定༌但股权价格与第一次签约后五百万美元投资的股权价格相比不高于20%༌ 同时也不低于第一次签约后五百万美元投资的股权价格的80%༉༌作为向爱科索的股权投资。 |
(b) | 产业投资基金责任༚ |
(i) | 在规定期限内提供认缴资本额༛ |
(ii) | 负责处理合资公司委托的其他事宜༛以及 |
(iii) | 监督并促使其指定的董事按照本合同和公司章程的规定履行职责༌包括但不限于参加适时召开的董事会会议。 |
(c) | 爱科索责任༚ |
(d) | Responsibilities of Ekso Bionics: |
(i) | 在规定期限内提供认缴资本额༛ |
(ii) | 协助合资公司掌握爱科索提供或许可的技术༌确保公司可制造与爱科索产品具有相同质量的产品。合资公司在其成立后提供场地、水电设备并根据爱科索要求的采购设备和原材料༌并雇佣至少[***]名合格的生产工程师༌在本公司符合上述条件的情况下༌爱科索应在[***]内完成 [***]༌并在本公司提供上述场地、设施和人员后[***]内完成[***]。[***]必须符合爱科索现有相应产品适用的FDA和欧盟主管部门所规定的质量要求༌公司和爱科索应共同确保[***]也满足国家药品监督管理局的相关质量要求༛ |
(iii) | 尽最大商业努力༌协助合资公司实施符合遵守美国、加拿大和欧盟༌且适合公司经营范围的质量管理体系༌费用由合资公司承担༈如上文第4.5༈a༉༈v༉条所述༉༛但是༌合资公司应负责整体生产并确保质量管理体系始终符合适用监管要求༛ |
(iv) | 根据技术许可协议规定༌提供技术培训༛ |
(v) | 监督并促使其指定的董事按照本合同和公司章程的规定履行职责༌包括但不限于参加适时召开的董事会会议༛ |
(vi) | 负责提供其所拥有的产品注册审批所需的相关文件资料༌包括但不限于向中国药品监管部门申报产品注册的产品风险分析报告༌产品技术标 准༌产品检验报告༌临床评价资料༌产品说明及标签样稿༌与产品研 制、生产有关的质量管理体系文件༌证明产品安全、有效所需的其他文件༌协助合资公司向药监局做好 [***]产品注册事宜。 |
(vii) | 负责处理合资公司委托的其他事宜。 |
(viii) | 为了让优创能够履行第4.5 (a)(xi)条和4.5(a)(xii)条所述的契约和义务༌爱科索应在合营期内就[***]向本公司授予永久不可撤销的免费独家中国区许可༌唯一目的是让本公司能够在合同区域内制造和销售开发产品༈“开发产品许可”༉。 |
4.5 | 研发费用 |
5.1 | 投资总额。合资公司投资总额为人民币7.8亿元༌符合第5.2༈a༉条列出的公司注册资本。 |
5.2 | 注册资本。 |
(a) | 优创应向合资公司注册资本出资人民币3.24亿元༈人民币叁亿贰仟肆佰万元༉༌ 占公司注册资本的百分之四十一点五四༈41.54%༉。优创应以人民币现金出资。 |
(b) | 产业投资基金应向合资公司注册资本出资人民币3亿元༈人民币叁亿元༉༌占公司注册资本的百分之三十八点四六༈38.46%༉。产业投资基金应以人民币现金出资。 |
(c) | 爱科索应转让和出资专利权༌折合人民币1.56亿元༈人民币壹亿伍仟陆佰万元༉༌ 作为合资公司注册资本的出资额༌占公司注册资本的百分之二十༈20%༉。 |
(d) | 合同各方应按以下要求出资༚ |
(i) | 优创应自合资公司成立日期起[***]内༌支付[***]出资 额༛根据合资公司的发展情况༌余下的认缴出资应自[***]完成出资[***]༛ |
(ii) | 产业投资基金应自合资公司成立日期起[***]内༌支付[***]出资额༛[***]༌余下的认缴出资应自[***]༛ |
(iii) | 爱科索应自合资公司成立日期起[***]内向合资公司完成出资技术文本转让移交,[***]内在中国国家知识产权局完成专利权的转让登记。 |
5.3 | 专利权的转让以及专利权的技术改进 |
(a) | 爱科索应根据第5.2 (d)(iii)条规定完成专利权的转让登记。除非另外签订相关协议进行专门约定༌否则在成立日期之后༌爱科索及其关联方均无权以任何形式在中国境内使用或利用或允许任何第三方以任何形式在中国境内使用或利用专利权的任何部分༌包括以改进为目的的使用或利用。 |
(b) | [***] |
(c) | [***] |
(d) | [***] |
5.4 | 评估和验资。优创或本公司应聘用一家合格的资产评估公司对专利权开展评估, 爱科索按照评估机构要求提供出资技术的相关材料。合同各方向本公司完成资本出资后༌本公司应指定一家在中国注册的合格会计师事务所༌核实出资额并出具验资报告。 |
5.5 | 新增注册资本。若董事会根据决议确定合资公司需要额外资金并且公司通过新增注册资本筹集资金༌则合同各方有权依据其股权对公司新增注册资本出资。若合同一方༈ “不参与方”༉未能在出资期限༈于签署的增资协议中规定༉届满[***]内完成全部或部分出资༌则合同其他方有权按其各自权益比例增加出资༌且不参与方在合资公司的权益应相应摊薄。在此情况下༌合同各方均应视为已同意新增注册资本༌并应促使其指定董事批准该增资。合同各方同意༌合资公司未来所需投资应通过新增注册资本或董事会批准的其他方式筹集。 |
5.6 | 额外融资。 |
(a) | 就营运资金而言༌合资公司可根据本合同以公司资产作为抵押品向金融机构申请贷款。 |
(b) | [***] |
5.7 | 股权转让 |
(a) | 未经其他方事先书面同意༌合同任一方均不得向任何第三方或本合同其他方出售、转让、分配、给予༈每项均称为 “转让”༉其在合资公司的全部或部分股权。但是༌[***]。 |
(b) | 经其他方事先书面同意༌当合同一方希望向第三方转让其在合资公司的全部或部分股权时༈第5.7༈a༉条所述情况除外༉༌以下程序适用。意图转让其全部或部分股权的合同一方༈“转让方”༉应向其他方༈“受让方”༉发出书面通知༈“转让通知”༉༌[***]༛但是༌所述价格和条件必须是真实的༌且是对受让方和转让方协商的公允公平反映。按照其在合资公司的权益比例༌受让方有权优先购买转让股权༌但其购买条件不得优于转让通知中规定的买方购买条件。收到转让通知后[***]内༌受让方应提交书面答复༌ 说明其是否选择行使权利༌购买合资公司的转让股权。若一名受让方未能在[***]༈如上所述༉内答复转让通知或放弃其优先购买权༌则另一受让方可选择购买所有转让股权。若两名受让方均未在[***]༈如上所述༉内答复转让通知或放弃优先购买权༌则应视为已事先书面同意༌转让方应在[***]内༌将转让股权转让给预期的受让人༌其转让条件不得优于转让通知中规定的买方购买条件。若转让方未在上述期限内向意图受让股权的受让方出售转让股权༌ 则在尚未重复第5.7༈b༉和༈c༉条规定程序的情况下༌转让方不得处置转让股权。 |
(c) | 若受让方或合同各方行使其优先购买权༌则合同各方应以善意原则谈判相关文件事宜༌并根据具有法律约束力的协议༈其中载明的购买条件不得优于转让通知中规定的买方购买条件༉༌尽商业合理努力向受让方出售转让股权。 |
(d) | 合资公司股权受让方应承担本合同规定的转让方义务和责任。 |
(e) | 当合同一方根据本合同第5.7条转让其在合资公司的全部或部分股权时༌༈i༉合同各方同意协助向商务部༈具体视情况而定༉和市场监督管理局申请完成转让所需的备案和注册程序༌以及༈ii༉合同各方应开展或促使他人开展进一步行为和事项༌并签署和交付转让生效所需的其他协议、证书、文书和文件༌包括但不限于༚若商务部༈具体视情况而定༉和市场监督管理局要求༌则应签署相关董事会决议༌促使该方指定董事及时批准该转让༌并对本合同和公司章程作出相应修正。 |
(f) | 合同各方有权将其在合资公司的全部或部分股权转让至关联方༌并且合同各方特此同意该项转让༌并放弃根据本合同第5.7条可能享有的优先购买权。 |
(g) | [***] |
6.1 | 保密性。 |
(a) | 合同任一方或其关联方根据本合同条款或相关协议或以其他方式向合资公司披露的、或由合资公司开发制定的所有技术、专有技术、技法、商业秘密、贸易制度、方法、规格、设计和其他专有信息༌以及本合同条款和其他机密业务和技术信息༈统称 “保密信息”༉应仅可供合资公司及其职员使用༌且仅可用于公司账户和目的。对于合资公司或其他合同方或其关联方可能向其披露或提供的所有保密信息༌合同各方和合资公司应确保其机密性。未经董事会或相关方或其关联方明确书面授权༈视情况而定༉༌不得向任何第三方披露此类保密信息。 |
(b) | 对于由合同一方或其关联方获取的但不归其所有的保密信息༌该方仅可向为履行本合同职责所需的指定员工披露此类信息。在此情况下༌接收方应采取一切合理预防措施༌包括与该员工签订保密协议༌以防该员工出于个人利益使用保密信息或未经授权将保密信息披露至第三方。 |
(c) | 合同各方应确保公司采取一切合理的预防措施༌包括与其员工签订保密协议༌以防止员工出于个人利益使用保密信息༌防止任何未经授权的信息泄露给第三方。 |
(d) | 尽管有上述规定༌接收方在第6.1条项下义务༈在某种程度上༉不适用于满足以下条件的保密信息༚ |
(i) | 并非因接收方的行为或疏忽༌导致保密信息当前或此后由公众所知或由公众所用༛ |
(ii) | 在从披露方收到信息前༌接收方已知晓保密信息༌且无使用或披露方面限制༛ |
(iii) | 保密信息由接收方从第三方获得༌该第三方有权进行披露༌且披露的信息不存在使用或披露方面的限制༛或者 |
(iv) | 由接收方在未使用披露方保密信息的情况下༌独立开发的保密信息。 |
(e) | 尽管有上述规定༌在获得披露保密信息的合同一方或其关联方事先书面批准的情况下༌合资公司可向政府当局、相关证券交易所或其他主管当局披露保密信息༌ 以获得必要政府许可༛或根据相关法律、证券交易所规则或政府当局或对任何合同一方具有管辖权的机构要求而披露保密信息༛或在必要时向外部律师、会计师和顾问披露༌以获其专业协助。但是༌上述外部顾问应承诺遵守本合同和相关协议的保密规定。 |
(f) | 接收方在本条中的保密义务在[***]内始终有效。 |
(g) | 未经其他方对相关公告、公开通知或其他通知的格式和内容作出事先书面༌合同任一方均不得就本合同或相关合同的存续或其计划交易发布任何公告或发表任何公开通知或其他通知༌但因任何适用法律或证券交易所规则要求公开的除外。若合同一方根据适用法律或证券交易所规则发布任何公告༌在适用法律或证券交易所规则许可范围内༌该方应在发出公告前༌尽快向其他方提供相关公告的内容。 |
7.1 | 董事会构成。 |
(a) | 公司应成立由五༈5༉名董事构成的董事会༌出资达到公司注册资本[***]以上的股东[***]拥有委派董事的权利༌但任何情况下༌爱科索均有权委派一༈1༉名董事。其人员构成如下所示༚༈i༉优创应有权任命两༈2༉名董事༛༈ii༉ 产业投资基金应有权任命一༈1༉名董事༛༈iii༉ 爱科索应有权任命一༈1༉名董事༛༈iv༉最后一名董事由优创和爱科索共同任命༈决定权由优创掌控༉༌第五名董事应担任合资公司总裁、首席执行官和总经理。董事任期应为三༈3༉年。任期届满后༌经任命方重新委任后可连任。 |
(b) | 若因董事退休、辞职、患病、丧失能力或死亡༌或因原任命方撤回任命导致董事会席位出现空缺༌原任命方或合同各方可指派一名继任者༌填补该空缺余下任期༌ 并以书面方式向合资公司和其他方通知该继任者姓名。 |
(c) | 优创应从其任命董事中选取一名董事༌担任董事会主席一职。 |
7.2 | 权限和权力。 |
(a) | 修订公司章程༛ |
(b) | 公司或其任何子公司的清算、清盘或破产、重组或其他类似破产程序༛ |
(c) | 公司注册资金增减༛以及 |
(d) | 涉及公司或其子公司的合并、分拆或类似交易༈包括变更企业形式༉༛ |
(e) | 公司投资或收购任何其他公司或成立任何子公司或分公司༛ |
(f) | 变更或调整公司或其子公司或分公司的经营范围或业务༛ |
(g) | 与第三方建立其他合资公司或其他机构༛ |
(h) | 分配股息或利润༛ |
(i) | 收购负债༌前提是该收购累计风险超过公司实收资本和储备总额༛ |
(j) | 批准合资公司将爱科索出资的专利权和/或许可的许可技术向优创、产业投资基金或任何第三方进行技术合作、转让、许可或处置༌或商标许可但相关协议所述的除外༛ |
(k) | 发行债券或向任何金融机构或任何人借款的决定༌前提是该笔债权或借款总额连同现有负债༈包括长期和短期负债༉占合资公司实收资本和储备累计总额的百分之[***]༛ |
(l) | 除非本合同另有约定༌决定收购出售或者托管公司业务或固定资产༛ |
(m) | 除本合同或者合同双方事先拟定的任何商业安排外༌本公司与任何一方或其附属公司之间于会计年度累计交易超过 [***]的任何合同或协议及其修改。 |
(n) | 任命和解雇合资公司独立审计师༌但是当拟任命的独立审计师具备相应资质和经验时༌任一董事不得不合理地拒绝对该独立审计师的任命༛ |
(o) | 提起或解决任何争议金额超过[***]的诉讼或仲裁༛ |
(p) | 金额超过[***]的抵押、质押、留置或任何其他产权负担或任何担保[***]༛ |
(q) | 新加入任何股东༈合同各方的全资子公司或关联方除外༉༛ |
(r) | 根据第14.2条规定延长合营期限༛ |
(s) | 根据第23.1条规定修订本合同及相关协议༛ |
(t) | 后续股权融资方案༛ |
(u) | 员工股权激励方案༛ |
(v) | 向其他第三方出租不动产 |
(w) | 公司保险投保和续保༛ |
(x) | 任命和解雇高级管理人员及决定其薪酬和福利༌以及变更相关人员的职责和权限༛ |
(y) | 批准公司年度经营计划以及经审计的年度财务报表༛ |
(z) | 提起或解决任何争议金额超过[***]的诉讼或仲裁༛ |
7.3 | 董事会决策༛要求获得一致同意的行为。除非本合同和公司章程另有规定༌否则董事会决策应由超过二分之一༈1/2༉董事在正式召集和召开的董事会会议༈亲自出席会议或通过电话、视频会议或所有与会者可相互交流和倾听的其他电子方式召开的会议༉投票༈亲自投票或由代理人投票༉做出༛但是༌涉及[***]条所述事项的决议༌需由董事会所有董事一致投赞成票༈亲自投票或由代理人投票༉的情况下༌方可在正式召集和召开的董事会会议༈亲自出席会议或通过电话、视频会议或所有与会者可相互交流和倾听的其他电子方式召开的会议༉上通过。尽管本合同有任何相反规定༌ 需特别指出的是༌本公司因知识产权的处置而召开董事会会议决定第7.2 (j)条所述事项时༌爱科索任命的董事必须参加该等董事会会议༈可亲自出席会议或通过电话会议、视频会议或所有与会者可相互交流和倾听的其他电子方式召开的会议༉༌并就该等事项进行赞成投票༌否则第7.2 (j)条所述事项相关的董事会规定应无效。 |
7.4 | 董事会主席。主席应在董事会规定范围内行使其权力。未经董事会事先书面授权༌在任何情况下不得以合同约束合资公司或以其他方式代表公司采取任何行动。若主席因任何原因无法履行其职责༌其应授权一名董事履行其职责。 |
7.5 | 董事会会议。董事会每年至少召开[***]次定期会议。会议应由主席召开并主持。主席应在至少在[***]名董事提出动议后༌在任何时间召开董事会特别会议。会议通知应根据公司章程规定有效发布༈是指至少应以第23.3条通知条款(b)、(d)和(e)中约定的电子邮件、电话和邮寄方式进行通知和发布༉༌可同时采用多种该等方式发送༌或如果收件人已明确确认收到通知༌只需以任意一种方式发送即可。应按照公司章程要求༌保存所有董事会会议记录。参加董事会会议༌董事可亲自出席༌亦可通过电话、视频会议或任何其他电子通讯方式参与༌前提是所有与会者均可互相交谈并听到对方声音。所有董事会文件༌包括但不限于会议通知、会议记录和董事会决议༌均应采用中文和英文书。 |
7.6 | 总经理报告。在各董事会会议上༌除非经董事会一致豁免༌否则总经理应向董事会全面汇报合资公司的经营现状以及涉及公司所有重大发展或计划行动༌并应向会议提交公司当前完整财务信息。特别的༌总经理有义务在每次董事会会议上༌就本公司与上次董事会间隔期间内与任何一方或其附属公司签署的每份合同或协议༈不论其金额如何༉向董事会详细汇报༌除相关协议项下的商业协定外。 |
7.7 | 法定人数。根据第7.5条规定༌若董事会会议通知已有效传达至各董事༌除非有二分之一༈1/2༉董事出席༌否则不得召开董事会会议。否则༌不得在任何董事会会议上决定任何事项。 |
7.8 | 书面同意。若董事会所有成员以书面形式同意需董事会投票表决之事宜༌则可在未举行会议的情况下采取相关行动。此类书面同意应与董事会会议记录及公司其他记录一并归档༌并与董事现场投票决议具有相同效力。 |
7.9 | 无个人责任。任何董事或高级管理人员在履行其作为代表合资公司的董事或高级管理人员的职责时༌不对其行为承担任何责任༌但违反中华人民共和国刑法的行为除外。对于针对各董事和高级管理人员在履行其作为代表公司的董事或高级管理人员的职责时所发生行为的任何索赔༌公司应予以赔偿༈违反中华人民共和国刑法的行为除外༉。 |
8.1 | 高级管理人员。 |
(a) | 高级管理人员应负责合资公司的日常运营。高级管理人员应由总经理和首席财务官组成༌总经理兼任公司总裁和首席执行官。 |
(b) | 总经理应由爱科索和优创共同任命༈决定权由优创掌握༉༌并经董事会批准。[***] 将担任公司的法人代表。首席财务官应由优创任命༌并经董事会批准。 |
(c) | 董事会应正式任命各高级管理人员༌并确定其薪酬。 |
8.2 | 职责。 |
(a) | 总经理。总经理应执行董事会决议并有权༈i༉根据各年度经营计划组织和领导公司日常运营和商业销售活动༌包括但不限于代表公司签署合同༌༈ii༉指导并监督其他管理人员的职责履行情况༌༈iii༉负责公司制造管理和产品制造以及采购活动管理中涉及的所有技术问题༌以及༈iv༉负责以下事项༚ |
(i) | 负责公司日常运营管理༌组织实施董事会决议༛ |
(ii) | 组织编制公司年度经营计划༌其中包括批准年度财务预算和执行董事会批准的年度经营计划༛ |
(iii) | 制定公司管理结构和制度༛ |
(iv) | 与其他管理人员共同编制公司基本行政管理规则和主要政策༛ |
(v) | 雇用或解雇除高级管理人员外的其他管理人员༌高级管理人员由合同各方根据第8.1条之规定任命༛ |
(vi) | 在合营期限初期内༌引进转让和许可技术༌为员工组织技术培训༌为公司制造业务做好技术准备༌根据约定技术标准管理公司设施建设、设备安装和调试༌并在公司进入正常生产后༌管理公司制造技术和技术改进༈包括工厂和设备技术改进༉༛ |
(vii) | 负责产品在药监局的注册༌以及相关政府当局的联络和配合工作༛ |
(viii) | 决定在公司日常经营中现有产品的出租༛以及 |
(ix) | 公司章程或董事会授予的其他权力和职责。 |
(b) | 首席财务官。首席财务官应在总经理领导下履行其职责。首席财务官职责包括但不限于以下内容༚ |
(i) | 雇用、解雇并监督所有财务和会计人员༛ |
(ii) | 审核并批准会计账簿༛ |
(iii) | 编制并提交年度预算以供公司批准༛ |
(iv) | 根据公司管理权限༌批准公司支出༛ |
(v) | 向总经理和董事会汇报重大财务问题和支出༛ |
(vi) | 提议发行债券或向任何金融机构或任何人借款༛ |
(vii) | 根据第11.8条规定向总经理和董事会提交报告༛以及 |
(viii) | 总经理和董事会指示的其他职责。 |
8.3 | 免职与撤换。 |
(a) | 若高级管理人员出现重大失职或出于任何其他合理原因༌公司可在董事会决议通过后随时罢免和撤换高级管理人员༌任命相应高级管理人员的合同一方应提名替换人员。尽管存在上述规定༌若该人员由合同一方向公司提名༌当其出现重大失职时༌应合同另一方合理要求༈在第8.3条下中方股东应被视为一方༉༌该方应将该人从借调人员名单中移除并提名替换人员。 |
(b) | 若任何高级管理人员因任何原因遭到解雇或离职༌则应以与任命原高管人员相同的方式提名、任命或选择继任者。 |
8.4 | 薪酬与福利。合资公司其他高级管理人员的薪酬和福利应经董事会批准并由公司支付。公司直接聘用的其他人员的薪酬和福利༌应根据公司政策确定༌与其专业知识和经验相适应༌并符合中国地方标准和适用法律要求。 |
9.1 | 中方股东和爱科索各自指定一༈1༉名监事。 |
9.2 | 监事应履行下列职责༚ |
(i) | 监督董事会和高级管理人员履行职责的行为༌并提议解雇任何违反任何法律、公司章程、公司政策或董事会决议的人员༛ |
(ii) | 要求任何董事或高级管理人员纠正其导致公司利益受损的任何不当行为༛ |
(iii) | 根据《中华人民共和国公司法》针对董事或高级管理人员提起诉讼༛以及 |
(iv) | 行使《中华人民共和国公司法》和公司章程规定的其他职责和权力。 |
9.3 | 监事任期为[***]。监事任期届满༌可续任。监事任命和解雇由任命该监事的合同一方自行决定。但是༌任何董事和高级管理人员不得兼任监事一职。监事不得因其监事身份而从公司获取任何报酬。 |
9.4 | 监事可以无投票权身份参加董事会会议༌并就董事会会议议程事宜提问或提出建议。 |
9.5 | 若监事发现公司运营中存在违规行为༌可开展调查。必要时༌监事可聘请会计师事务所或其他专业机构协助工作。监事在履职过程中为了维护公司利益所需的费用由公司承担。 |
10.1 | 招聘和雇用员工。 |
(a) | 除非合同各方另有约定༌否则公司有权直接从中国和其他地方招聘和雇用员工。在所有情况下༌公司可根据其标准和要求自由选择所有员工༌并且仅雇用符合相应资格的人员。 |
(b) | 合同各方应尽最大努力为公司提供支持༌确保公司聘用合格员工༌并向公司借调或推荐其合格员工༌并促使其相关关联方向公司借调或推荐其合格员工。 |
10.2 | 直接雇用员工的劳务管理。 |
(i) | 合资公司直接聘用员工的劳务管理事项༌包括工会事项、公司与员工之间个人劳动合同的订立、员工招聘、薪酬、解雇、福利和劳动保险等༌均应按照适用中国劳动法律法规办理。 |
(ii) | 公司应与每位员工签订个人劳动合同༌但高级管理人员以及合同各方或其关联方根据适当借调协议派遣的其他人员除外。各劳动合同应包括公司与员工就工种、技术能力要求、薪酬和福利达成的协议。公司应根据中国适用劳动法律法规制定相关政策༌确定员工年薪和奖金总额。 |
(iii) | 公司员工有权依照中国工会法律法规成立工会。若成立工会༌则公司应遵守所有适用且不时生效的工会法律法规。 |
11.1 | 税务。合资公司及合同各方应依据适用的中国国家和地方法律法规、中国政府与任何相关国家之间达成的协议或多边协议༌承担因订立本合同和成立合资公司而产生的税款。 |
11.2 | 财务和会计制度。 |
(a) | 合资公司应根据中华人民共和国法律法规、本合同和公司章程༌建立财务和会计制度༈“财务和会计制度”༉༌并确保其满足中国《企业会计准则》要求༌但是可根据美国《一般会计准则》༈“美国GAAP”༉和美国《一般公认审计准则》提供财务报表和审计报告。由合资公司自行编制或由他人代为编制的财务报表应采用中文和英文书。 |
(b) | 财务和会计制度应经董事会批准后方可实施。董事会以全票通过方式批准财务和会计制度时༌必须考虑建立有效的内部会计和报告控制措施、开展有利的企业资源规划༈”ERP”༉系统以及聘用合格人员。对于会计程序和惯例变更༌仅当经董事会二分之一༈1/2༉表决通过后方可实施。 |
(c) | 为满足合同各方财务报告要求༌合资公司应自行承担费用༌至少按[***]以及要求的方式༌编制中方股东或爱科索要求的财务信息༌包括合同任一方可能要求提供的༌用于支持其运营报告的财务预测信息。此类财务信息应及时向合同各方提供༌以满足爱科索境外上市公司披露要求。 |
11.3 | 账簿。公司所有账簿均应在任何合理时间内供合同任一方或其代表审阅。合同各方均有权随时自费聘请独立会计师༌审计公司账簿和记录༈除非该审计结果与独立审计师审计结果存在明显差异༌并经董事会同意༌在此情况下༌费用应由公司承担༉。合资公司应与上述会计师开展充分合作༌并允许其充分使用公司账簿和记录。公司记录应按照中国法律法规规定保存。 |
11.4 | 独立审计师。董事会应选择在中国注册的合格会计师事务所。该会计师事务所༈并非合同任一方的审计师༉应担任公司独立审计师༈“独立审计师”༉༌对本公司进行审计。符合必要标准的审计师应任命为公司首席独立审计师。若董事会确定独立审计师无法达到上述标准༌则可以更换该独立审计师༌或聘请另一名审计师༌以填补或调整独立审计师的工作或执行特定会计和审计任务༌费用由公司承担。 |
11.5 | 币种。合资公司以人民币为会计单位。出于会计目的将外币兑换为人民币的༌应按照中 国人民银行在相关交易日提供的相关货币买卖价平均值计算༈本合同另有规定时除外༉。理论上༌除合资合同、公司章程或合资公司签署的其他协议规定的外币支付外༌合资公 司在中国境内的所有款项༈包括但不限于劳动力成本和人员薪酬༈支付外国雇员的薪酬 除外༉༉均应采用人民币结算和支付。 |
11.6 | 银行账户。合资公司将根据中国法律开立人民币银行账户和外币银行账户。如有需要并经董事会批准༌公司亦可根据中国相关外汇法律及法规在中国境外开立外币银行账户。 |
11.7 | 财年。公司财年应自1月1日起算༈第一个财年自成立日期起算༉༌截至每年12月31日༈最后一个财年以本合同规定解散公司之日计算༉。 |
11.8 | 报告。公司首席财务官应提交公司[***]管理报告、[***]财务报表༌供总经理和董事会审核。各财年结束后༌独立审计师应尽快对公司账簿和报表开展年度审计༌并及时向爱科索及产业投资基金提供༌以满足爱科索境外上市公司披露要求及产业投资基金规范运作要求。 |
11.9 | 折旧。公司所有固定资产应均按照中国会计制度以及适用税务法律法规有关规定在资产使用寿命内计提折旧。 |
11.10 | 三大基金。公司将税后利润分配至董事会确定的储备基金、发展基金和员工奖金福利基金。 |
11.11 | 利润。 |
(a) | 公司应按照财务会计制度༌于每[***]确定税后可分配利润的数额。 |
(b) | 分配三大基金的金额༈由董事会确定༉应在税后利润分配༈或再投资༉前拨出。 |
(c) | 董事会应根据公司生产经营情况༌决定是否向股东分配利润。 |
11.12 | 预算。各年度业务计划应包括下一财年详细预算༌包括最低运营目标、财务预算、资本投资计划、部署和借款、技术支持计划、价格水平预测、销售额、开支、收益和可分配利润等生产经营所需的其他项目。 |
12.1 | 概述。公司一切外汇事宜༌应按中华人民共和国相关外汇法律和法规办理。 |
12.2 | 获取外币。公司成立后༌应立即在国家外汇局登记༌以便在指定银行开立外汇账户并购买外币。 |
13.1 | 保险。公司应在中国境内信誉良好的保险公司投保和续保各类保险༌以全面并充分地为公司投保火灾损失险以及其他常用保险。 |
14.1 | 合营期限。合营期限应为[***]༌自合资公司成立日期起至合资公司成立[***]止༌除非按照第14.2条延长期限或按照第十五条提前终止。 |
14.2 | 延期。合营期限届满或延期前༌合同各方应本着诚信原则就公司进一步发展进行协商。合同各方可同意延长合营期限。合营期限届满或延期前༌应至少提前[***]就延期进行协商。如协商成功༌则合同各方应[***]。 |
15.1 | 终止。出现以下情况༌本合同应终止༚根据第5.7༈b༉条༌合同其中一方成为公司注册资本中所有股本权益的实益所有人。此外༌发生以下任何情形༌合同一方可随时向合同另一方发出书面终止通知༈“终止通知”༉༈仅限于第15条规定༌中方股东应被视为一方༉༌以终止本合同༚ |
(a) | 合同另一方严重违反本合同༌且在收到违约通知后[***]未能纠正其在本合同项下的任何重大违约或履行其在本合同项下义务༛ |
(b) | 另一方单方面违反本合同第5.7条转让规定和限制༌转让其在合资公司的股权༛ |
(c) | 合同另一方破产或遭遇清算或解散༌停止运营或无力偿还到期债务༛ |
(d) | 公司遭受重大损失༈就本条而言༌“重大损失”是指累计损失超过公司注册资本的损失༉༛ |
(e) | 公司全部或任何重大资产[***]由任何政府当局以任何理由从公司提取༛ |
(f) | 任何政府当局要求修改本合同或公司章程条款、相关协议或公司营业执照༌从而对公司或合同任一方造成重大不良后果༌或如16.2༈b༉条所述༌中国法律发生任何变更或新增任何条款༌对合同一方的经济利益造成重大不利影响༌且合同各方未能为维护受影响方的经济利益而就本合同修正案达成一致意见༛ |
(g) | 任何不可抗力事件事件或后果严重影响公司正常运作༌且影响期限超过[***]༌且合同各方未能根据本合同第18.1条寻求公平解决方案༛ |
(h) | 对公司开展第4.2条中所述活动的能力具有重大影响的任何批准、许可、许可证、证书或权利༌遭到撤销、发生重大不利修改或届满时未续期༌且此状况在发生后[***]内未纠正至合同各方满意的程度༛以及 |
15.2 | 终止效力。若༈a༉合同各方同意终止本合同༌༈b༉根据第15.1条终止本合同༌或༈c༉ 合营期限届满或未根据本合同第14.2条延期༌则公司应在经董事会批准后解散。 |
15.3 | 清算。 |
(a) | 如必须清算公司༌在董事会批准公司解散后的[***]内༌合同各方应成立清算委员会༈“清算委员会”༉。清算委员会有权代表公司处理一切法律事务。清算委员会应根据适用中国法律法规以及本合同规定要求༌对公司资产进行估价和清算。 |
(b) | 清算委员会应由合同各方组成༌合同各方应指定代表履行其在清算委员会中的权利和义务。清算委员会成员代表可以是༈但并非必须是༉合资公司董事。可任命专业顾问༈包括中国境内或国外的合格会计师和律师༉为清算委员会的成员代表༌ 或协助清算委员会工作。清算委员会作出的决定应经全体成员༈合同各方代表༉ 一致表决通过。 |
(c) | 清算委员会应彻底审查公司资产和负债༌并根据本合同规定和审查结果༌制定清算计划༌并在经董事会批准后执行该计划。清算计划应规定༌在价格及其他条款相同的情况下༌相对第三方而言༌合同各方将享有优先购买权༌购买公司任何机械、设备和其他设施༌并进一步规定༌爱科索应有权优先购买其最初出资的技术以及从技术许可协议衍生或发展的知识产权。 |
(d) | 制定和执行清算计划时༌清算委员会应尽一切努力为公司资产争取尽可能高的人民币价格。 |
(e) | 就清算程序而言༌根据技术许可协议向公司提供的保密信息不应视为公司资产༌ 不可转让༌而应按照技术许可协议规定归还或销毁。 |
(f) | 应从公司资产中优先支付༈相对于其他债权人༉清算费用༌包括清算委员会成员和顾问报酬༉。 |
(g) | 公司资产未偿债务清算结算后༌当公司具有偿付能力时༌合资公司按照以下方式分配资产[***]༈iii༉自第༈ii༉项工作结束后༌若清算资本仍有剩余༌则应按原先向公司出资的注册资本所占的百分比༌将剩余资本分配至合同各方。[***] |
(h) | 完成所有清算程序后༌清算委员会应编制一份最终报告༌提交董事会批准༌并将批准报告提交至中华人民共和国商务部༈如需要༉༌将公司营业执照交至原注册机关༌并完成所有其他手续༌以交割公司会计账簿和其他文件༌所发生的费用由公司自行承担。 |
(i) | 就根据上文第༈g༉款以人民币向爱科索分配的余额部分༌清算委员会应协助爱科索获取中国相关政府当局许可༌并以最有利价格通过中国指定银行或中国法律许可的其他方式༌以人民币购买美元༌并协助爱科索将该笔款项汇出中国。 |
15.4 | 其他义务。合同各方特此同意༌促使其指定董事以符合第十五条规定的方式行事。 |
16.1 | 合营期间༌未经爱科索事先书面同意༌优创༈并应促使合营༉不得直接或༈通过任何关联方或其他方式༉间接从事以下活动༚ |
(a) | 除公司业务外༌在[***]开发、运营、制造、控制、分销或投资与爱科索产品具有竞争性的业务、产品或技术。 |
(b) | 建议或以任何方式协助༈无论是否有利可得༉与爱科索任何业务存在竞争的对手༌ 包括宣传或支持任何竞争对手的产品或服务、招揽客户或作为中介为此类竞争对手提供服务、或借款或提供任何其它形式的经济援助༌以帮助任何此类竞争对手༛ |
(c) | 作为独立订约人༌招揽、雇佣、引诱或以其他方式聘用爱科索当前或过去员工༛ 或作为独立订约人༌参与讨论爱科索当前或过去员工、委托销售人员或顾问或提供类似服务人员的雇佣或聘用事宜༛或协助任何第三方从事前述活动༌除非该人员已与爱科索及其关联方解除雇佣关系或其他关系超过[***]༛ 或 |
(d) | 从事任何旨在逃避本合同有关竞业禁止规定的行为。 |
16.2 | 合营期间༌ 产业投资基金不得从事以下活动༚ |
(a) | 除公司业务外༌在合同区域合同范围内开发、运营、制造、控制、分销或投资与现有产品具有竞争性的业务、产品或技术༛ |
(b) | 建议或以任何方式协助༈无论是否有利可得༉与爱科索任何业务存在竞争的对手༌ 包括宣传或支持任何竞争对手的产品或服务、招揽客户或作为中介为此类竞争对手提供服务、或借款或提供任何其它形式的经济援助༌以帮助任何此类竞争对手༛ |
(c) | 作为独立订约人༌招揽、雇佣引诱或 以其他方式聘用爱科索当前或过去员工༛或作为独立订约人༌参与讨论爱科索当前或过去员工、委托销售人员或顾问或提供类似服务人员的雇佣或聘用事宜༛或协助任何第三方从事前述活动༌除非该人员已与合资公司及其关联方解除聘用关系或其他关系[***]期限༛ 或 |
(d) | 从事任何旨在规避本合同有关竞业禁止义务的行为。 |
16.3 | 中国法律变更。若在本合同签署日后༌中国任何国家或地方政府当局对任何国家或地方法律、法规、条例或规定作出任何变更༌包括修订、补充和废除现有法律、法规、条例和规定༌或对现有法律、法规、条例或规定做出不同的解释或颁布实施方法༈就第16.3条而言༌统称为 “变更”༉༌或颁布新法律、法规、条例或规定༈就第16.3条而言༌ 统称为 “新规定”༉༚ |
(a) | 相对于本合同签署日生效的相关法律、法规、条例或规定而言༌若该变更或新规定对合资公司或合同任一方更有利༈且合同另一方并未遭到重大不利影响༉༌则公司和该相关方应立即申请获得此变更或新规定的利益。合资公司和合同各方应尽最大努力促使该申请获得批准。 |
(b) | 若此变更或新规定使合同任一方在本合同项下的经济利益遭到重大不利影响༈无论直接或间接༉༌则在受影响方通知合同另一方时༌合同各方应立即协商并对本合同作出所有此类必要的修订༌以维护受影响方在本合同项下的经济利益。 |
(c) | 若在上述第༈b༉款中所指协商开始后[***]内༌合同各方未能就上述第༈b༉款中所述修订达成一致༌且若此变更或新规定与国际管理不一致༌则在本合同项下的经济利益受到重大不利影响的合同一方可根据第15.1条单方面终止本合同。 |
17.1 | 违约。若合同一方༈为避免疑义༌优创和产业投资基金为单独缔约方༉违反本合同项下的任何声明、保证和义务༌且在收到合同另一方或多方发出的违约通知后[***]内༌未能纠正该等违约行为༌则违约方应赔偿合同另一方或多方因该等违约行为而遭受的任何损失。合同各方进一步同意༌如任何一方延迟出资、以瑕疵股权出资、出资不足或单方面撤资༌则履约方有权要求违约方向公司支付利息༌利率为[***]。若任何一方迟延出资导致公司终止༌则履约方有权[***]。 |
17.2 | 无间接损害。在任何情况下༌合同任一方均不对其他方的利润或收入损失、资本成本或公司客户对任何资本成本的索赔承担责任༌也不对任何特殊的、间接的、附带的或非直接的损害赔偿承担责任。 |
18.1 | 不可抗力。 |
(a) | 由于不可抗力事件༈即༌合同各方不可预见、且其发生和后果无法预防或避免的事件༌包括地震、台风、洪水、火灾和其他严重自然灾害、战争、暴动和类似军事行动、内乱和罢工、怠工及其他劳动行为、政府作为或不作为༌下文统称”不可抗力事件”༉导致合同一方无法全部或部分履行本合同项下义务时༌若所有以下条件均满足༌则应根据不可抗力事件对本合同履行的影响༌免除遭遇此类不可抗力事件的合同一方༈“受影响方”༉的全部或部分责任༚ |
(i) | 不可抗力事件是中断、阻碍或延迟受影响方履行其在本合同项下义务的直接原因༛ |
(ii) | 受影响方已尽其合理努力履行其在本合同项下义务༌以减少因不可抗力事件而对其他方或公司造成的损失༛以及 |
(iii) | 不可抗力事件发生时༌受影响方立即通知其他方༌在不可抗力事件发生后[***]内提供有关不可抗力事件的书面信息༌包括延迟履行或部分履行本合同的原因说明。 |
(b) | 若发生不可抗力事件༌合同各方应协商并决定是否应根据不可抗力事件对履行本合同的影响༌对本合同作出修订༌是否应部分或全部免除、降低或延迟履行受影响方在本合同项下的义务。 |
19.1 | 适用法律。本合同订立、效力、解释、执行、修订和终止以及本合同项下争议的解决均受中华人民共和国法律法规管辖。如中国当前法律和法规未对特定事项作规定的༌则采用国际惯例。 |
20.1 | 解决争议。 |
(a) | 因签署和履行本合同发生或与其相关的任何争议、纠纷或索赔༌合同各方应通过友好协商解决。合同一方向合同另一方发出协商书面请求后༌应立即开展协商。若在通知发出之日起[***]内无法解决争议༌则在合同任一方向合同另一方发出书面通知请求仲裁的情况下༌可提起仲裁。 |
(b) | 应根据当时有效的国际商会༈下文简称 “国际商会”༉调解与仲裁规则实施仲裁。仲裁地点为香港。 |
(c) | 仲裁程序应采用英语和中文开展。若在仲裁过程中需要翻译人员༌合同各方应根据仲裁规则指定独立个人༌由国际商会委托༌担任正式翻译人员。仲裁庭应采用在争议提交国际商会之日有效的国际商会调解与仲裁规则༛但是༌若此规则༈包括有关仲裁员任命的规定༉与第20.1条的规定相冲突༌则以第20.1条规定为准。 |
(d) | 仲裁裁决具有终局性༌对合同各方均具有约束力༌合同任一方均可向有管辖权的法院申请强制执行裁决。[***] |
(e) | 在根据上述仲裁规则启动之任何仲裁程序中༌在不损害合同任一方寻求紧急或临时救济权利的情况下༌合同任一方均可向有管辖权的法院申请临时或紧急救济༌ 包括临时性保全措施或暂时禁制令。 |
20.2 | 其他不受影响的事宜。争议解决期间༌除争议事项外༌合同各方应继续履行本合同所有其他方面。 |
21.1 | 效力。本合同自合同各方签署后生效。 |
21.2 | 若本合同与公司章程存在任何不一致༌则以本合同为准。 |
21.3 | 语言。本合同以英文和中文两种语言书写༌每种语言各六༈6༉份。两种语言的文本具有同等有效性和法律效力。合同各方承认其已审阅本合同两种语言文本༌且两种文本在所有重要方面完全相同。 |
23.1 | 修订。合同各方应签署中英文协议༌修订本合同。中英文协议具有同等有效性及法律效力༌并经合同各方正式授权代表签署后方可生效。合同各方可通过讨论在本合同加入第三方。若合同各方同意让第三方参与༌则应对本合同作出更新༌以纳入第三方作为投资者༌并反映合同各方与该第三方之间商定的其他条款和条件。 |
23.2 | 存续条款。第六条、第十七条、第十九条和第二十条所载合同各方协议在本合同到期或终止以及公司解散后继续有效。 |
23.3 | 通知。合同任一方或合资公司根据本合同要求提供的通知或其他通信应以英文或中文书写༌并以信函形式、传真或电子邮件方式发至下列地址或合同其他方不时通知的指定地址༌以及合资公司不时有效的法定地址。除非本合同另有规定༌通知视为有效送达的日期应按以下规定确定༚ |
(a) | 通过专人递送的通知应视为在专人递送之日有效送达༛ |
(b) | 以邮寄方式发出的通知在经挂号空邮、邮资已付信件或第三方寄出༌送至国际认可的快递服务邮出之日༈如邮戳所示༉后的第七天即视为有效送达༛以及 |
(c) | 通过传真方式发出的通知应在有关文件所示传真发送日期后的第一个营业日视为有效送达。 |
(d) | 通过电子邮件方式发出的通知应在有关电子邮件所示电子邮件发送日期后的第一个营业日视为有效送达。 |
(e) | 通过电话方式发出的通知应在电话有效接通并应答的当日视为有效送达༈此方法仅适用于递送董事会会议通知༌为通知董事的三种方法之一༉。 |
优创 Youchuang | 浙江优创创业投资有限公司 Zhejiang Youchuang Venture Capital Investment Co., Ltd. |
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产 业 投 资 基 金Industrial Investment Fund: | 绍兴市柯桥区天堂硅谷智能机器人产业投资合伙企业༈有限合伙༉ Shaoxing City Keqiao District Paradise Silicon Intelligent Robot Industrial Investment Partnership (Limited Partnership) |
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爱科索༚ Ekso Bionics | 爱科索仿生机械有限公司 Ekso Bionics, Inc. |
Address | [***] |
收件人༚ Attention: | [***] [***] [***] |
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电子邮件༚ Email༚ | [***] |
电话༚ Telephone: | [***] |
23.4 | 完整协议。本合同构成合同各方之间就本合同标的达成的完整且唯一的协议༌并取代合同各方之前就本合同标的达成的所有口头或书面协议、合同、规约和通信。 |
23.5 | 无暗示放弃要求。在特定情况下由于其他方的违约行为而放弃其权利的合同一方༌在其他情况下不应视为放弃对其他方的类似违约行为进行追索的权利。 |
23.6 | 可分割性。若本合同任何或部分条款按照任何法律被认定为在任何方面无效、非法或不可强制执行༌则本合同中其他剩余条款的有效性、合法性和可强制执行性不应受到任何形式的影响或损害。合同各方特此同意其不会宣称本合同任何条款非法或不可执行。 |
23.7 | 不得转让。本合同对合同各方及其各自继承人和受让人均具有约束力༌并可强制执行。除非本合同条款另有规定༌否则未经其他方事先书面许可༌合同任一方均不得将本合同项下的任何权利或义务转让给任何人。 |
23.8 | 冲突或不一致。本合同规定的合同各方权利和义务在整个营业期内应持续存在༌且不得因公司章程而受到损害。若本合同与公司章程有任何冲突或不一致༌以本合同为准。 |
Name of Purchaser | Payment Amount/ Shares |
WEIYUAN FANG | $750,000.00 for 460,123 shares |
HAIXIA YUAN | $3,000,000.00 for 1,840,491 shares |
CHAMPION LINK TRADING LIMITED | $1,250,000.00 for 766,871 shares |
(1) | I have reviewed this Quarterly Report on Form 10-Q of Ekso Bionics Holdings, Inc.; |
(2) | 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; |
(3) | 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; |
(4) | The company’s other certifying officer 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: |
(a) | 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; |
(b) | 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; |
(c) | 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 |
(d) | Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and |
(5) | The company’s other certifying officer 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): |
(a) | 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 |
(b) | 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. |
/s/ Jack Peurach | |
Jack Peurach | |
Principal Executive Officer |
(1) | I have reviewed this Quarterly Report on Form 10-Q of Ekso Bionics Holdings, Inc.; |
(2) | 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; |
(3) | 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; |
(4) | The company’s other certifying officer 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: |
(a) | 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; |
(b) | 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; |
(c) | 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 |
(d) | Disclosed in this report any change in the company’s internal control over financial reporting that occurred during the company’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting; and |
(5) | The company’s other certifying officer 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): |
(a) | 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 |
(b) | 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. |
/s/ John F. Glenn | |
John F. Glenn | |
Principal Financial Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
(2) | 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. |
/s/ Jack Peurach | |
Jack Peurach | |
Principal Executive Officer |
(1) | The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and |
(2) | 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. |
/s/ John F. Glenn | |
John F. Glenn | |
Principal Financial Officer |
Document And Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Apr. 29, 2019 |
|
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | EKSO BIONICS HOLDINGS, INC. | |
Entity Central Index Key | 0001549084 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Trading Symbol | EKSO | |
Entity Common Stock, Shares Outstanding | 67,669,227 |
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 179 | $ 128 |
Convertible Preferred stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Convertible Preferred stock, shares issued (in shares) | 0 | 0 |
Convertible Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value per share (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 141,429,000 | 141,429,000 |
Common stock, shares issued (in shares) | 67,529,000 | 62,963,000 |
Common stock, shares outstanding (in shares) | 67,529,000 | 62,963,000 |
Organization |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Description of Business Ekso Bionics Holdings, Inc. (the “Company”) designs, develops and sells exoskeleton technology to augment human strength, endurance and mobility. The Company’s exoskeleton technology serves multiple markets and can be used both by able-bodied users as well as by persons with physical disabilities. The Company has sold or leased devices that (a) enable individuals with neurological conditions affecting gait (stroke and spinal cord injury) to rehabilitate and to walk again and (b) allow industrial workers to perform heavy duty work for extended periods. Founded in 2005, the Company is headquartered in the Bay Area and is listed on the Nasdaq Capital Market under the symbol “EKSO." Liquidity and Going Concern As of March 31, 2019, the Company had an accumulated deficit of $177,697. Largely as a result of significant research and development activities related to the development of the Company’s advanced technology and commercialization of this technology into its medical device business, the Company has incurred significant operating losses and negative cash flows from operations since inception. In the three months ended March 31, 2019, the Company used $5,177 of cash in its operations. Cash on hand at March 31, 2019 was $9,236, compared to $7,655 at December 31, 2018. As noted in Note 9, Long-Term Debt, borrowings under the Company’s long-term debt agreement have a requirement of minimum cash on hand equivalent to three months of cash burn. As of March 31, 2019, the most recent determination of this restriction, $4,908 of cash must remain as restricted, with such amounts to be re-computed at each month end period. After considering cash restrictions, effective unrestricted cash as of March 31, 2019 is estimated to be $4,328. Based on the current forecast, the Company’s cash on hand will not be sufficient to satisfy the Company’s operations for the next twelve months from the date of issuance of these condensed consolidated financial statements, which raises substantial doubt about the Company’s ability to continue as a going concern. Based upon the Company’s current cash resources, the recent rate of using cash for operations and investment, and assuming modest increases in current revenue, the Company believes it has sufficient resources to meet its financial obligations until late in the second quarter of 2019. While the Company will require significant additional financing, the Company’s actual capital requirements may vary significantly and will depend on many factors. The Company plans to continue its investments (i) in its clinical and sales initiatives to accelerate adoption of the Ekso robotic exoskeleton in the rehabilitation market, (ii) in its research, development and commercialization activities with respect to an Ekso robotic exoskeleton for rehabilitation, and/or (iii) in the development and commercialization of able-bodied exoskeletons for industrial use. The Company is actively pursuing opportunities to obtain additional financing through public or private equity and/or debt financings and corporate collaborations. Sales of additional equity securities by the Company could result in the dilution of the interests of existing stockholders. There can be no assurance that financing will be available when required in sufficient amounts, on acceptable terms or at all. In the event that the necessary additional financing is not obtained, the Company may be required to further reduce its discretionary overhead costs substantially, including research and development, general and administrative, and sales and marketing expenses or otherwise curtail operations. |
Basis of Presentation and Summary of Significant Accounting Policies and Estimates |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies and Estimates | Basis of Presentation and Summary of Significant Accounting Policies and Estimates Basis of Presentation 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, 2018, which included an explanatory paragraph expressing substantial doubt about the Company’s ability to continue as a going concern in the report of the Company's independent registered public accounting firm, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. Certain reclassifications have been made to conform to the current period’s presentation. The Company’s investment in a variable interest entity (“VIE”) in which it exercises significant influence but does not control and is not the primary beneficiary is accounted for using the equity method. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and therefore, omit certain information and footnote disclosure necessary to present the financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). These 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, 2018, which was filed with the SEC on February 28, 2019. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the entire fiscal year or any future periods. 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: revenue recognition, deferred revenue and the deferral of the associated costs, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, the valuation of employee stock options and warrants, 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 (loss) as a component of stockholders’ equity. Gains and losses from the re-measurement of balances denominated in currencies other than the entity's functional currency, are recorded in other expense, net in the accompanying consolidated statements of operations and comprehensive loss. Investment in Unconsolidated Affiliate Equity investments in which the Company exercises significant influence, but does not control and is not the primary beneficiary, are accounted for using the equity method. Investments accounted for under the equity method of accounting are recorded at cost within other assets on the consolidated balance sheets and subsequently increased or decreased by the Company's proportionate share of the net income or loss of the investee. The Company records its proportionate share of net income or loss of the investee in net investment income. The Company records its proportionate share of other comprehensive income or loss of the investee as a component of other comprehensive income. Dividends or other equity distributions in excess of the Company's cumulative equity in earnings of the investee are recorded as a reduction of the investment. Differences in the basis of the investments and the separate net asset values of the investees, if any, are amortized into net income over the remaining useful lives of the underlying assets and liabilities, except for the excess related to goodwill, if any. The Company believes the equity method is an appropriate means for it to recognize increases or decreases measured by U.S. GAAP in the economic resources underlying the investments. Regular evaluation of these investments is appropriate to evaluate any potential need for impairment. The Company uses evidence of a loss in value to identify if an investment has an other than a temporary decline. Variable Interest Entities The Company determines whether it has relationships with entities defined as variable interest entities (VIEs) in accordance with ASC 810, Consolidation. Under this guidance, a VIE is consolidated by the variable interest holder that is determined to be the primary beneficiary. An entity in which the Company holds a variable interest is a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of equity investment at risk lack either the direct or indirect ability through voting rights or similar rights to make decisions about an entity's activities that most significantly impact the entity's economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (a) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether an entity is a VIE at the inception of its variable interest in the entity and upon the occurrence of certain reconsideration events. The Company continually reassesses whether it is the primary beneficiary of VIEs in which it holds a variable interest. 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 material. Once the raw materials are incorporated in the fabrication of the product, the related value of the component is recorded as work in progress or 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 to the 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 of on-hand inventory and purchase commitments in excess of forecasted demand. Leases In February 2016, the FASB issued Accounting Standard Update, or ASU, No. 2016-02, Leases (Topic 842), to enhance the transparency and comparability of financial reporting related to leasing arrangements. The Company adopted the standard effective January 1, 2019. 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. 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. Lease expense is recognized over the expected 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. As a result, the Company no longer recognizes deferred rent on the balance sheet. Revenue Recognition 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. The Company’s medical device segment (EksoHealth) revenue is primarily generated through the sale and rental of the Ekso GT and associated software (SmartAssist and VariableAssist), and sale of accessories, and support and maintenance contracts (Ekso Care). 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 Ekso GT, software, and accessories. Ekso Care support and maintenance contracts extend coverage beyond the Company’s standard warranty agreements. The separately priced Ekso Care contracts range from 12 to 48 months. The Company receives payment at the inception of the contract and recognize revenue over the term of the agreement. Revenue from medical device leases is recognized over the lease term, typically over 12 months. The Company’s industrial device segment (EksoWorks) revenue is generated by the sales of the upper body exoskeleton (EksoVest) and the support arm (EksoZeroG). 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. Refer to Note 6 – Revenue Recognition for further information, including revenue disaggregated by source. Going Concern The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with Accounting Standards Codification 205-40. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. 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 maintains its cash accounts in excess of federally insured limits. However, the Company believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. The Company extends credit to customers in the normal course of business and performs ongoing credit evaluations of its customers. 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 to and services performed for customers. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and records an allowance for credit losses, as needed. The Company has not experienced any material losses related to accounts receivable as of March 31, 2019 and December 31, 2018. Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency. 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 settling foreign currency denominated accounts receivable. As of March 31, 2019, the Company had no customers with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable compared with one customer as of December 31, 2018 (19%). In the three months ended March 31, 2019 and 2018, the Company had one customer with sales of 10% or more of the Company’s total revenue (11%). Recent Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminated the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities are required to record an impairment charge based on the excess of the carrying amount over its fair value. This update will be effective for the Company beginning January 1, 2020 and early adoption is permitted. The Company does not expect the impact of adopting ASU 2017-04 to be material on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The standard modifies the disclosure requirements on fair value measurements in Topic 820 by removing the requirement to disclose the reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. The standard expands the disclosure requirements for Level 3 fair value measurement, primarily focused on changes in unrealized gains and losses included in other comprehensive income. The amendments in this Update will be effective for all the Company in the first quarter of 2020. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of the amendments in this update will have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02-Leases (ASC 842) and subsequent amendments to the initial guidance under ASU 2017-13, ASU 2018-10 and ASU 2018-11 (collectively, Topic 842) which superseded existing guidance on accounting for leases in ASC 840, Leases (ASC 840). Topic 842 requires the Company to recognize on its balance sheet a lease liability representing the present value of future lease payments and a right-of-use asset representing the lessee's right to use, or control the use of a specified asset for the lease term for any operating lease with a term greater than one year. This standard is effective for the Company in the first quarter of 2019. The Company used the modified retrospective transition method, under which we applied the standard to each lease that had commenced as of the beginning of January 1, 2019. In addition, the Company elected to apply the package of practical expedients permitted under the transition guidance, which among other things, allowed the Company to carry forward the historical lease classification. Upon adoption of this standard on January 1, 2019, the Company recorded right–of–use assets and corresponding lease liabilities of $1,454 and $1,498, respectively. As of March 31, 2019, the right–of–use assets and corresponding lease liabilities in the Company's condensed consolidated balance sheets were $1,365 and $1,412, respectively. The adoption of this standard did not have a material impact on the Company’s condensed consolidated statements of operations or cash flows, nor did it have a material impact on the financial covenants set forth in the Company's long-term debt agreement. The Company has provided detailed disclosures as required by the new standard (Refer to Note 10, Lease Obligations). In August 2018, the SEC published Release No. 33–10532, Disclosure Update and Simplification, or DUSTR, which adopted amendments to certain disclosure requirements that have become redundant, duplicative, overlapping, outdated or superseded, in light of other SEC disclosure requirements, GAAP, or changes in the information environment. While most of the DUSTR amendments eliminate outdated or duplicative disclosure requirements, the final rule amends the interim financial statement requirements to include a reconciliation of changes in stockholders’ equity (deficit) in the notes or as a separate statement for each period for which a statement of comprehensive income (loss) is required to be filed. The new interim reconciliation of changes in stockholders’ equity (deficit) is included herein as a separate statement. |
Accumulated Other Comprehensive Income (Loss) |
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Equity [Abstract] | |||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table sets forth the changes to accumulated comprehensive income (loss), net of tax, by component for the three months ended March 31, 2019:
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Fair Value Measurements |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurements | Fair Value Measurements 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:
The Company’s fair value hierarchies for its financial assets and liabilities which require fair value measurement are as follows:
The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the period ended March 31, 2019, which were measured at fair value on a recurring basis:
Refer to Note 11 Capitalization and Equity Structure – Warrants for additional information regarding the valuation of warrants. |
Inventories, net |
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Inventories, net | Inventories, net Inventories consisted of the following:
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Revenue Recognition |
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Revenue Recognition | Revenue Recognition 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, the Company estimates the selling price based on market conditions and entity-specific factors including features and functionality of the product and/or services, the geography of the Company’s customers, type of the Company’s markets. Any discounts or other reductions to the transaction price are allocated proportionately to all performance obligations within the multiple-element arrangement. Contract Balances Timing of revenue recognition may differ from the timing of invoicing to customers and receipt of payment. For the sale of its products, the Company generally recognizes revenue at a point in time through the ship-and-bill performance obligations. For the lease of its products, the Company generally recognizes revenue over the lease term commencing upon the completion of customer training. For service agreements, the Company generally invoices customers at the beginning of the coverage period and record revenue related to the billed amounts over time, equivalent to the coverage period of the maintenance and support contract. Deferred revenue is comprised mainly of unearned revenue related to extended support and maintenance contracts (Ekso Care) 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 revenues consisted of the following:
Deferred revenue activity consisted of the following:
At March 31, 2019, the Company’s deferred revenue, was $2,710. Excluding customer deposits, the Company expects to recognize approximately $764 of the deferred revenue in the remainder of 2019, $788 in 2020, and $1,103 thereafter. In addition to deferred revenue, the Company has non-cancellable backlog of $815 related to its contracts for rental units with its customers. These rental contracts are classified as operating leases, typically with 12-month lease terms, and rental income is recognized on a straight-line basis over the lease term. As of March 31, 2019, and December 31, 2018, accounts receivable, net of allowance for doubtful accounts, were $3,793 and $3,660, respectively, and are included in current assets on the Company’s condensed consolidated balance sheets. The allowance for doubtful accounts reflects the Company’s best estimate of probable losses inherent in the accounts receivable balance. The Company determines the allowance 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 60 days. Disaggregation of revenue The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2019:
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Investment in Unconsolidated Affiliate |
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Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Affiliate | Investment in Unconsolidated Affiliate On January 30, 2019, the Company entered into an agreement (the "JV Agreement") with Zhejiang Youchuang Venture Capital Investment Co., Ltd (“ZYVC”) and another partner to establish Exoskeleton Intelligent Robotics Co. Limited (the “Investee”), a Chinese limited liability company designed to develop and serve the exoskeleton market in China and other Asian markets and to create a global exoskeleton manufacturing center in the Zhejiang Province of China. The Company has the right to receive a 20% ownership interest in the Investee in exchange for the successful transfer of licenses for its manufacturing technology and relevant Chinese patent rights (the “IP”). The Company will also be entitled to receive royalties on the Investee’s medical and industrial product sales in China, Hong Kong, Malaysia and Singapore. The Company has one year from the date of the Investee’s formation to complete the transfer of the IP. Since the transferred IP was developed internally by the Company, all previous expenditures to develop the technology were recognized as expense in the period incurred and there was no carrying value on the Company’s consolidated balance sheet. The Company expects that it will recognize a gain on the Technology License Agreement based on the fair value of the Company’s equity interest in the Investee once control of the IP is transferred. The Investee is a VIE for which the Company is not the primary beneficiary as the Company does not have the power to direct the activities that most significantly influence the economic performance of the entity. In addition to the Company’s exchange of license rights for the manufacturing technology, the Investee will be capitalized through cash investments of up to approximately $92,000 by the other two parties over the initial ten-year term of the agreement. The investment in the Investee is accounted for under the equity method of accounting because the Company has significant influence over the Investee through its ownership interest, technology license and manufacturing service agreements and representation on the board of directors. As of March 31, 2019, there is no impact to the Company’s consolidated balance sheet except for the direct transaction costs which have been capitalized and will be included as part of the investment balance when the IP is transferred. Direct costs of $36 are included in other assets in the Company’s condensed consolidated balance sheets as of March 31, 2019. In addition to contributing the licensed IP, the Company’s obligations to the Investee include assisting the Investee to become proficient in using the IP to manufacture products that meet regulatory standards, and providing supervision of appointed directors. The primary risks that the Company is exposed to from its involvement with the VIE include operational risk, foreign currency exposure risk and foreign regulatory risk. As of March 31, 2019, the Company has no other implied or unfunded commitments related to the Investee and its maximum exposure to risk of loss will be limited to the carrying value of the investment. Equity Investments Concurrent with the signing of the agreement, ZYVC agreed to invest an aggregate of $10,000 in equity investments in the Company taking place in two tranches. On January 30, 2019, the Company executed a Share Purchase Agreement (the “SPA”) under which the Company sold 3,067 shares of its common stock for $5,000 at a purchase price of $1.63. The SPA contains an anti-dilution right for a 60-day period after closing, under which the investors were entitled to receive additional common shares if the Company had issued shares at a price below $1.63 during that period. This provision expired unexercised for all investors in April 2019. The Company recorded $8 in direct issuance costs as a reduction to the gross equity proceeds. The remaining $5,000 investment in the Company’s common stock is contingent upon the shipment of the first products from the manufacturing facility. The equity investment price will be the volume weighted average price of 20 trading days before the issuing date, but with a collar so that the equity price will be no greater than 20% higher than the first investment and lower than 80% of the first investment price. |
Accrued Liabilities |
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Accrued Liabilities and Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following:
A reconciliation of the changes in the current portion of the device warranty liability for the three-month period ended March 31, 2019 is as follows:
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Long-Term Debt |
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Long-Term Debt | 9. Long-Term Debt In December 2016, the Company entered into a loan agreement and received $7,000 that bears interest on the outstanding daily balance at a floating per annum rate equal to the 30-day U.S. LIBOR plus 5.41%. The loan agreement created a first priority security interest with respect to substantially all assets of the Company, including proceeds of intellectual property, but expressly excluding intellectual property itself. The Company was required to pay accrued interest on the current loan on the first day of each month through and including January 1, 2018. Commencing on February 1, 2018, the Company was required to make equal monthly payments of principal, together with accrued and unpaid interest. The principal balance of the current loan amortizes ratably over 36 months, and matures on January 1, 2021, at which time all unpaid principal and accrued and unpaid interest shall be due and payable in full. In addition, a final payment of $245 will be due on the maturity date, of which $194 was accreted as of March 31, 2019, to be paid in 2021 and is included as a component of note payable on the Company’s condensed consolidated balance sheets. In December 2016, and pursuant to the loan agreement, the Company entered into a success fee agreement with the lender under which the Company agreed to pay the lender a $250 success fee upon the first to occur of any of the following events: (a) a sale or other disposition by the Company of all or substantially all of its assets; (b) a merger or consolidation of the Company into or with another person or entity, where the holders of the Company’s outstanding voting equity securities immediately prior to such merger or consolidation hold less than a majority of the issued and outstanding voting equity securities of the successor or surviving person or entity immediately following the consummation of such merger or consolidation; or (c) the closing price per share for the Company’s common stock being $8.00 or more for five successive business days. The estimated fair value of the success fee was determined using the Binomial Lattice Model and was recorded as a discount to the debt obligation. The fair value of the contingent success fee is re-measured each reporting period with any adjustments in fair value being recognized in the condensed consolidated statements of operations and comprehensive loss. The success fee is classified as a liability on the condensed consolidated balance sheets. At March 31, 2019, the fair value of the contingent success fee liability was $35. The loan agreement includes a liquidity covenant requiring that the Company maintain unrestricted cash and cash equivalents in accounts of the lender or subject to control agreements in favor of the lender in an amount equal to at least three months of “Monthly Cash Burn,” which is the Company’s average monthly net income (loss) for the trailing six-month period plus certain expenses and plus the average monthly principal due and payable on interest-bearing liabilities in the immediately succeeding three-month period. Such amount was determined to be $4,908 as of March 31, 2019, the most current determination, with the amount subject to change on a month-to-month basis. At March 31, 2019, with cash on hand of $9,236, the Company was compliant with this liquidity covenant and all other covenants. The final payment fee, debt issuance costs, and the initial fair value of the success fee combined with the stated interest resulted in an effective interest rate of 10.47% for the three months ended March 31, 2019. The final payment fee, initial fair value of the success fee and debt issuance costs was and will be accreted, amortized and amortized, respectively, to interest expense using the effective interest method over the life of the loan. The following table presents scheduled principal payments of the Company’s long-term debt and final payment fee as of March 31, 2019:
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Lease Obligations |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Obligations | Lease Obligations In May 2017, the Company renewed its operating lease agreement for its headquarters and manufacturing facility in Richmond, California. The operating lease agreement expires in May 2022, with no further options to extend or terminate. During the renewal period, the base rent is approximately $32 per month during the first year, with incremental 3% increases per annum thereafter. The lease includes non-lease components (i.e. common area maintenance costs) that are paid separately from rent based on actual costs incurred and therefore were not included in the right-of-use asset and lease liability but are reflected as an expense in the period incurred. In July 2017, the Company entered into an operating lease agreement for its European operations office in Hamburg, Germany. The initial Hamburg lease term ends in July 2022. The Company has an option to extend the lease for another five-year term. Until April 2019, the Company had an unoccupied leased sales office in Freiburg, which had an original lease term expiring in December 2020. In April 2019, the Company entered an agreement with the lessor of the Freiburg office releasing the Company from future lease payments after April 30, 2019. In August 2015, the Company entered into a long-term financing lease for equipment. The aggregate principal of the lease at inception was $166, with an interest rate of 4.7%, minimum monthly payments of $3 and a July 1, 2020 maturity. This financing lease liability is classified as a component of accrued liabilities and other non-current liabilities in the condensed consolidated balance sheets. The Company's future lease payments as of March 31, 2019 are as follows, which are presented as lease liabilities, current and lease liabilities on the Company's condensed consolidated balance sheets:
Lease expense under the Company’s operating leases was $140 and $143 for the three months ended March 31, 2019 and 2018, respectively. Practical Expedients 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. The Company has elected to account for lease (e.g., fixed payments including rent) and non-lease components (e.g., common-area maintenance costs) as a single combined lease component under ASC 842 as the lease components are the predominant elements of the combined components. As part of the transition to ASC 842, the Company elected to use the modified retrospective transition method with the new standard being applied as of the January 1, 2019 adoption date. Additionally, the Company has elected, as of the adoption date, not to reassess whether expired or existing contracts contain leases under the new definition of a lease, not to reassess the lease classification for expired or existing leases, not to reassess whether previously capitalized initial direct costs would qualify for capitalization under ASC 842. |
Capitalization and Equity Structure |
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Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capitalization and Equity Structure | Capitalization and Equity Structure Summary The Company’s authorized capital stock at March 31, 2019 consisted of 141,429 shares of common stock and 10,000 shares of preferred stock. At March 31, 2019, 67,529 shares of common stock were issued and outstanding and no shares of preferred stock were issued and outstanding. Common Stock On August 21, 2018, the Company entered into a Controlled Equity OfferingSM Sales Agreement ("ATM Agreement") with Cantor Fitzgerald & Co. (the “Agent”) under which the Company may issue and sell shares of its common stock, from time to time, to or through the Agent, by methods deemed to be an “at the market offering.” Shares having an aggregate offering price of up to $25,000 may be offered pursuant to a prospectus dated August 21, 2018 (the “ATM Prospectus”) under the Company’s previously filed and currently effective shelf registration statement on Form S-3 (Registration No. 333-218517). For the three months ended March 31, 2019, the Company sold 1,294 shares of common stock under the ATM Agreement at an average price of $1.85 per share, for aggregate proceeds of $2,313, net of commission and issuance costs. As of March 31, 2019, approximately $17,734 aggregate offering price of the Company's common stock remained available for issuance pursuant to the ATM Prospectus. On January 30, 2019, the Company sold 3,067 shares of its common stock for $5,000 at a purchase price of $1.63 under the SPA , in connection with the JV Agreement. Refer to Note 7. Investment in Unconsolidated Affiliate – Equity Investments for additional information. Warrants Warrant shares outstanding as of December 31, 2018 and March 31, 2019 were as follows:
Information Agent Warrants In September 2017, in connection with the Rights Offering in August 2017, the Company issued warrants to purchase 200 shares of the Company’s common stock with an exercise price of $1.50 per share to an information agent (the “Information Agent Warrants”). The Information Agent Warrants became exercisable immediately upon issuance. These warrants were recorded in stockholders’ equity on the Company’s condensed consolidated balance sheet. 2015 Warrants In December 2015, the Company issued warrants to purchase 2,122 shares with an exercise price of $3.74 per share (the “2015 Warrants”). The 2015 Warrants contain a put-option provision. Under this provision, while the 2015 Warrants are outstanding, if the Company enters into a Fundamental Transaction, defined as a merger, consolidation or similar transaction, the Company or any successor entity will, at the option of each warrant holder, exercisable at any time within 30 days after the consummation of the Fundamental Transaction, purchase the warrant from the holder exercising such option by paying to the holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s warrant on the date of the consummation of the Fundamental Transaction. Because of this put-option provision, the 2015 Warrants are classified as a liability and are marked to market at each reporting date. During the years ended December 31, 2016 and 2017, 488 shares and 30 shares, respectively, of the 2015 warrants, were exercised. On March 8, 2019, the Company entered into an amendment to the 2015 Purchase Agreement (the “Amendment”) to retroactively remove a provision prohibiting the Company from effecting or entering into an agreement to effect any issuance by the Company of its common stock at a price determined based on the trading price of the Company's common stock or otherwise at a future determined price and reduced the exercise price of each such warrant from $3.74 per share to $2.75 per share, subject to further adjustments pursuant to the existing terms of such warrant. In the three months ended March 31, 2019, the Company recorded a $257 loss on the modification of these warrants. The warrant liability related to the 2015 Warrants is measured at fair value at each reporting date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in the Black Scholes Option Pricing Model to measure the fair value of the 2015 warrants as of March 31, 2019:
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Stock-based Compensation |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation | Stock-based Compensation In June 2018, the Company’s stockholders ratified an amendment to the Company’s Amended and Restated 2014 Equity Incentive Plan (the “2014 Plan”), which was first approved by the stockholders in December 2017, to increase the number of shares available for grant by 4,400 shares. As of March 31, 2019, the total shares authorized for grant under the 2014 Plan was 9,114, of which 1,580 were available for future grants. Stock Options The following table summarizes information about the Company’s stock options outstanding as of March 31, 2019, and activity during the three months then ended:
As of March 31, 2019, total unrecognized compensation cost related to unvested stock options was $4,856. This amount is expected to be recognized as stock-based compensation expense in the Company’s condensed consolidated statements of operations and comprehensive income over the remaining weighted average vesting period of 2.85 years. The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes option pricing model using the following assumptions:
Restricted Stock Units The Company issues restricted stock units (“RSUs”) to employees and non-employee service providers as permitted by the 2014 Plan. Each RSU represents the right to receive one share of the Company’s common stock upon vesting and subsequent settlement. The fair value of RSUs is determined based on the closing price of the Company’s common stock on the date of grant. RSU activity for the period ended March 31, 2019 is summarized below:
As of March 31, 2019, $387 of total unrecognized compensation expense related to unvested RSUs was expected to be recognized over a weighted average period of 3.24 years. Compensation Expense Total stock-based compensation expense related to options and RSUs granted to employees and non-employees is included in the condensed consolidated statements of operations and comprehensive loss as follows:
401(k) Plan Share Match In August 2017, the Company’s Board of Directors approved a match benefit to the Ekso Bionics 401(k) plan (the “401(k) Plan”) in the form of shares of the Company’s common stock. During the three months ended March 31, 2019, the Company issued 141 shares of common stock to eligible employees’ deferral accounts for the 401(k) Plan matching contribution representing 50% of each eligible employee’s elected deferral (up to the statutory limit) for the year ending December 31, 2018. |
Income Taxes |
3 Months Ended |
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Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes There were no material changes to the unrecognized tax benefits in the three months ended March 31, 2019, and the Company does not expect significant changes to unrecognized tax benefits through the end of the fiscal year. Because of the Company’s history of tax losses, all years remain open to tax examination. |
Commitments and Contingencies |
3 Months Ended |
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Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Material Contracts The Company enters various license, research collaboration and development agreements which provide for payments to the Company for government grants, fees, cost reimbursements typically with a markup, technology transfer and license fees, and royalty payments on sales. The Company has two license agreements with the Regents of the University of California to maintain exclusive rights to certain patents. Pursuant to those license agreements, the Company is required to pay 1% of net sales of products sold to entities other than the U.S. government and, in the event of a sub-license, the Company owes 21% of license fees and must pass through 1% of the sub-licensee’s net sales of products sold to entities other than the U.S. government. The agreements also stipulate minimum annual royalties of $50. In connection with acquisition of Equipois, the Company assumed the rights and obligations of Equipois under a license agreement with the developer of certain intellectual property related to mechanical balance and support arm technologies, which grants the Company an exclusive license with respect to the technology and patent rights for certain fields of use. Pursuant to the terms of the license agreement, the Company pays the developer a single-digit royalty on net receipts, subject to a $50 annual minimum royalty requirement. The Company purchases components from a variety of suppliers and use contract manufacturers to provide manufacturing services for its products. Purchase obligations are defined as agreements that are enforceable and legally binding and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. The Company had purchase obligations primarily for purchases of inventory and manufacturing related service contracts totaling $1,221 as of March 31, 2019, which is expected to be paid within a year. Timing of payments and actual amounts paid may be different depending on the time of receipt of goods or services or changes to agreed-upon amounts for some obligations. Contingencies In the normal course of business, the Company is subject to various legal matters. In the opinion of management, the resolution of such matters will not have a material adverse effect on the Company’s condensed consolidated financial statements. |
Net Loss Per Share |
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Net Loss Per Share | Net Loss Per Share The following table sets forth the computation of basic and diluted net loss per share:
The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented:
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Segment Disclosures |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Disclosures | Segment Disclosures The Company has two reportable segments: EksoHealth (also referred to as the medical devices segment) and EksoWorks (also referred to as the industrial devices segment). The EksoHealth segment designs, engineers, manufactures, and sells exoskeletons for applications in the medical markets. The EksoWorks segment designs, engineers, manufactures, and sells exoskeleton devices to allow able-bodied users to perform heavy duty work for extended periods. The Company evaluates performance and allocates resources based on segment gross profit margin. The reportable segments are each managed separately because they serve distinct markets, and one segment provides a service and the others manufacture and distribute unique products. The Company does not consider net assets as a segment measure and, accordingly, assets are not allocated. Segment reporting information is as follows:
Geographic information for revenue based on location of customers is as follows:
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Related Party Transactions |
3 Months Ended |
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Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions One of the Company’s directors, Dr. Ted Wang, is the founder, general partner and Chief Investment Officer of Puissance Capital Management LP, or Puissance Capital, which is an affiliate of Puissance Cross-Border Opportunities II LLC, one of the Company’s largest stockholders. Prior to Dr. Wang’s appointment to the Board in September 2017, the Company entered into a one-year consulting agreement with Angel Pond Capital LLC, or Angel Pond, an entity solely owned and managed by Dr. Wang and affiliated with Puissance Capital. Angel Pond assists the Company with strategic positioning in the Asia Pacific region, including the introduction to potential strategic and capital partners and the development of strategic partnerships for the sale and manufacture of the Company’s products in that market. During the three months ended March 31, 2019, Angel Pond provided consulting services amounting to $30, which was expensed in the condensed consolidated statement of operations and comprehensive loss. In connection with the consulting agreement with Angel Pond, the Company is required to make a payment of $1,000 to Angel Pond when a China joint venture is formed and registered in China. This amount has not yet been recorded in the Company's condensed consolidated financial statements as the joint venture has not completed registration in China. |
Subsequent Events |
3 Months Ended |
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Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events As previously reported, on January 30, 2019, Ekso Bionics, Inc. (“Ekso US”), a wholly-owned subsidiary of the Company, the Company, Zhejiang Youchuang Venture Capital Investment Co., Ltd. (“ZYVC”) and Shaoxing City Keqiao District Paradise Silicon Intelligent Robot Industrial Investment Partnership (Limited Partnership) (the “Industrial Investment Fund” and, together with ZYVC, the “JV Partners”) entered into an Equity Joint Venture Contract (the “JV Agreement”). The JV Agreement relates to the establishment and operation of a joint venture company called Exoskeleton Intelligent Robotics Co. Limited (the “China JV”) designed to develop and serve the exoskeleton market in China and other Asian markets and to create a global exoskeleton manufacturing center, and to the financing of the Company, as well as an obligation to fund the Company with an additional $5.0 million subject to satisfaction of certain conditions. On April 30, 2019, Ekso US, the Company and the JV Partners entered into an Amendment to the JV Agreement (the “JV Amendment”). Among certain other clarifying changes, the JV Amendment reduces the amount of capital contributions required to be made by the JV Partners within 90 days of the formation of the China JV from 30% (or RMB 187.2 million) to 10% (or RMB 62.4 million) and requires that the JV Partners contribute RMB 124.8 million of their capital contributions upon notice by the China JV based on the China JV’s then current operating plan. The remaining RMB 436.8 million capital contribution of the JV Partners will be paid by them within the 10 years after the formation of the China JV as previously contemplated under the JV Agreement. |
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Policies) |
3 Months Ended |
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Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation 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, 2018, which included an explanatory paragraph expressing substantial doubt about the Company’s ability to continue as a going concern in the report of the Company's independent registered public accounting firm, and include all adjustments, consisting of only normal recurring adjustments, necessary to fairly state the information set forth herein. Certain reclassifications have been made to conform to the current period’s presentation. The Company’s investment in a variable interest entity (“VIE”) in which it exercises significant influence but does not control and is not the primary beneficiary is accounted for using the equity method. The condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) and therefore, omit certain information and footnote disclosure necessary to present the financial statements in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). These 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, 2018, which was filed with the SEC on February 28, 2019. The results of operations for the three months ended March 31, 2019 are not necessarily indicative of the results to be expected for the entire fiscal year or any future periods. |
Use of Estimates | 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: revenue recognition, deferred revenue and the deferral of the associated costs, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, the valuation of employee stock options and warrants, and contingencies. Actual results could differ from those estimates. |
Foreign Currency | 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 (loss) as a component of stockholders’ equity. Gains and losses from the re-measurement of balances denominated in currencies other than the entity's functional currency, are recorded in other expense, net in the accompanying consolidated statements of operations and comprehensive loss. |
Investment in Unconsolidated Affiliate | Investment in Unconsolidated Affiliate Equity investments in which the Company exercises significant influence, but does not control and is not the primary beneficiary, are accounted for using the equity method. Investments accounted for under the equity method of accounting are recorded at cost within other assets on the consolidated balance sheets and subsequently increased or decreased by the Company's proportionate share of the net income or loss of the investee. The Company records its proportionate share of net income or loss of the investee in net investment income. The Company records its proportionate share of other comprehensive income or loss of the investee as a component of other comprehensive income. Dividends or other equity distributions in excess of the Company's cumulative equity in earnings of the investee are recorded as a reduction of the investment. Differences in the basis of the investments and the separate net asset values of the investees, if any, are amortized into net income over the remaining useful lives of the underlying assets and liabilities, except for the excess related to goodwill, if any. The Company believes the equity method is an appropriate means for it to recognize increases or decreases measured by U.S. GAAP in the economic resources underlying the investments. Regular evaluation of these investments is appropriate to evaluate any potential need for impairment. The Company uses evidence of a loss in value to identify if an investment has an other than a temporary decline. |
Variable Interest Entities | Variable Interest Entities The Company determines whether it has relationships with entities defined as variable interest entities (VIEs) in accordance with ASC 810, Consolidation. Under this guidance, a VIE is consolidated by the variable interest holder that is determined to be the primary beneficiary. An entity in which the Company holds a variable interest is a VIE if any of the following conditions exist: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support, (b) as a group, the holders of equity investment at risk lack either the direct or indirect ability through voting rights or similar rights to make decisions about an entity's activities that most significantly impact the entity's economic performance or the obligation to absorb the expected losses or right to receive the expected residual returns, or (c) the voting rights of some investors are disproportionate to their obligation to absorb the expected losses of the entity, their rights to receive the expected residual returns of the entity, or both and substantially all of the entity's activities either involve or are conducted on behalf of an investor with disproportionately few voting rights. The primary beneficiary is defined as the variable interest holder that is determined to have the controlling financial interest as a result of having both (a) the power to direct the activities of a VIE that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or right to receive benefits from the VIE that could potentially be significant to the VIE. The Company determines whether an entity is a VIE at the inception of its variable interest in the entity and upon the occurrence of certain reconsideration events. The Company continually reassesses whether it is the primary beneficiary of VIEs in which it holds a variable interest. |
Inventory | 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 material. Once the raw materials are incorporated in the fabrication of the product, the related value of the component is recorded as work in progress or 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 to the 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 of on-hand inventory and purchase commitments in excess of forecasted demand. |
Lesses | Leases In February 2016, the FASB issued Accounting Standard Update, or ASU, No. 2016-02, Leases (Topic 842), to enhance the transparency and comparability of financial reporting related to leasing arrangements. The Company adopted the standard effective January 1, 2019. 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. 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. Lease expense is recognized over the expected 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. As a result, the Company no longer recognizes deferred rent on the balance sheet. |
Revenue Recognition | Revenue Recognition 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. The Company’s medical device segment (EksoHealth) revenue is primarily generated through the sale and rental of the Ekso GT and associated software (SmartAssist and VariableAssist), and sale of accessories, and support and maintenance contracts (Ekso Care). 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 Ekso GT, software, and accessories. Ekso Care support and maintenance contracts extend coverage beyond the Company’s standard warranty agreements. The separately priced Ekso Care contracts range from 12 to 48 months. The Company receives payment at the inception of the contract and recognize revenue over the term of the agreement. Revenue from medical device leases is recognized over the lease term, typically over 12 months. The Company’s industrial device segment (EksoWorks) revenue is generated by the sales of the upper body exoskeleton (EksoVest) and the support arm (EksoZeroG). 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. Refer to Note 6 – Revenue Recognition for further information, including revenue disaggregated by source. |
Going Concern | Going Concern The Company assesses its ability to continue as a going concern at every interim and annual period in accordance with Accounting Standards Codification 205-40. The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. |
Concentration of Credit Risk and Other Risks and Uncertainties | 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 maintains its cash accounts in excess of federally insured limits. However, the Company believes it is not exposed to significant credit risk due to the financial position of the depository institutions in which these deposits are held. The Company extends credit to customers in the normal course of business and performs ongoing credit evaluations of its customers. 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 to and services performed for customers. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and records an allowance for credit losses, as needed. The Company has not experienced any material losses related to accounts receivable as of March 31, 2019 and December 31, 2018. Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency. 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 settling foreign currency denominated accounts receivable. As of March 31, 2019, the Company had no customers with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable compared with one customer as of December 31, 2018 (19%). In the three months ended March 31, 2019 and 2018, the Company had one customer with sales of 10% or more of the Company’s total revenue (11%). |
Recent Accounting Pronouncements/Recently Adopted Accounting Standards | Recent Accounting Pronouncements In January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment. ASU 2017-04 eliminated the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities are required to record an impairment charge based on the excess of the carrying amount over its fair value. This update will be effective for the Company beginning January 1, 2020 and early adoption is permitted. The Company does not expect the impact of adopting ASU 2017-04 to be material on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. The standard modifies the disclosure requirements on fair value measurements in Topic 820 by removing the requirement to disclose the reasons for transfers between Level 1 and Level 2 of the fair value hierarchy and the policy for timing of such transfers. The standard expands the disclosure requirements for Level 3 fair value measurement, primarily focused on changes in unrealized gains and losses included in other comprehensive income. The amendments in this Update will be effective for all the Company in the first quarter of 2020. Early adoption is permitted. The Company is currently evaluating the impact that the adoption of the amendments in this update will have on its consolidated financial statements and related disclosures. Recently Adopted Accounting Standards In February 2016, the FASB issued ASU 2016-02-Leases (ASC 842) and subsequent amendments to the initial guidance under ASU 2017-13, ASU 2018-10 and ASU 2018-11 (collectively, Topic 842) which superseded existing guidance on accounting for leases in ASC 840, Leases (ASC 840). Topic 842 requires the Company to recognize on its balance sheet a lease liability representing the present value of future lease payments and a right-of-use asset representing the lessee's right to use, or control the use of a specified asset for the lease term for any operating lease with a term greater than one year. This standard is effective for the Company in the first quarter of 2019. The Company used the modified retrospective transition method, under which we applied the standard to each lease that had commenced as of the beginning of January 1, 2019. In addition, the Company elected to apply the package of practical expedients permitted under the transition guidance, which among other things, allowed the Company to carry forward the historical lease classification. Upon adoption of this standard on January 1, 2019, the Company recorded right–of–use assets and corresponding lease liabilities of $1,454 and $1,498, respectively. As of March 31, 2019, the right–of–use assets and corresponding lease liabilities in the Company's condensed consolidated balance sheets were $1,365 and $1,412, respectively. The adoption of this standard did not have a material impact on the Company’s condensed consolidated statements of operations or cash flows, nor did it have a material impact on the financial covenants set forth in the Company's long-term debt agreement. The Company has provided detailed disclosures as required by the new standard (Refer to Note 10, Lease Obligations). In August 2018, the SEC published Release No. 33–10532, Disclosure Update and Simplification, or DUSTR, which adopted amendments to certain disclosure requirements that have become redundant, duplicative, overlapping, outdated or superseded, in light of other SEC disclosure requirements, GAAP, or changes in the information environment. While most of the DUSTR amendments eliminate outdated or duplicative disclosure requirements, the final rule amends the interim financial statement requirements to include a reconciliation of changes in stockholders’ equity (deficit) in the notes or as a separate statement for each period for which a statement of comprehensive income (loss) is required to be filed. The new interim reconciliation of changes in stockholders’ equity (deficit) is included herein as a separate statement. |
Accumulated Other Comprehensive Income (Loss) (Tables) |
3 Months Ended | ||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Loss | The following table sets forth the changes to accumulated comprehensive income (loss), net of tax, by component for the three months ended March 31, 2019:
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Fair Value Measurements (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The Company’s fair value hierarchies for its financial assets and liabilities which require fair value measurement are as follows:
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Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities for the period ended March 31, 2019, which were measured at fair value on a recurring basis:
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Inventories, net (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Inventory, net | Inventories consisted of the following:
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Revenue Recognition (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Contracts with Customer, Assets and Liabilities | Deferred revenue activity consisted of the following:
Deferred revenues consisted of the following:
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Disaggregation of Revenue | The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2019:
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Accrued Liabilities (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accrued Liabilities and Other Liabilities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following:
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Product Maintenance And Warranty | A reconciliation of the changes in the current portion of the device warranty liability for the three-month period ended March 31, 2019 is as follows:
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Long-Term Debt (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt | The following table presents scheduled principal payments of the Company’s long-term debt and final payment fee as of March 31, 2019:
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Lease Obligations (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Maturities of Future Obligations | The Company's future lease payments as of March 31, 2019 are as follows, which are presented as lease liabilities, current and lease liabilities on the Company's condensed consolidated balance sheets:
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Capitalization and Equity Structure (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Warrant share activity | Warrant shares outstanding as of December 31, 2018 and March 31, 2019 were as follows:
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Schedule of assumption used in valuation | The following assumptions were used in the Black Scholes Option Pricing Model to measure the fair value of the 2015 warrants as of March 31, 2019:
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Stock-based Compensation (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes information about the Company’s stock options outstanding as of March 31, 2019, and activity during the three months then ended:
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Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes option pricing model using the following assumptions:
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Schedule of Unvested Restricted Stock Units Roll Forward | RSU activity for the period ended March 31, 2019 is summarized below:
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Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Total stock-based compensation expense related to options and RSUs granted to employees and non-employees is included in the condensed consolidated statements of operations and comprehensive loss as follows:
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Net Loss Per Share (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net loss per share:
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following table sets forth potential shares of common stock that are not included in the calculation of diluted net loss per share because to do so would be anti-dilutive as of the end of each period presented:
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Segment Disclosures (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2019 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | Segment reporting information is as follows:
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Schedule of Geographic Information | Geographic information for revenue based on location of customers is as follows:
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Organization (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Dec. 31, 2017 |
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Accumulated deficit | $ 177,697 | $ 171,146 | ||
Cash used in operations | 5,177 | $ 6,745 | ||
Cash | 9,236 | $ 20,572 | $ 7,655 | $ 27,813 |
Debt covenant, unrestricted cash | 4,908 | |||
Unrestricted cash | $ 4,328 |
Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
Dec. 31, 2018 |
Jan. 01, 2019 |
|
Concentration Risk [Line Items] | ||||
Right-of-use assets | $ 1,365 | $ 0 | ||
Leas liabilities | $ 1,412 | |||
Customer Concentration Risk | Accounts Receivable | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 19.00% | |||
Customer Concentration Risk | Revenue | ||||
Concentration Risk [Line Items] | ||||
Concentration risk percentage | 11.00% | 11.00% | ||
ASU 2016-02 | ||||
Concentration Risk [Line Items] | ||||
Right-of-use assets | $ 1,498 | |||
Leas liabilities | $ 1,454 |
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | $ 2,728 | $ 21,391 |
Current period other comprehensive income | 148 | (207) |
Ending Balance | 4,534 | $ 14,839 |
Foreign Currency Translation | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning Balance | (92) | |
Current period other comprehensive income | 148 | |
Ending Balance | $ 56 |
Fair Value Measurements - Fair Value Hierarchies (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Liabilities | ||
Warrant liabilities | $ 1,964 | $ 585 |
Contingent success fee liability | 35 | |
Recurring | ||
Liabilities | ||
Warrant liabilities | 1,964 | 585 |
Contingent success fee liability | 35 | 34 |
Level 1 | Recurring | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Contingent success fee liability | 0 | 0 |
Level 2 | Recurring | ||
Liabilities | ||
Warrant liabilities | 0 | 0 |
Contingent success fee liability | 0 | 0 |
Level 3 | Recurring | ||
Liabilities | ||
Warrant liabilities | 1,964 | 585 |
Contingent success fee liability | $ 35 | $ 34 |
Inventories, net (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 2,967 | $ 2,676 |
Work in progress | 303 | 331 |
Finished goods | 335 | 730 |
Inventory | 3,605 | 3,737 |
Less: inventory reserve | (305) | (366) |
Inventories, net | $ 3,300 | $ 3,371 |
Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Revenue from Contract with Customer [Abstract] | ||
Deferred extended maintenance and support | $ 2,281 | $ 2,114 |
Deferred Royalties | 300 | 300 |
Deferred rental income | 38 | 51 |
Customer deposits and advances | 55 | 62 |
Deferred device revenues | 36 | 70 |
Total deferred revenues | 2,710 | 2,597 |
Less current portion | (1,211) | (1,102) |
Deferred revenues, non-current | $ 1,499 | $ 1,495 |
Revenue Recognition - Deferred Revenue Activity (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Change In Contract With Customer, Liability Rollforward [Roll Forward] | |
Beginning balance | $ 2,597 |
Deferral of revenue | 561 |
Recognition of deferred revenue | (448) |
Ending balance | $ 2,710 |
Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Dec. 31, 2018 |
|
Disaggregation of Revenue [Line Items] | ||
Deferred revenue | $ 2,710 | $ 2,597 |
Contracts for rental units | $ 815 | |
Lease term | 12 months | |
Accounts receivable, net of allowances | $ 3,793 | $ 3,660 |
Minimum | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable payment terms | 30 days | |
Maximum | ||
Disaggregation of Revenue [Line Items] | ||
Accounts receivable payment terms | 60 days |
Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Accrued Liabilities and Other Liabilities [Abstract] | ||
Salaries, benefits and related expenses | $ 2,458 | $ 2,446 |
Device warranty | 289 | 307 |
Clinical trials | 273 | 227 |
Severance | 116 | 270 |
Financing lease liability | 36 | 35 |
Other | 114 | 256 |
Total | $ 3,286 | $ 3,541 |
Accrued Liabilities - Product Maintenance and Warranty (Details) - Warranty $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Accrued Liabilities, Rollforward [Roll Forward] | |
Beginning Balance | $ 307 |
Additions for estimated future expense | 95 |
Incurred costs | (113) |
Closing Balance | $ 289 |
Long-Term Debt - Additional Information (Details) - USD ($) |
1 Months Ended | 3 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2016 |
Mar. 31, 2019 |
Dec. 31, 2018 |
Mar. 31, 2018 |
Dec. 31, 2017 |
|
Debt Instrument [Line Items] | |||||
Long-term debt, net | $ 4,426,000 | ||||
Success fee | $ 250,000 | ||||
Current share price (in dollars per share) | $ 8.00 | ||||
Contingent success fee liability | 35,000 | ||||
Debt covenant, unrestricted cash | 4,908,000 | ||||
Cash | $ 9,236,000 | $ 7,655,000 | $ 20,572,000 | $ 27,813,000 | |
Effective interest rate percentage | 10.47% | ||||
Loan Agreement | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 7,000,000 | ||||
Debt term | 36 months | ||||
Long-term debt, net | $ 245,000 | ||||
Accretion of final payment fee of debt | $ 194,000 | ||||
LIBOR | Loan Agreement | |||||
Debt Instrument [Line Items] | |||||
Variable rate percentage | 5.41% |
Long-Term Debt - Debt Repayment (Details) $ in Thousands |
Mar. 31, 2019
USD ($)
|
---|---|
Debt Disclosure [Abstract] | |
2019 - remainder | $ 1,750 |
2020 | 2,333 |
2021 | 440 |
Total principal payments | 4,523 |
Total principal payments | 97 |
Long-term debt, net | 4,426 |
Current portion | 2,333 |
Long-term portion | 2,093 |
Long-term debt, net | $ 4,426 |
Lease Obligations - Additional Information (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | |
---|---|---|---|
Aug. 31, 2015 |
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Debt Instrument [Line Items] | |||
Base rent | $ 0 | ||
Rent increase per annum | 3.00% | ||
Renewal term | 5 years | ||
Aggregate principal | $ 4,523 | ||
Rent expense | $ 140 | $ 143 | |
Finance Lease | |||
Debt Instrument [Line Items] | |||
Aggregate principal | $ 166 | ||
Stated percentage | 4.70% | ||
Minimum monthly payments | $ 3 |
Lease Obligations - Future Minimum Payments (Details) - USD ($) $ in Thousands |
Mar. 31, 2019 |
Dec. 31, 2018 |
---|---|---|
Leases [Abstract] | ||
2019 - remainder | $ 406 | |
2020 | 551 | |
2021 | 564 | |
2022 | 261 | |
2023 | 0 | |
Total lease payments | 1,782 | |
Less: imputed interest | (370) | |
Present value of lease liabilities | 1,412 | |
Lease liabilities, current | 406 | $ 0 |
Lease liabilities, noncurrent | 1,006 | $ 0 |
Total lease liabilities | $ 1,412 | |
Weighted-average remaining lease term (in years) | 3 years 2 months | |
Weighted-average discount rate | 10.50% |
Capitalization and Equity Structure - Valuation Assumptions (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2019
$ / shares
|
Dec. 31, 2017
$ / shares
|
|
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | $ 8.00 | |
Current share price | ||
Schedule of Capitalization, Equity [Line Items] | ||
Current share price (in dollars per share) | $ 2.51 | |
Conversion price | ||
Schedule of Capitalization, Equity [Line Items] | ||
Conversion price (in dollars per share) | $ 2.75 | |
Risk-free interest rate | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 2.30 | |
Term (years) | ||
Schedule of Capitalization, Equity [Line Items] | ||
Term (years) | 1 year 9 months | |
Volatility of stock | ||
Schedule of Capitalization, Equity [Line Items] | ||
Measurement input percentage | 102.0 |
Stock-based Compensation - Valuation Assumptions (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Risk-free interest rate | 2.45% | 2.74% |
Expected term (in years) | 6 years | 10 years |
Volatility | 103.00% | 88.00% |
Stock-based Compensation - RSU Activity (Details) - RSU shares in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2019
$ / shares
shares
| |
Number of Shares | |
Beginning Balance (in shares) | shares | 278 |
Granted (in shares) | shares | 0 |
Vested (in shares) | shares | 0 |
Forfeited (in shares) | shares | (13) |
Ending Balance (in shares) | shares | 265 |
Weighted- Average Grant Date Fair Value | |
Beginning Balance (in dollars per share) | $ / shares | $ 1.83 |
Granted (in dollars per share) | $ / shares | 0.00 |
Vested (in dollars per share) | $ / shares | 0.00 |
Forfeited (in dollars per share) | $ / shares | 2.50 |
Ending Balance (in dollars per share) | $ / shares | $ 1.79 |
Stock-based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expense | $ 636 | $ 892 |
Sales and marketing | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expense | 223 | 109 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expense | 45 | 179 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expense | $ 368 | $ 604 |
Net Loss Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Numerator: | ||
Net loss applicable to common stockholders, basic and diluted | $ (6,551) | $ (7,901) |
Denominator: | ||
Weighted-average number of shares, basic and diluted (in shares) | 65,067 | 60,146 |
Net loss per share, basic and diluted (in dollars per share) | $ (0.10) | $ (0.13) |
Net Loss Per Share - Antidilutive Shares (Details) - shares shares in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 8,262 | 6,419 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 6,105 | 2,898 |
Restricted stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 265 | 125 |
Warrants for common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities (in shares) | 1,892 | 3,396 |
Segment Disclosures - Operating Segments (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019
USD ($)
segment
|
Mar. 31, 2018
USD ($)
|
|
Segment Reporting Information [Line Items] | ||
Number of reportable segments | segment | 2 | |
Revenue | $ 3,616 | $ 2,518 |
Cost of revenue | 2,017 | 1,751 |
Gross profit | 1,599 | 767 |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 3,616 | 2,518 |
Cost of revenue | 2,017 | 1,751 |
Gross profit | 1,599 | 767 |
EksoHealth | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,814 | 2,122 |
Cost of revenue | 1,300 | 1,387 |
Gross profit | 1,514 | 735 |
EksoWorks | Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Revenue | 802 | 396 |
Cost of revenue | 717 | 364 |
Gross profit | $ 85 | $ 32 |
Segment Disclosures - Geographical Segments (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2019 |
Mar. 31, 2018 |
|
Segment Reporting Information [Line Items] | ||
Revenue | $ 3,616 | $ 2,518 |
United States | ||
Segment Reporting Information [Line Items] | ||
Revenue | 2,371 | 1,353 |
All Other | ||
Segment Reporting Information [Line Items] | ||
Revenue | $ 1,245 | $ 1,165 |
Related Party Transactions (Details) - Angel Pond Capital LLC $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2019
USD ($)
| |
Related Party Transaction [Line Items] | |
Consulting agreement | 1 year |
Payment for fees | $ 30 |
Future payment | $ 1,000 |
Subsequent Events (Details) - Joint Venture - JV Partners - CNY (¥) ¥ in Millions |
1 Months Ended | |
---|---|---|
Apr. 30, 2019 |
Jan. 31, 2019 |
|
Subsequent Event [Line Items] | ||
Percentage of contributed capital | 30.00% | |
Payment to acquire investment | ¥ 187.2 | |
Subsequent event | ||
Subsequent Event [Line Items] | ||
Percentage of contributed capital | 10.00% | |
Payment to acquire investment | ¥ 62.4 | |
Contribution payable | 124.8 | |
Committed contribution | ¥ 436.8 | |
Term of contribution | 10 years |
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