10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________________________________________ 

FORM 10-Q 

____________________________________________________________________________________________

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2021

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______ 

Commission File Number: 001-37854 

____________________________________________________________________________________________ 

Ekso Bionics Holdings, Inc.

(Exact name of registrant as specified in its charter) 

____________________________________________________________________________________________

Nevada	99-0367049
(State or other jurisdiction of incorporation or organization)	(I.R.S. Employer Identification No.)

1414 Harbour Way South, Suite 1201 Richmond, CA	94804
(Address of principal executive offices)	(Zip Code)

(510) 984-1761

(Registrant’s telephone number, including area code)

________________________________

(Former name, former address, and former fiscal year, if changed since last report)

____________________________________________________________________________________________

Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Name of each exchange on which registered:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	EKSO	Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x    No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x     No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act  ☐ 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The number of shares of registrant’s common stock outstanding as of April 26, 2021 was 12,654,994.

 Ekso Bionics Holdings, Inc.

Quarterly Report on Form 10-Q 

Table of Contents

		Page No.
	PART I. FINANCIAL INFORMATION
Item 1.	Financial Statements	4
	Condensed Consolidated Balance Sheets as of March 31, 2021 (unaudited) and December 31, 2020	4
	Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three Months ended March 31, 2021 and 2020 (unaudited)	5
	Condensed Consolidated Statements of Stockholders' Equity for the Three Months ended March 31, 2021 and 2020 (unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the Three Months ended March 31, 2021 and 2020 (unaudited)	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	27
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	32
Item 4.	Controls and Procedures	32
	PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	34
Item 1A.	Risk Factors	34
Item 6.	Exhibits	35
	Signatures	36

3

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Ekso Bionics Holdings, Inc.

Condensed Consolidated Balance Sheets

(In thousands, except par value)

	March 31, 2021		December 31, 2020
	(unaudited)		(Note 2)
Assets
Current assets:
Cash	$	49,539	$	12,862
Accounts receivable, net of allowances of $129 and $42, respectively	2,276		3,224
Inventories, net	2,154		1,978
Prepaid expenses and other current assets	636		356
Total current assets	54,605		18,420
Property and equipment, net	1,096		1,172
Right-of-use assets	568		685
Other assets	235		320
Total assets	$	56,504	$	20,597
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	1,652	$	1,501
Accrued liabilities	1,475		1,429
Deferred revenues, current	1,493		1,496
Note payable, current	814		—
Lease liabilities, current	547		548
Total current liabilities	5,981		4,974
Deferred revenues	1,644		1,806
Notes payable, net	2,262		3,075
Lease liabilities	99		233
Warrant liabilities	5,501		6,037
Other non-current liabilities	42		38
Total liabilities	15,529		16,163
Commitments and contingencies (Note 13)
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding at March 31, 2021 and December 31, 2020	—		—
Common stock, $0.001 par value; 141,429 shares authorized; 12,655 and 8,349 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	13		8
Additional paid-in capital	244,117		204,376
Accumulated other comprehensive loss	(382)		(847)
Accumulated deficit	(202,773)		(199,103)
Total stockholders’ equity	40,975		4,434
Total liabilities and stockholders’ equity	$	56,504	$	20,597

The accompanying notes are an integral part of these condensed consolidated financial statements

4

Ekso Bionics Holdings, Inc.

Condensed Consolidated Statements of Operations and Comprehensive Loss

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended March 31,
	2021		2020
Revenue	$	1,910	$	1,468
Cost of revenue	675		831
Gross profit	1,235		637
Operating expenses:
Sales and marketing	1,793		2,520
Research and development	603		711
General and administrative	1,978		2,187
Total operating expenses	4,374		5,418
Loss from operations	(3,139)		(4,781)
Other (expense) income, net:
Interest expense	(26)		(52)
Gain on revaluation of warrant liabilities	11		2,519
Other expense, net	(516)		(220)
Total other (expense) income, net	(531)		2,247
Net loss	$	(3,670)	$	(2,534)
Other comprehensive income	465		173
Comprehensive loss	$	(3,205)	$	(2,361)
Basic and diluted net loss per share applicable to common shareholders	$	(0.34)	$	(0.44)
Weighted average number of shares outstanding, basic and diluted	10,752		5,803

The accompanying notes are an integral part of these condensed consolidated financial statements

5

Ekso Bionics Holdings, Inc.

Consolidated Statements of Stockholders’ Equity

(In thousands)

(Unaudited)

	Convertible Preferred Stock			Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive (Loss) Income		Accumulated Deficit		Total Stockholders’  Equity
	Shares	Amount		Shares	Amount
Balance at December 31, 2020	—	$	—	8,349	$	8	$	204,376	$	(847)	$	(199,103)	$	4,434
Net loss	—	—		—	—		—		—		(3,670)		(3,670)
Issuance of common stock under:
Equity financing, net	—			3,980	4		35,356		—		—		35,360
Exercise of warrants	—	—		300	1		3,877		—		—		3,878
Matching contribution to 401(k) plan	—	—		26	—		152		—		—		152
Stock-based compensation expense	—	—		—	—		356		—		—		356
Foreign currency translation adjustments	—	—		—	—		—		465		—		465
Balance at March 31, 2021	—	$	—	12,655	$	13	$	244,117	$	(382)	$	(202,773)	$	40,975

	Convertible Preferred Stock			Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income		Accumulated Deficit		Total Stockholders’ Equity
	Shares	Amount		Shares	Amount
Balance at December 31, 2019	—	$	—	5,795	$	6	$	190,019	$	50	$	(183,278)	$	6,797
Net loss	—	—		—	—		—		—		(2,534)		(2,534)
Issuance of common stock under:
Matching contribution to 401(k) plan	—	—		26	—		155		—		—		155
In lieu of cash compensation	—	—		9	—		50		—		—		50
Shares issued as a result of rounding due to reverse-stock split	—	—		13	—		—		—		—		—
Stock-based compensation expense	—	—		—	—		587		—		—		587
Foreign currency translation adjustments	—	—		—	—		—		173		—		173
Balance at March 31, 2020	—	$	—	5,843	$	6	$	190,811	$	223	$	(185,812)	$	5,228

The accompanying notes are an integral part of these condensed consolidated financial statements

6

Ekso Bionics Holdings, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

	Three Months Ended March 31,
	2021		2020
Operating activities:
Net loss	$	(3,670)	$	(2,534)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	126		164
Changes in allowance for doubtful accounts	31		—
Gain on revaluation of warrant liabilities	(11)		(2,519)
Stock-based compensation expense	356		587
Amortization of debt discount and accretion of final payment fee	1		13
Common stock contribution to 401(k) plan	52		77
Unrealized loss on foreign currency transactions	503		219
Changes in operating assets and liabilities:
Accounts receivable	917		2,550
Inventories	(228)		(32)
Prepaid expenses, operating lease right-of-use assets, and other assets current and noncurrent	(78)		(68)
Accounts payable	151		96
Accrued and lease liabilities	15		37
Deferred revenues	(165)		(312)
Net cash used in operating activities	(2,000)		(1,722)
Financing activities:
Proceeds from issuance of common stock and warrants, net	37,295		—
Principal payments on note payable	—		(589)
Proceeds from exercise of warrants	1,417		—
Net cash provided by (used in) financing activities	38,712		(589)
Effect of exchange rate changes on cash	(35)		(45)
Net increase (decrease) in cash	36,677		(2,356)
Cash at beginning of period	12,862		10,872
Cash at end of period	$	49,539	$	8,516
Supplemental disclosure of cash flow activities
Cash paid for interest	$	23	$	32
Cash paid for income taxes	—		3
Supplemental disclosure of non-cash activities
Fair value of warrants issued upon equity financing	$	1,936	$	—
Reclassification of warrant liability to equity upon exercise of warrants	2,461		—
Transfer of inventory to property and equipment	53		38
Share issuance for common stock contribution to 401(k) plan	152		155
Share issuance in lieu of cash compensation	—		50

The accompanying notes are an integral part of these condensed consolidated financial statements

7

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

1.    Organization

Description of Business

Ekso Bionics Holdings, Inc. (the “Company”) designs, develops, sells and rents exoskeleton products to augment human strength, endurance and mobility. The Company’s exoskeleton technology serves multiple markets and can be utilized both by able-bodied users and persons with physical disabilities. The Company has sold and rented devices that (i) enable individuals with neurological conditions affecting gait (acquired brain injury and spinal cord injury) to rehabilitate and to walk again, (ii) assist individuals with a broad range of upper extremity impairments, and (iii) allow industrial workers to perform difficult repetitive work for extended periods. Founded in 2005, the Company is headquartered in the San Francisco Bay area and listed on the Nasdaq Capital Market under the symbol “EKSO”.

All common stock share and per share amounts have been adjusted to reflect the one-for-fifteen reverse stock split effected on March 24, 2020. See Note 10, Capitalization and Equity Structure – Reverse Stock Split.

Liquidity and Going Concern

As of March 31, 2021, the Company had an accumulated deficit of $202,773.  Largely as a result of significant research and development activities related to the development of the Company’s advanced technology and commercialization of such technology into its medical device business, the Company has incurred significant operating losses and negative cash flows from operations since inception. In the three months ended March 31, 2021, the Company used $2,000 of cash in its operations. Cash on hand as of March 31, 2021 was $49,539.

As described in Note 8, Notes payable, net, borrowings under the Company’s secured term loan agreement with Pacific Western Bank have a liquidity covenant requiring minimum cash on hand equivalent to the current outstanding principal balance. As of March 31, 2021, $2,000 of cash must remain as restricted. After considering cash restrictions, effective unrestricted cash as of March 31, 2021 is approximately $47,539. With this unrestricted cash balance, the Company believes that it currently has sufficient cash to fund its operations beyond the look forward period of one year from the issuance of these condensed consolidated financial statements.

2.    Basis of Presentation and Summary of Significant Accounting Policies and Estimates

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These 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, 2020, which was filed with the SEC on February 25, 2021.

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, 2020, 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 the amounts in prior periods to conform to the current period’s presentation.

The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the entire fiscal year or any future periods.

8

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

Use of Estimates

The preparation of the 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, the valuation of warrants and employee stock options, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, and contingencies. Actual results could differ from those estimates.

Foreign Currency

The assets and liabilities of foreign subsidiaries and equity investments, where the local currency is the functional currency, are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at average rates during the period, with resulting foreign currency translation adjustments recorded in accumulated other comprehensive income as a component of stockholders’ equity. Gains and losses from the re-measurement of balances denominated in currencies other than the entities' functional currencies, are recorded in other expense, net in the accompanying condensed consolidated statements of operations and comprehensive loss.

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 ("WIP"). Direct and indirect labor and applicable overhead costs are also allocated and recorded to WIP inventory. Finished goods are comprised of completed products that are ready for customer shipment. The Company periodically evaluates the carrying value of inventory on hand for potential excess amounts over sales and forecasted demand. Excess and obsolete inventories identified, if any, are recorded as an inventory impairment charge within the consolidated statements of operations and comprehensive loss. The Company's estimate of write-downs for excess and obsolete inventory is based on a detailed analysis which includes on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of inventory.

Leases

At the inception of any lease arrangement, the Company determines whether the arrangement is or contains a lease under ASC 842 based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items, such as initial direct costs paid or incentives received.

Lease expense is recognized over the expected lease term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, lease liabilities current and lease liabilities non-current.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term.

Revenue Recognition

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.

9

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

The Company’s medical device segment (EksoHealth) revenue is primarily generated through the sale and rental of the EksoNR and EksoGT, associated software (SmartAssist and VariableAssist), the sale and rental of the EksoUE, the sale of accessories, and the sale of 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 EksoNR or EksoGT, 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 recognizes revenue over the term of the agreement. Revenue from medical device rentals is recognized over the rental term, typically over 12 months.

The Company’s industrial device segment (EksoWorks) revenue is generated through the sale, subscription and rental of the upper body exoskeletons (EksoVest and the recently introduced EVOTM) 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. Revenue from industrial device subscriptions and rentals is recognized over the subscription or rental term, typically 12 months.

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 ASC 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 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 consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable.

Accounts receivable are derived from the sale of products shipped and services performed for customers primarily located in the U.S., Europe, Asia, and Australia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and provides an allowance for potential credit losses. The Company has not experienced material losses related to accounts receivable as of March 31, 2021 and December 31, 2020. Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency other than the U.S. dollar. The Company does not enter into any foreign currency hedging agreements and is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon settling contracts denominated in a foreign currency.

At March 31, 2021, the Company had one customer with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable (16%), as compared with two customers at December 31, 2020 (13% and 10%).

During the three months ended March 31, 2021, the Company had two customers with sales of 10% or more of the Company’s total revenue (14% and 11%), as compared with one customer in the three months ended March 31, 2020 (16%).

Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10, which amends the current approach to estimate credit losses on certain financial assets, including trade and other receivables. Generally, this

10

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Upon the initial recognition of such assets, which will be based on, among other things, historical information, current conditions, and reasonable supportable forecasts. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Currently, U.S. GAAP requires entities to write down credit losses only when losses are probable and loss reversals are not permitted. The update will be effective for the Company in the first quarter of 2023. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for convertible instruments. ASU 2020-06 eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance eliminates certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is effective for the Company beginning in the first quarter of 2022 and must be applied using either a modified or full retrospective approach. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

3.    Accumulated Other Comprehensive Loss

The Company's accumulated other comprehensive loss consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments. The change in accumulated other comprehensive loss presented on the condensed consolidated balance sheets for the three months ended March 31, 2021, is reflected in the table below net of tax:

	Accumulated Other Comprehensive Loss
Balance at December 31, 2020	$	(847)
Net unrealized gain on foreign currency translation	465
Balance at March 31, 2021	$	(382)

4.    Fair Value Measurement

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Three levels of inputs, of which the first two are considered observable and the last unobservable, may be used to measure fair value which are the following:

•Level 1—Quoted prices in active markets for identical assets or liabilities. The Company considers a market to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation.

11

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

The Company’s fair value hierarchies for its financial assets and liabilities, which require fair value measurement, on a recurring basis are as follows:

	Total		Level 1		Level 2		Level 3
March 31, 2021
Liabilities
Warrant liabilities	$	5,501	$	—	$	—	$	5,501
December 31, 2020
Liabilities
Warrant liabilities	$	6,037	$	—	$	—	$	6,037

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, 2021, which were measured at fair value on a recurring basis:

	Warrant Liability
Balance at December 31, 2020	$	6,037
Initial fair value of warrants in connection with 2021 financing	1,936
Gain on revaluation of warrants issued in connection with the February 2021, June 2020, December 2019 and May 2019 financings	(11)
Reclassification of warrant liability to equity upon exercise of warrants	(2,461)
Balance at March 31, 2021	$	5,501

Refer to Note 10. Capitalization and Equity Structure – Warrants for additional information regarding the valuation of warrants.

5.    Inventories, net

Inventories consisted of the following:

	March 31, 2021		December 31, 2020
Raw materials	$	1,530	$	1,724
Work in progress	279		18
Finished goods	345		236
Inventories, net	$	2,154	$	1,978

6.    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

12

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

conditions and entity-specific factors including features and functionality of the product and/or services, the geography of the Company’s customers, and 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 rental of its products, the Company generally recognizes revenue over the rental term commencing upon the completion of customer training. For service agreements, the Company generally invoices customers at the beginning of the coverage period and records 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 revenue consisted of the following:

	March 31, 2021		December 31, 2020
Deferred extended maintenance and support	$	2,757	$	2,902
Deferred royalties	280		282
Deferred device and advances	100		118
Total deferred revenues	3,137		3,302
Less current portion	(1,493)		(1,496)
Deferred revenues, non-current	$	1,644	$	1,806

Deferred revenue activity consisted of the following for the three months ended March 31, 2021:

Beginning balance	$	3,302
Deferral of revenue	289
Recognition of deferred revenue	(454)
Ending balance	$	3,137

As of March 31, 2021, the Company’s deferred revenue was $3,137. The Company expects to recognize approximately $1,193 of the deferred revenue during the remainder of 2021, $964 in 2022, and $980 thereafter.

In addition to deferred revenue, the Company has non-cancellable backlog of $890 related to its contracts for rental units with its customers. These rental contracts typically have 12-month lease terms and rental income is recognized on a straight-line basis over the lease term.

As of March 31, 2021 and December 31, 2020, accounts receivable, net of allowance for doubtful accounts, were $2,276 and $3,224, 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 90 days.

Disaggregation of revenue

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2021:

13

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

	EksoHealth		EksoWorks		Total
Device revenue	$	1,019	$	98	$	1,117
Service and support	488		—		488
Rentals and subscriptions	152		70		222
Parts and other	54		15		69
Collaborative arrangements	14		—		14
	$	1,727	$	183	$	1,910

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2020:

	EksoHealth		EksoWorks		Total
Device revenue	$	306	$	255	$	561
Service and support	469		—		469
Rentals	194		—		194
Parts and other	155		22		177
Collaborative arrangements	67		—		67
	$	1,191	$	277	$	1,468

7.    Accrued Liabilities

Accrued liabilities consisted of the following:

	March 31, 2021		December 31, 2020
Salaries, benefits and related expenses	$	1,267	$	1,194
Device warranty	153		188
Other	55		47
Total	$	1,475	$	1,429

The current portion of the warranty liability is classified as a component of accrued liabilities, while the long-term portion of the warranty liability is classified as a component of other non-current liabilities in the condensed consolidated balance sheets. A reconciliation of the changes in the device warranty liability for the three months ended March 31, 2021 is as follows:

	March 31, 2021
Balance at beginning of period	$	226
Additions for estimated future expense	46
Incurred costs	(77)
Balance at end of period	$	195
Current portion	$	153
Long-term portion	42
Total	$	195

8.    Notes Payable, net

WAB and PWB Term Loans

14

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

WAB Term Loan

In December 2016, the Company entered into a loan agreement with Western Alliance Bank (the "WAB loan") and received a loan in the principal amount of $7,000 that bore interest on the outstanding daily balance at a floating per annum rate equal to the 30-day U.S. LIBOR plus 5.41%. The Company was required to pay accrued interest on the WAB 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 maturing on January 1, 2021. On April 29, 2020 the Company entered into a second amendment to the WAB loan to defer principal payments for three months beginning in May 2020, with adjustments when the principal payments resumed on August 1, 2020. During the three-month deferral period the Company was required to make interest only payments.

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 for the WAB loan of 8.49% for the year ended December 31, 2020. The final payment fee, debt issuance costs and the initial fair value of the success fee were accreted/amortized to interest expense using the effective interest method over the life of the loan.

PWB Term Loan

In August 2020, the Company entered into a new loan agreement (the "PWB Loan Agreement") with a different lender, Pacific Western Bank, and received a loan in the principal amount of $2,000 (the "PWB Term Loan") that bears interest on the outstanding daily balance at a rate equal to the greater of: (a) 0.50% above the variable rate of interest announced by the lender as its “prime rate” then in effect; or (b) 4.50%. The PWB 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 proceeds of the PWB Term Loan were used to pay off the entire amount of the Company's indebtedness on the WAB loan, which amounted to $1,512. Pursuant to the PWB Loan Agreement, the remainder of the PWB Term Loan proceeds may be used for general corporate purposes, which totaled $480, net of debt discounts and issuance costs.

The Company is required to pay accrued interest on the current loan on the 13th day of each month through and including August 13, 2023. The principal balance of the PWB Term Loan matures on August 13, 2023, at which time all unpaid principal and accrued and unpaid interest shall be due and payable in full. The interest rate of the PWB Term Loan is subject to increase in the event of late payments and after occurrence of and during the continuation of an event of default. Upon maturity, all unpaid principal and accrued and unpaid interest shall be due and payable in full. The Company may elect to prepay the PWB Term Loan at any time, in whole or in part, without penalty or premium.

The PWB Loan Agreement contains a liquidity covenant, which requires 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 the outstanding balance of the PWB Term Loan, which was $2,000 as of March 31, 2021. On March 31, 2021, with cash on hand of $49,539, the Company was compliant with this liquidity covenant and all other covenants.

The debt issuance costs and debt discounts combined with the stated interest resulted in an effective interest rate of 4.70% for the three months ended March 31, 2021. The debt issuance costs will be amortized 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 PWB term loan as of March 31, 2021:

15

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

Period	Amount
Remainder of 2021 - 2022	$	—
2023	2,000
Total principal payments	2,000
Less debt discount and issuance cost	10
Note payable, net	$	1,990
Current portion	$	—
Long-term portion	1,990
Note payable, net	$	1,990

Paycheck Protection Program Loan

On April 20, 2020, the Company received an unsecured loan in the principal amount of $1,086 under the Paycheck Protection Program (the “PPP”) administered by the U.S. Small Business Administration, or the SBA, pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), or the PPP loan. The PPP loan provides for an interest rate of 1.00% per year, and matures two years after the date of initial disbursement. The terms of the PPP Loan were subsequently revised in accordance with the provisions of the Paycheck Protection Flexibility Act of 2020, or the PPP Flexibility Act, which was enacted on June 5, 2020. Based on management's interpretation of the PPP Flexibility Act, the Company expects to begin making principal and interest payments on the PPP loan beginning in 2022. The overall timing of payments with respect to the amounts of principal and interest due could change based on the ultimate determination of what may or may not be forgiven. The PPP loan may be used for payroll costs, costs related to certain group health care benefits and insurance premiums, rent payments, utility payments, mortgage interest payments and interest payments on any other debt obligation that were incurred before February 15, 2020. Under the terms of the CARES Act and the PPP Flexibility Act, the Company may apply for and be granted forgiveness for all or a portion of loan granted under the PPP loan, with such forgiveness to be determined, subject to limitations (including where employees of the Company have been terminated and not re-hired by a certain date), based on the use of the loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. The terms of any forgiveness may also be subject to further requirements in regulations and guidelines adopted by the SBA. While the Company currently believes that the majority of the use of the PPP loan proceeds will meet the conditions for forgiveness under the PPP, no assurance is provided that the Company will obtain partial forgiveness of the loan. The Company expects to apply for forgiveness of the loan in the second quarter of 2021. Terms of the loan may change subject to future enactments relating to the PPP.

The follow table presents the scheduled principal payments of the Company's PPP loan note payable as of March 31, 2021, if the loan is not forgiven:

Period	Amount
Remainder of 2021	$	—
2022	1,086
Total principal payments	$	1,086
Current portion	$	814
Long-term portion	272
Note payable, net	$	1,086

9.    Lease Obligations

16

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

The Company maintains a five-year operating lease agreement for its headquarters and manufacturing facility in Richmond, California, or the Richmond Lease, which expires in May 2022, with no further options to extend or terminate. The lease includes non-lease components (i.e. common area maintenance costs) that are paid separately from rent based on actual costs incurred. In June 2020, the Company entered into an amendment to the Richmond Lease to make a one-time payment of $300 to cover its remaining lease obligations for the remainder of 2020, resulting in a $48 abatement and a lease payment deferral of $79 to be paid in equal monthly installments in 2021.

The Company's five-year operating lease agreement for its European operations office in Hamburg, Germany expires in July 2022. The Company has an option to extend the lease for another five-year term.

The Company’s future lease payments as of March 31, 2021 are as follows, which are presented as lease liabilities on the Company’s condensed consolidated balance sheets:

Period	Operating Leases
Remainder of 2021	$	447
2022	235
Total lease payments	682
Less: imputed interest	(36)
Present value of lease liabilities	$	646
Lease liabilities, current	$	547
Lease liabilities, noncurrent	99
Total lease liabilities	$	646
Weighted-average remaining lease term (in years)	1.19
Weighted-average discount rate	10.5		%

Lease expense under the Company’s operating leases was $132 and $138 for the three months ended March 31, 2021 and March 31, 2020, 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.

10.    Capitalization and Equity Structure

Reverse Stock Split

After the close of the stock market on March 24, 2020, the Company effected a 1-for-15 reverse split of its common stock (the "Reverse Stock Split"). As a result, all common stock share amounts included in this filing have been retroactively reduced by a factor of fifteen, rounded up to the nearest whole share, and all common stock per share amounts have been increased by a factor of fifteen, with the exception of the Company's common stock par value and the Company's authorized shares. Amounts affected include common stock outstanding, restricted stock units, common stock underlying stock options and warrants.

Summary

The Company’s authorized capital stock at March 31, 2021 consisted of 141,429 shares of common stock and 10,000 shares of preferred stock. As of March 31, 2021, there were 12,655 shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding.

17

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

Common Stock

February 2021 Offering

In February 2021, the Company entered into an amended and restated underwriting agreement (the "Underwriting Agreement") with H.C. Wainwright & Co., LLC ("Wainwright"), to sell 3,902 shares of the Company's common stock for a public price of $10.25 per share, for gross proceeds of $40,000 (the "February 2021 Offering"). The Company received net proceeds of $36,504 from the February 2021 Offering after deducting underwriting discounts, commissions and estimated offering expenses. Pursuant to the Underwriting Agreement, the Company issued, to certain designees of Wainwright, five year warrants (the “2021 Warrants”) to purchase shares of Common Stock in an amount equal to 7.0% of the aggregate number of shares sold in the February 2021 Offering, or 273 shares, at an exercise price of $12.81 per share.

At the Market Offering

In October 2020, the Company entered into an At The Market Offering Agreement (the "ATM Agreement") with H.C. Wainwright & Co., LLC (the "Agent"), under which the Company may issue and sell shares of its common stock, from time to time, to or through the Agent. The Company may offer and sell shares having an aggregate offering price of up to $7,500 under the registration statement and prospectus supplement filed with the SEC related to such offering. Under the ATM Agreement, shares of the Company's common stock may not be sold for a price lower than $6.75 per share. During the three months ended March 31, 2021, the Company sold 78 shares of common stock at an average price per share of $10.72 for proceeds of $791, net of commission and issuance costs, under the ATM Agreement. As of March 31, 2021, the Company has $6,668 available for future offerings under the prospectus filed with respect to the ATM Agreement.

Warrants

Warrant shares outstanding as of December 31, 2020 and March 31, 2021 were as follows:  

Source	Exercise Price		Term (Years)	December 31, 2020	Issued	Exercised	March 31, 2021
2021 Warrants	$	12.81	5	—	273	—	273
June 2020 Investor Warrants	$	5.18	5.5	397	—	(270)	127
June 2020 Placement Agent Warrants	$	5.64	5	122	—	(83)	39
December 2019 Warrants	$	8.10	5	556	—	—	556
December 2019 Placement Agent Warrants	$	8.44	5	52	—	—	52
May 2019 Warrants	$	3.52	5	198	—	(5)	193
				1,325	—	(358)	1,240

During the three months ended March 31, 2021, the Company received net proceeds of $1,417 from the exercise of 358 warrants.

2021 Warrants

In February 2021, the Company issued the 2021 Warrants, exercisable for up to 273 shares of the Company’s common stock at an exercise price of $12.81 per share. The 2021 Warrants were issued as exercisable immediately, and will expire five years from the date of issuance, or on February 11, 2026.

In addition, the 2021 Warrants contain a cashless exercise provision, whereby, if, at the time a holder exercises its 2021 Warrants, a registration statement registering the issuance or the resale of the shares of common stock underlying the 2021 Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder may elect to instead receive, upon such exercise (either in whole or in part), the net number of shares of the Company’s common stock determined according to a formula set forth in the 2021 Warrant. The 2021 Warrants will be automatically exercised on a cashless basis on their expiration date.

18

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

The 2021 Warrants could also require payment of liquidated damages by the Company in the form of cash payments in the event of a failure by the Company to timely deliver shares of common stock upon exercise of such warrants.

The 2021 Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the 2021 Warrants, the Company or any successor entity will, at the option of a holder of a 2021 Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s 2021 Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s 2021 Warrant within five trading days after the notice of exercise by the holder of the put option. Because of this put-option provision, the 2021 Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the 2021 Warrants is measured at fair value upon issuance and 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 Model to measure the fair value of the 2021 Warrants:

	March 31, 2021			February 11, 2021
Current share price	$	6.17		$	9.61
Conversion price	$	12.81		$	12.81
Risk-free interest rate	0.881		%	0.46		%
Expected term (years)	4.86			5.00
Volatility of stock	108.82		%	107.1		%

June 2020 Investor Warrants

In June 2020, the Company issued warrants (the "June 2020 Investor Warrants"), exercisable for up to 874 shares of the Company’s common stock at an exercise price of $5.18 per share. The June 2020 Investor Warrants were issued as exercisable immediately, and will expire five and one-half years from the date of issuance, or on December 10, 2025.

In addition, the June 2020 Investor Warrants contain a cashless exercise provision, whereby, if, at the time a holder exercises its June 2020 Investor Warrants, a registration statement registering the issuance or the resale of the shares of common stock underlying the June 2020 Investor Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder may elect to instead receive, upon such exercise (either in whole or in part), the net number of shares of the Company’s common stock determined according to a formula set forth in the June 2020 Investor Warrant. The June 2020 Investor Warrants will be automatically exercised on a cashless basis on their expiration date.

The June 2020 Investor Warrants could also require payment of liquidated damages by the Company in the form of cash payments in the event of a failure by the Company to timely deliver shares of common stock upon exercise of such warrants. During the year ended December 31, 2020 and the three months ended March 31, 2021, 477 and 270 shares of the June 2020 Investor Warrants were exercised, respectively.

The June 2020 Investor Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the June 2020 Investor Warrants, the holders of the June 2020 Investor Warrants will be entitled to receive upon exercise of the June 2020 Investor Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the June 2020 Investor Warrants immediately prior to such fundamental transaction. Alternatively, the Company or any successor entity will, at the option of a holder of a June 2020 Investor Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s June 2020 Investor Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s June 2020 Investor Warrant. Because of this put-option provision, the June 2020 Investor Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the June 2020 Investor Warrants is measured at fair value at each reporting and exercise 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 Model to measure the fair value of the June 2020 Investor Warrants:

19

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	5.18		$	5.18
Risk-free interest rate	0.83		%	0.35		%
Expected term (years)	4.69			4.94
Volatility of stock	109.55		%	105.3		%

June 2020 Placement Agent Warrants

In June 2020, the Company issued warrants (the "June 2020 Placement Agent Warrants"), exercisable for up to 122 shares of the Company’s common stock, to the placement agent for such offering. The June 2020 Placement Agent Warrants have substantially the same form as the June 2020 Investor Warrants, including the put option described above, except that they have an exercise price per share equal to $5.64, subject to adjustment in certain circumstances, and will expire on June 7, 2025. During the three months ended March 31, 2021, 83 shares of the June 2020 Placement Agent Warrants were exercised.

Because of the put-option provision in the June 2020 Placement Agent Warrants, these warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the June 2020 Placement Agent Warrants is measured at fair value at each reporting and exercise 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 Model to measure the fair value of the June 2020 Placement Agent Warrants:

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	5.64		$	5.64
Risk-free interest rate	0.69		%	0.31		%
Expected term (years)	4.19			4.44
Volatility of stock	111.05		%	106.8		%

December 2019 Warrants

In December 2019, pursuant to a securities purchase agreement (the "December 2019 Offering"), the Company issued warrants (the "December 2019 Warrants") to purchase 556 shares of common stock. The December 2019 Warrants are currently exercisable, have an exercise price of $8.10 per share, and will expire five years from the date they initially became exercisable, or on June 21, 2025.

The December 2019 Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the December 2019 Warrants, the Company or any successor entity will, at the option of a holder of a December 2019 Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s December 2019 Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s December 2019 Warrant within five trading days after the notice of exercise by the holder of the put option. Because of this put-option provision, the December 2019 Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the December 2019 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 Model to measure the fair value of the December 2019 Warrants:

20

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	8.10		$	8.10
Risk-free interest rate	0.7		%	0.31		%
Expected term (years)	4.22			4.47
Volatility of stock	110.65		%	107.9		%

December 2019 Placement Agent Warrants

In December 2019, in connection with the December 2019 Offering, the Company issued warrants to purchase 52 shares of the Company’s common stock to the placement agent for such offering (the "December 2019 Placement Agent Warrants"). The December 2019 Placement Agent Warrants have substantially the same form as the December 2019 Warrants, except that they have an exercise price per share equal to $8.44, subject to adjustment in certain circumstances, and will expire on December 18, 2025.

The warrant liability related to the December 2019 Placement Agent 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 Model to measure the fair value of the December 2019 Placement Agent Warrants:

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	8.44		$	8.44
Risk-free interest rate	0.56		%	0.26		%
Expected term (years)	3.72			3.97
Volatility of stock	109.32		%	109.4		%

Management has assessed that the likelihood of a Change of Control (as defined in the December 2019 Placement Agent Warrants), occurring during the term of the December 2019 Placement Agent Warrants is low, and that if such an event were to occur, the difference between the cashless exercise value and the warrants fair value is nominal.

May 2019 Warrants

In May 2019, pursuant to an underwriting agreement, (the "May 2019 Offering"), the Company issued the warrants (the "May 2019 Warrants") to purchase 444 shares of common stock. The May 2019 Warrants are currently exercisable and have a current exercise price of $3.52 per share and will expire five years from the date of their issuance, or on May 24, 2024. The May 2019 Warrants contain a price protection feature, pursuant to which, subject to certain exceptions, if shares of common stock are sold or issued in the future, or securities convertible or exercisable for shares of the Company’s common stock are sold or issued in the future, for consideration, or with an exercise price or conversion price, as applicable, per share less than the exercise price per share then in effect for the May 2019 Warrants, the exercise price of the May 2019 Warrants is reduced to the consideration paid for, or the exercise price or conversion price of, as the case may be, the securities issued in such offering. Pursuant to this provision, in connection with the June 2020 Offering, the exercise price of the May 2019 Warrants was reduced to $3.52 per share, being the amount that is equal to the lower of (x) the consideration paid for the securities issued in the June 2020 Offering, or $4.51 per share, (y) the lowest exercise price of the June 2020 Investor Warrants, or $5.18, and (z) the lowest one-day volume-weighted average price of the Company’s Common Stock on the Nasdaq Capital Market as measured each day during the five trading day period starting on June 8, 2020, rounded to the nearest share, or $3.52. During the year ended December 31, 2020 and the three months ended March 31, 2021, 246 and 5 shares of the May 2019 warrants were exercised, respectively.

In addition, if the Company effects or enters into any issuance of common stock or options or convertible securities exercisable for or convertible into common stock at a price which varies or may vary with the market price of the shares of the Company's common stock, subject to certain exceptions, a May 2019 Warrant holder may, at the time of exercise of the holder’s warrant, elect to exercise the warrant at such variable price.

21

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

The May 2019 Warrants include a put option, whereby while the May 2019 Warrants are outstanding, if the Company enters into a Change of Control, as defined in the May 2019 Warrants, the Company or any successor entity will, at the option of a 2019 Warrant holder exercise within 90 days after the public disclosure of the Change of Control transaction, purchase such holder’s May 2019 Warrants by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such warrants on the later date of consummation of the Change of Control transaction or two trading days after the notice of such request. Because of this put option provision, the May 2019 Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the May 2019 Warrants is measured at fair value at each reporting and exercise date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in a combination of the Black-Scholes Model and the Lattice Model to measure the fair value of the May 2019 Warrants:

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	3.52		$	3.52
Risk-free interest rate	0.39		%	0.21		%
Expected term (years)	3.2			3.4
Volatility of stock	105.7		%	107.2		%

Management has assessed that the likelihood of a Change of Control occurring during the term of the warrants is low, and that if such an event were to occur, the difference between the cashless exercise value and the May 2019 Warrants fair value is nominal.

11.    Stock-based Compensation

See Note 10, Capitalization and Equity Structure – Reverse Stock Split.

As of March 31, 2021, the total shares authorized for grant under the 2014 Plan was 1,974, of which 937 were available for future grants.

Stock Options

The following table summarizes information about the Company’s stock options outstanding as of March 31, 2021, and activity during the three months then ended:

	Stock Awards	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance as of December 31, 2020	529	$	31.62
Options granted	—	—
Options exercised	—	—
Options forfeited	(3)	15.65
Options cancelled	(4)	40.54
Balance as of March 31, 2021	522	$	31.63	6.93	$	45
Vested and expected to vest at March 31, 2021	522	$	31.63	6.93	$	45
Exercisable as of March 31, 2021	364	$	38.79	6.34	$	31

22

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

As of March 31, 2021, total unrecognized compensation cost related to unvested stock options was $1,869. 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 1.84 years.

The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes Model using the following assumptions:

	Three Months Ended March 31,
	2021	2020
Dividend yield	—	—
Risk-free interest rate	N/A	1.58	%
Expected term (in years)	N/A	6
Volatility	N/A	102	%

 Restricted Stock Units

The Company issues time-based restricted stock units (“RSUs”) and performance-based restricted stock units ("PSUs") to employees and non-employee service providers. Each RSU and PSU represents the right to receive one share of the Company’s common stock upon vesting and subsequent settlement. PSUs vest upon achievement of performance targets based on the Company's annual operating plan.

The fair values of RSUs and PSUs are determined based on the closing price of the Company’s common stock on the date of grant.

RSU and PSU activity for the three months ended March 31, 2021 is summarized below:

	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2020	143	$	6.21
Granted	208	6.91
Vested	(2)	5.74
Forfeited	(24)	8.16
Unvested at March 31, 2021	325	$	6.60

As of March 31, 2021, $1,935 of total unrecognized compensation expense related to unvested RSUs and PSUs was expected to be recognized over a weighted average period of 2.67 years.

Compensation Expense

Total stock-based compensation expense related to options, RSUs and PSUs granted to employees is included in the condensed consolidated statements of operations and comprehensive loss as follows:

	Three Months Ended March 31,
	2021		2020
Sales and marketing	$	99	$	138
Research and development	52		73
General and administrative	205		376
	$	356	$	587

23

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

401(k) Plan Share Match

During the three months ended March 31, 2021, the Company issued 26 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 fiscal year ended December 31, 2020. The expense related to the contribution was $152 for the three months ended March 31, 2021.

12.    Income Taxes

There were no material changes to the unrecognized tax benefits in the three months ended March 31, 2021, 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.

13.    Commitments and Contingencies

Material Contracts

The Company enters various license, research collaboration and development agreements, which provide for payments to the Company primarily for 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. The Company is required to pay 1% of net sales of licensed medical devices sold to entities other than the U.S. government. In addition, the Company is required to pay 21% of consideration collected from any sub-licensee for the grant of the sub-license.

In connection with acquisition of Equipois, LLC ("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 is required to pay the developer a single-digit royalty on net receipts, subject to a $50 annual minimum royalty requirement.

Purchase Obligations

The Company purchases components from a variety of suppliers and uses 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 $919 as of March 31, 2021, 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. 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.

24

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

14.    Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share:

	Three Months Ended March 31,
	2021		2020
Numerator:
Net loss applicable to common stockholders, basic and diluted	$	(3,670)	$	(2,534)
Denominator:
Weighted-average number of shares, basic and diluted	10,752		5,803
Net loss per share, basic and diluted	$	(0.34)	$	(0.44)

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:

	Three Months Ended March 31,
	2021	2020
Options to purchase common stock	522	576
Restricted stock units	325	99
Warrants for common stock	1,240	1,172
Total common stock equivalents	2,087	1,847

15.    Segment Disclosures

The Company has two reportable segments: EksoHealth and EksoWorks. The EksoHealth segment designs, engineers, manufactures, sells and rents exoskeletons for applications in the medical markets. The EksoWorks segment designs, engineers, manufactures, sells, and rents exoskeleton devices to allow able-bodied users to perform difficult repetitive work for extended periods. The reportable segments are each managed separately because they serve distinct markets.

The Company evaluates performance and allocates resources based on segment gross profit margin. The Company does not consider net assets as a segment measure and, accordingly, assets are not allocated.

Segment reporting information is as follows:

	EksoHealth		EksoWorks		Total
Three months ended March 31, 2021
Revenue	$	1,727	$	183	$	1,910
Cost of revenue	542		133		675
Gross profit	$	1,185	$	50	$	1,235
Three months ended March 31, 2020
Revenue	$	1,191	$	277	$	1,468
Cost of revenue	618		213		831
Gross profit	$	573	$	64	$	637

Geographic information for revenue based on location of customers is as follows:

25

Ekso Bionics Holdings, Inc.

Notes to Condensed Consolidated Financial Statements

($ and share amounts in thousands, except per share amounts)

(Unaudited)

	Three Months Ended March 31,
	2021		2020
United States	$	1,041	$	1,249
All Other	869		219
	$	1,910	$	1,468

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Item 2.  Management’s Discussion and Analysis of Financial Condition and Results of Operations

In this Quarterly Report, the “Company”, “we”, “its” and “our” refers to Ekso Bionics Holdings, Inc. and its wholly-owned subsidiaries. The following discussion of our financial condition and results of operation should be read in conjunction with the condensed consolidated financial statements and the notes thereto included elsewhere in this Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 (this “Quarterly Report”) and in our Annual Report on Form 10-K for the fiscal year ended December 31, 2020 (the “Annual Report”).

This Quarterly Report contains forward-looking statements. These forward-looking statements include statements other than statements of historical facts contained or incorporated by reference in this Quarterly Report, including statements regarding (i) the plans and objectives of management for future operations, including those relating to the design, development and commercialization of exoskeleton products for humans, (ii) a projection of income (including income/loss), earnings (including earnings/loss) per share, capital expenditures, dividends, capital structure or other financial items, (iii) our future financial performance, including any such statement contained in a discussion and analysis of financial condition by management or in the results of operations included pursuant to the rules and regulations of the Securities and Exchange Commission, (iv) our beliefs regarding the potential for commercial opportunities for exoskeleton technology in general and our exoskeleton products in particular, (v) our beliefs regarding potential clinical and other health benefits of our medical devices, and (vi) the assumptions underlying or relating to any statement described in points (i), (ii), (iii), (iv) or (v) above. The words “may,” “might,” “would,” “should,” “could,” “project,” “estimate,” “pro-forma,” “predict,” “potential,” “strategy,” “anticipate,” “attempt,” “develop,” “plan,” “help,” “believe,” “continue,” “intend,” “expect,” “future,” and similar expressions (including the negative of any of the foregoing) are intended to identify forward-looking statements.

The following factors, among others, including those described in the section titled “Risk Factors” included in our Annual Report, as updated and supplemented in this Quarterly Report under the heading “Part II – Item 1A. Risk Factors,” could cause our future results to differ materially from those expressed in the forward-looking information:

•our ability to obtain adequate financing to fund operations and to develop or enhance our technology;

•scope, scale and duration of the impact of outbreaks of a pandemic disease, such as COVID-19 (coronavirus);

•our ability to obtain or maintain regulatory approval to market our medical devices;

•our ability to complete clinical trials on a timely basis and that completed clinical trials will be sufficient to support commercialization of our products;

•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;

•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;

•changes to our domestic or international sales and operations;

•our ability to obtain or maintain patent protection for our 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 ability to receive regulatory clearance from certain government authorities, such as CFIUS (as defined below), including any conditions, limitations or restrictions placed on such approvals;

•our customers’ ability to get third-party reimbursement for our products and services associated with them;

•the potential for our products to be subject to voluntary or involuntary recall;

•our product liability insurance may not adequately cover potential claims;

•warrant claims and our accelerated maintenance program results in additional operating costs to us;

•our failure to implement our business plan or strategies;

•our early termination of leases, difficulty filling vacancies or negotiating improved lease terms;

•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.

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Although we believe that the assumptions underlying the forward-looking statements and forward-looking information contained herein are reasonable, any of the assumptions could be inaccurate, and therefore, such statements and information included in this Quarterly Report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements and forward-looking information included herein, the inclusion of such statements and information should not be regarded as a representation by us or any other person that the results or conditions described in such statements and information or that our objectives and plans will be achieved. Such forward-looking statements speak only as of the date of this Quarterly Report. Except as required by law, we undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements.

Overview

Our Business

We design, develop, sell and rent exoskeleton products that augment human strength, endurance and mobility. Our exoskeleton technology serves multiple markets and can be utilized both by able-bodied persons and persons with physical disabilities. We have sold or rented devices that (i) enable individuals with neurological conditions affecting gait (acquired brain injury and spinal cord injury) to rehabilitate, and in some cases, to walk again, (ii) assist individuals with a broad range of upper extremity impairments, and (iii) allow industrial workers to perform difficult repetitive work for extended periods.

We believe that the commercial opportunity for exoskeleton technology adoption is accelerating as a result of recent advancements in material technologies, electronic and electrical engineering, control technologies, and sensor and software development. Taken individually, many of these advancements have become ubiquitous in peoples’ everyday lives. We believe that we have learned how to integrate these existing technologies and wrap the result around a human being efficiently, elegantly and safely, supported by an industry leading intellectual property portfolio. We further believe that we can do so across a broad spectrum of applications, from persons with lower limb paralysis to able-bodied users.

EksoHealth

EksoHealth is our business unit focused on developing, marketing, and selling exoskeletons for medical applications.

Our leading product in EksoHealth, the EksoNR, is a robotic exoskeleton used to provide physical therapy for patients with lower extremity impairment. EksoNR, which in 2019 superseded our EksoGT product in this segment, includes unique features designed specifically to assist physical therapists and other clinicians to teach patients to walk again after suffering a neurological impairment. Typical conditions that can be treated with the assistance of EksoNR include acquired brain injuries, such as stroke and traumatic brain injuries, as well as spinal cord injuries and others. The benefits of using EksoNR for rehabilitation can include earlier mobilization of patients, longer and more intense rehab sessions, and better quality of sessions compared to alternative therapies. The product is most typically used in a clinical setting, with the most common among those being inpatient rehab facilities and stroke centers.

EksoUE is a wearable upper body exoskeleton that is also used as a tool during rehabilitation. EksoUE is designed to assists patients with a broad range of upper extremity impairments and aims to provide them with a wider active range of motion and increased endurance for rehabilitation sessions of higher intensity.

EksoWorks

EksoWorks is our business unit focused on developing, marketing, and selling exoskeletons and other assistive tools for industrial applications. The target users for these devices are generally able-bodied, and as such the goal of these products is to reduce fatigue for workers. The benefits of fatigue reduction can include reduced rates of injuries, higher productivity, higher worker morale, and lower turnover. Currently, we sell these products primarily directly to companies that deploy them for use in their operations.

Within EksoWorks we have two main categories of products. Our wearable exoskeleton products include EksoVest and the new EVO, both of which support the weight of a worker’s arms and tools, reducing the fatigue associated with working at or above shoulder height for extended periods. These products are currently targeted at end markets in Manufacturing, Aerospace, Construction and Food Processing.

EksoZeroG is a tool holder that can mount on aerial lift platform or scaffolding. This effectively reduces the weight of heavy tools as felt by the operator. EksoZeroG has been sold primarily through rental companies into the construction market.

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First Quarter 2021 Highlights

•Reported revenue of $1.9 million in the first quarter of 2021

•Achieved record gross margins of approximately 65% in the first quarter of 2021, compared to 43% in the same period of 2020

•Cash at March 31, 2021 was $49.5 million, compared to $12.9 million at December 31, 2020

•Received $40 million in gross proceeds from February 2021 public offering, proceeds of $1.4 million from the exercise of warrants, and $0.8 million from sales under our ATM program

COVID-19

In March 2020, the World Health Organization declared the COVID-19 outbreak to be a global pandemic. In response to this pandemic, public health officials and governments across the world have recommended and mandated actions to curb the spread of the SARS-COV-2 virus, the pathogen that causes COVID-19. The COVID-19 pandemic and the related responses to the pandemic have caused a significant adverse impact on the global economy, including disruptions to supply chains, sharp increases in unemployment and overall economic uncertainty.

This pandemic has negatively impacted our business, including our employees, suppliers, customers and other business partners, resulting in our terminating 23 employees in 2020. We have seen demand for our exoskeleton products decrease in the current business environment, as many inpatient rehabilitation facilities temporarily shifted priorities and delayed capital expenditures. We have seen that the clinical need has not diminished as more data is coming out about the increased prevalence of strokes during this pandemic. As such, we continue to engage with our current and prospective customers through video conferencing, virtual training events and online education demos to offer our support and showcase the value of our Ekso devices. Although market uncertainties related to the pandemic make it difficult for us to project the full impact on our business and customers, we believe that we are well-positioned to serve our customers when business conditions begin to normalize.

We continue to instruct the majority of our employees to work from home, restrict non-critical business travel and have enhanced the use of personal protective equipment in our facilities.

We are hopeful that COVID-19 cases and hospitalizations will continue to decrease, and now that our clinical team is fully vaccinated and are active onsite at rehab centers, we expect to see an uptick in live in-person interactions going forward. The number of onsite product demonstrations in the first quarter of 2021 compared to the previous three quarters combined. Further, the successful completion of our first virtual training sessions leave us well-positioned to address existing pipeline opportunities, mitigating the effects of future COVID-related lock downs or travel restrictions.

Management continues to actively monitor the global situation and its effects on our financial position and operations.

Critical Accounting Policies and Estimates

Our discussion and analysis of our financial condition and results of operations is based upon our condensed consolidated financial statements, which have been prepared in accordance with generally accepted accounting principles in the United States. The preparation of these condensed consolidated financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and the related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Our estimates form the basis for our judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

An accounting policy is considered to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimate that are reasonably likely to occur, could materially impact the condensed consolidated financial statements. We believe that our critical accounting policies reflect the more significant estimates and assumptions used in the preparation of the condensed consolidated financial statements.

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Results of Operations

The following table presents our results of operations (in thousands, except percentages):

	Three months ended March 31,
	2021			2020			Change		% Change
Revenue	$	1,910		$	1,468		$	442	30	%
Cost of Revenue	675			831			(156)		(19)	%
Gross profit	1,235			637			598		94	%
Gross profit %	65		%	43		%
Operating expenses:
Sales and marketing	1,793			2,520			(727)		(29)	%
Research and development	603			711			(108)		(15)	%
General and administrative	1,978			2,187			(209)		(10)	%
Total operating expenses	4,374			5,418			(1,044)		(19)	%
Loss from operations	(3,139)			(4,781)			1,642		(34)	%
Other (expense) income, net:
Interest expense	(26)			(52)			26		(50)	%
Gain on warrant liabilities	11			2,519			(2,508)		n/m(1)
Other expense, net	(516)			(220)			(296)		135	%
Total other (expense) income, net	(531)			2,247			(2,778)		(124)	%
Net loss	$	(3,670)		$	(2,534)		$	(1,136)	45	%

(1) Not meaningful

Revenue

Revenue increased $0.4 million, or 30%, for the three months ended March 31, 2021, compared to the same period of 2020. This increase was comprised of a $0.5 million increase in EksoHealth revenue primarily due to an increase in volume of device sales driven by business conditions normalizing from the impact of the COVID-19 pandemic, as COVID-19 cases and hospitalizations continue to decrease.

Gross Profit

Gross profit increased $0.6 million, or 94%, for the three months ended March 31, 2021, compared to the same period of 2020, primarily attributed to an increased volume of device sales and average selling price for EksoNR. Gross margin was approximately 65% for the three months ended March 31, 2021, compared to a gross margin of 43% for the same period in 2020. Gross margins increased primarily due to higher average selling prices for EksoNR, an increased proportion of medical device sales in overall revenue composition, lower production costs of the EVO compared to the previous generation vest, and higher service margins.

Operating Expenses

Sales and marketing expenses decreased $0.7 million, or 29%, for the three months ended March 31, 2021, compared to the same period of 2020, primarily due to a decrease in employee compensation expenses as a result of a furlough and a reduction in force in March and May of 2020, respectively, lower selling expense as we shifted to video conferencing, virtual training events and online education demonstrations, and lower general marketing and trade show activities.

Research and development expenses decreased $0.1 million, or 15%, for the three months ended March 31, 2021, compared to the same period of 2020, primarily due to a decrease in employee compensation expenses as a result of a furlough and a reduction in force in March and May of 2020, respectively, and a decrease in product development activity expenses.

General and administrative expenses decreased $0.2 million, or 10%, for the three months ended March 31, 2021, compared to the same period of 2020, primarily due to a decrease in employee compensation expenses as a result of a furlough and a reduction in force in March and May of 2020, respectively, and a decrease in outside legal expenses.

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The reduction in operating expenses reflects the continuation of the company-wide initiatives we implemented last year, as well as improving overall operational efficiencies. Our focus remains on optimizing the cost structure of our organization.

Total Other (Expense) Income, Net

Gain on revaluation of warrant liabilities was de minimis for the three months ended March 31, 2021, was associated with the revaluation of warrants issued in 2019, 2020 and 2021. Gain on warrant liabilities of $2.5 million for the three months ended March 31, 2020, was associated with the revaluation of warrants issued in 2015, 2019 and 2020. Gains and losses on revaluation of warrants are primarily driven by changes in our stock price.

Other expense, net for the three months ended March 31, 2021 was $0.5 million, as compared to $0.2 million for the same period of 2020. The primary reason for the $0.3 million increase in expenses is due to higher unrealized losses on foreign currency revaluations of our inter-company monetary assets and liabilities.

Financial Condition, Liquidity and Capital Resources

Since our inception, we have devoted substantially all of our efforts toward the development of exoskeletons for the medical and industrial markets, toward the commercialization of medical exoskeletons to rehabilitation centers and toward raising capital. We have financed our operations primarily through the issuance and sale of equity securities for cash consideration and through bank debt.

Liquidity and Capital Resources

At March 31, 2021, we had working capital of $48.6 million, compared to working capital of $13.4 million at December 31, 2020. The increase in working capital is primarily due to a higher cash balance from equity financings and warrant exercises. Our cash and cash equivalents as of March 31, 2021, consisted of bank deposits with third party financial institutions. As of March 31, 2021, of our $49.5 million of cash, $48.8 million was held domestically while $0.7 million was held by foreign subsidiaries.

As described in Note 8 in the notes to our consolidated financial statements under the caption Notes Payable, net, borrowings under our new secured term loan agreement with Pacific Western Bank have a requirement of minimum cash on hand equivalent to the current outstanding principal balance. As of March 31, 2021, $2.0 million of cash must remain as restricted. After considering cash restrictions, effective unrestricted cash as of March 31, 2021 is estimated to be $47.5 million. With this unrestricted cash balance, we believe that we currently have sufficient cash to fund our operations beyond the look forward period of one year from the issuance of these consolidated financial statements.

Cash and Cash Equivalents

The following table summarizes the sources and uses of cash (in thousands). We held no cash equivalents for any of the periods presented.

	Three months ended March 31,
	2021		2020
Net cash used in operating activities	$	(2,000)	$	(1,722)
Net cash provided by (used in) financing activities	38,712		(589)
Effect of exchange rate changes on cash	(35)		(45)
Net increase (decrease) in cash	36,677		(2,356)
Cash at the beginning of the period	12,862		10,872
Cash at the end of the period	$	49,539	$	8,516

Net Cash Used in Operating Activities

Net cash used in operations increased $0.3 million, or 16%, for the three months ended March 31, 2021, compared to the same period of 2020 primarily due to lower cash collections as a result of lower sales in the three months ended December 31, 2020, partially offset by a reduction in operating expenses by improving overall operational efficiencies, including but not limited to, the reduction of employee headcount.

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Net Cash Provided by (Used in) Financing Activities

Net cash provided by financing activities of $38.7 million for the three months ended March 31, 2021, was from the sale of common stock and warrants for net proceeds of $36.5 million in connection with the equity financing, net proceeds of $0.7 million from our “at the market offering” program, and proceeds of $1.4 million from the exercise of warrants.

Net cash used in financing activities of $0.6 million for the three months ended March 31, 2020, was due to aggregate principal payments against our term loan.

Contractual Obligations and Commitments

The following table summarizes our outstanding contractual obligations as of March 31, 2021, and the effect those obligations are expected to have on our liquidity and cash flows in future periods (in thousands):

	Payments Due By Period:
	Total		Less than One Year		1-3 Years		3-5 Years		After 5 Years
Note payable, principal and interest	$	3,324	$	924	$	2,400	$	—	$	—
Facility operating leases	646		547		99		—		—
Purchase obligations	919		919		—		—		—
Total	$	4,889	$	2,390	$	2,499	$	—	$	—

In addition to the table above, which reflects only fixed payment obligations, we have two license agreements to maintain exclusive rights to certain patents. Under these license agreements, we are required to pay 1% of net sales of licensed medical products sold to entities other than the U.S. government. In addition, we are required to pay 21% of consideration collected from any sub-licensee for the grant of the sub-license. The license agreements also stipulate minimum annual royalties of $50,000 per year.

In connection with our acquisition of Equipois in December 2015, we 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 us an exclusive license with respect to the technology and patent rights for certain fields of use. Pursuant to the terms of the license agreement, we are required to pay the developer a single-digit royalty on net receipts, subject to a $50,000 annual minimum royalty requirement.

We purchase components from a variety of suppliers and use contract manufacturers to provide manufacturing services for our 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. We had purchase obligations primarily for purchases of inventory and manufacturing related service contracts totaling $0.9 million as of March 31, 2021, 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.

Item 3. Quantitative and Qualitative Disclosure About Market Risk

We are exposed to market risks in the ordinary course of our business, including inflation risks.

We do not believe that inflation has had a material effect on our business, financial condition or results of operations. If our costs were to become subject to significant inflationary pressures, we may not be able to fully offset such higher costs through price increases. Our inability or failure to do so could harm our business, financial condition and results of operations.

In addition, we conduct business in foreign countries and have subsidiaries based in Germany and Singapore. Accordingly, we are exposed to exchange rate risk. See Item 7A. Quantitative and Qualitative Disclosures About Market Risk in our Annual Report.

Item 4. Controls and Procedures

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Disclosure Controls and Procedures.

Our management, with the participation of our principal executive officer and principal financial officer, conducted an evaluation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (“Exchange Act”)) as of the end of the period covered by this Quarterly Report. Based upon that evaluation, our principal executive officer and principal financial officer concluded that, as of such date, our disclosure controls and procedures were effective to ensure that information required to be disclosed in reports filed by us under the Exchange Act is recorded, processed, summarized and reported within the required time periods and is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

It should be noted that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment and makes assumptions about the likelihood of future events. There can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions, regardless of how remote. Management believes that the financial statements included in this Quarterly Report fairly present in all material respects our financial condition, results of operations and cash flows for the periods presented.

Changes in Internal Control Over Financial Reporting

There were no changes in our internal control over financial reporting that occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 

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PART II. OTHER INFORMATION

Item 1. Legal Proceedings

We are not the subject of any pending legal proceedings; and to the best of our management’s knowledge, no such proceeding is presently threatened, the results of which would have a material impact on the Companies properties, results of operations, or financial condition. Further, to the knowledge of management, no director or executive officer is party to any action in which any has an interest adverse to us.

Item 1A. Risk Factors

Other than as described below, we have not identified any material changes to the risk factors previously disclosed in Part I - Item 1A - “Risk Factors” in our Annual Report. Our business, financial condition and operating results can be affected by a number of factors, whether currently known or unknown, including, but not limited to, those described below or in our Annual Report, any one or more of which could, directly or indirectly, cause our actual financial condition and operating results to vary materially from our past, or anticipated future, financial condition and operating results. Any of these factors, in whole or in part, could materially and adversely affect our business, financial condition, operating results and stock price. You should carefully consider the risks and uncertainties described below, together with all of the other information in this Quarterly Report, including the section titled “Part I - Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” and the condensed consolidated financial statements and related notes.

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Item 6. Exhibits

Exhibit Number	Description
3.1	By-Laws of the Registrant (incorporated by reference from Exhibit 3.1 to the Registrant’s Current Report on Form 8-K filed on April 16, 2021).
31.1*	Certification of Chief Executive Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
31.2*	Certification of Chief Financial Officer pursuant to Rule 13a-14(a) under the Securities Exchange Act of 1934, as amended.
32.1*	Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*	Certification of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101*	The following financial statements from the Ekso Bionics Holdings, Inc. Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, formatted in Extensible Business Reporting Language (“XBRL”):
	•	unaudited condensed consolidated balance sheets;
	•	unaudited condensed consolidated statements of operations and comprehensive income (loss);
	•	unaudited condensed consolidated statements of stockholders’ equity;
	•	unaudited condensed consolidated statement of cash flows; and
	•	notes to unaudited condensed consolidated financial statements.

* Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, Ekso Bionics Holdings, Inc. has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	EKSO BIONICS HOLDINGS, INC.
Date: April 29, 2021	By:	/s/ Jack Peurach
		Jack Peurach
		President and Chief Executive Officer
Date: April 29, 2021	By:	/s/ John F. Glenn
		John F. Glenn
		Chief Financial Officer
		(Duly Authorized Officer and Principal Financial and Accounting Officer)

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EX-31.1

Exhibit 31.1

CERTIFICATION

I, Jack Peurach, certify that:

(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.

Date: April 29, 2021

/s/ Jack Peurach

Jack Peurach

Principal Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, John F. Glenn, certify that:

(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.

Date: April 29, 2021

/s/ John F. Glenn

John F. Glenn

Principal Financial Officer

EX-32.1

Exhibit 32.1

CERTIFICATION BY THE PRINCIPAL EXECUTIVE OFFICER PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the Quarterly Report on Form 10-Q of Ekso Bionics Holdings, Inc. (the “Company”), for the quarterly period ended March 31, 2021 as filed with the Securities and Exchange Commission (the “Report”), I, Jack Peurach, President and Chief Executive Officer and principal executive officer, hereby certify as of the date hereof, solely for purposes of 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(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.

Dated: April 29, 2021

/s/ Jack Peurach

Jack Peurach

Principal Executive Officer

EX-32.2

Exhibit 32.2

CERTIFICATION BY THE PRINCIPAL FINANCIAL OFFICER PURSUANT TO

18 U.S.C. SECTION 1350

In connection with the Quarterly Report on Form 10-Q of Ekso Bionics Holdings, Inc. (the “Company”), for the quarterly period ended March 31, 2021 as filed with the Securities and Exchange Commission (the “Report”), I, John F. Glenn, Chief Financial Officer and principal financial officer, hereby certify as of the date hereof, solely for purposes of 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

(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.

Dated: April 29, 2021

/s/ John F. Glenn

John F. Glenn

Principal Financial Officer

XML

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	Apr. 26, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-37854
Entity Registrant Name	Ekso Bionics Holdings, Inc.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	99-0367049
Entity Address, Address Line One	1414 Harbour Way South
Entity Address, Address Line Two	Suite 1201
Entity Address, City or Town	Richmond
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94804
City Area Code	510
Local Phone Number	984-1761
Title of 12(b) Security	Common Stock, $0.001 par value per share
Trading Symbol	EKSO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		12,654,994
Amendment Flag	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001549084
Current Fiscal Year End Date	--12-31

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash	$ 49,539	$ 12,862
Accounts receivable, net of allowances of $129 and $42, respectively	2,276	3,224
Inventories, net	2,154	1,978
Prepaid expenses and other current assets	636	356
Total current assets	54,605	18,420
Property and equipment, net	1,096	1,172
Right-of-use assets	568	685
Other assets	235	320
Total assets	56,504	20,597
Current liabilities:
Accounts payable	1,652	1,501
Accrued liabilities	1,475	1,429
Deferred revenues, current	1,493	1,496
Note payable, current	814	0
Lease liabilities, current	547	548
Total current liabilities	5,981	4,974
Deferred revenues	1,644	1,806
Notes payable, net	2,262	3,075
Lease liabilities	99	233
Warrant liabilities	5,501	6,037
Other non-current liabilities	42	38
Total liabilities	15,529	16,163
Commitments and contingencies (Note 13)
Stockholders’ equity:
Convertible preferred stock, $0.001 par value; 10,000 shares authorized; none issued and outstanding at March 31, 2021 and December 31, 2020	0	0
Common stock, $0.001 par value; 141,429 shares authorized; 12,655 and 8,349 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively	13	8
Additional paid-in capital	244,117	204,376
Accumulated other comprehensive loss	(382)	(847)
Accumulated deficit	(202,773)	(199,103)
Total stockholders’ equity	40,975	4,434
Total liabilities and stockholders’ equity	$ 56,504	$ 20,597

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Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for accounts receivable	$ 129	$ 42
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)	12,655,000	8,349,000
Common stock, shares outstanding (in shares)	12,655,000	8,349,000

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Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenue	$ 1,910	$ 1,468
Cost of revenue	675	831
Gross profit	1,235	637
Operating expenses:
Sales and marketing	1,793	2,520
Research and development	603	711
General and administrative	1,978	2,187
Total operating expenses	4,374	5,418
Loss from operations	(3,139)	(4,781)
Other (expense) income, net:
Interest expense	(26)	(52)
Gain on revaluation of warrant liabilities	11	2,519
Other expense, net	(516)	(220)
Total other (expense) income, net	(531)	2,247
Net loss	(3,670)	(2,534)
Other comprehensive income	465	173
Comprehensive loss	$ (3,205)	$ (2,361)
Basic and diluted net loss per share applicable to common shareholders (in dollars per share)	$ (0.34)	$ (0.44)
Weighted average number of shares outstanding, basic and diluted (in shares)	10,752	5,803

XML

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive (Loss) Income	Accumulated Deficit
Balance (in shares) at Dec. 31, 2019		5,795
Beginning balance at Dec. 31, 2019	$ 6,797	$ 6	$ 190,019	$ 50	$ (183,278)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,534)				(2,534)
Issuance of common stock under:
Matching contribution to 401(k) plan (in shares)		26
Matching contribution to 401(k) plan	155		155
In lieu of cash compensation (in shares)		9
In lieu of cash compensation	50		50
Shares issued as a result of rounding due to reverse-stock split (in shares)		13
Stock-based compensation expense	587		587
Foreign currency translation adjustments	173			173
Balance (in shares) at Mar. 31, 2020		5,843
Ending balance at Mar. 31, 2020	5,228	$ 6	190,811	223	(185,812)
Balance (in shares) at Dec. 31, 2020		8,349
Beginning balance at Dec. 31, 2020	4,434	$ 8	204,376	(847)	(199,103)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,670)				(3,670)
Issuance of common stock under:
Equity financing, net (in shares)		3,980
Equity financing, net	35,360	$ 4	35,356
Exercise of warrants (in shares)		300
Exercise of warrants	3,878	$ 1	3,877
Matching contribution to 401(k) plan (in shares)		26
Matching contribution to 401(k) plan	152		152
Stock-based compensation expense	356		356
Foreign currency translation adjustments	465			465
Balance (in shares) at Mar. 31, 2021		12,655
Ending balance at Mar. 31, 2021	$ 40,975	$ 13	$ 244,117	$ (382)	$ (202,773)

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Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities:
Net loss	$ (3,670)	$ (2,534)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation and amortization	126	164
Changes in allowance for doubtful accounts	31	0
Gain on revaluation of warrant liabilities	(11)	(2,519)
Stock-based compensation expense	356	587
Amortization of debt discount and accretion of final payment fee	1	13
Common stock contribution to 401(k) plan	52	77
Unrealized loss on foreign currency transactions	503	219
Changes in operating assets and liabilities:
Accounts receivable	917	2,550
Inventories	(228)	(32)
Prepaid expenses, operating lease right-of-use assets, and other assets current and noncurrent	(78)	(68)
Accounts payable	151	96
Accrued and lease liabilities	15	37
Deferred revenues	(165)	(312)
Net cash used in operating activities	(2,000)	(1,722)
Financing activities:
Proceeds from issuance of common stock and warrants, net	37,295	0
Principal payments on note payable	0	(589)
Proceeds from exercise of warrants	1,417	0
Net cash provided by (used in) financing activities	38,712	(589)
Effect of exchange rate changes on cash	(35)	(45)
Net increase (decrease) in cash	36,677	(2,356)
Cash at beginning of period	12,862	10,872
Cash at end of period	49,539	8,516
Supplemental disclosure of cash flow activities
Cash paid for interest	23	32
Cash paid for income taxes	0	3
Supplemental disclosure of non-cash activities
Fair value of warrants issued upon equity financing	1,936	0
Reclassification of warrant liability to equity upon exercise of warrants	2,461	0
Transfer of inventory to property and equipment	53	38
Share issuance for common stock contribution to 401(k) plan	152	155
Share issuance in lieu of cash compensation	$ 0	$ 50

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Organization

3 Months Ended

Mar. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Organization

Description of Business

Ekso Bionics Holdings, Inc. (the “Company”) designs, develops, sells and rents exoskeleton products to augment human strength, endurance and mobility. The Company’s exoskeleton technology serves multiple markets and can be utilized both by able-bodied users and persons with physical disabilities. The Company has sold and rented devices that (i) enable individuals with neurological conditions affecting gait (acquired brain injury and spinal cord injury) to rehabilitate and to walk again, (ii) assist individuals with a broad range of upper extremity impairments, and (iii) allow industrial workers to perform difficult repetitive work for extended periods. Founded in 2005, the Company is headquartered in the San Francisco Bay area and listed on the Nasdaq Capital Market under the symbol “EKSO”.

All common stock share and per share amounts have been adjusted to reflect the one-for-fifteen reverse stock split effected on March 24, 2020. See Note 10, Capitalization and Equity Structure – Reverse Stock Split.

Liquidity and Going Concern

As of March 31, 2021, the Company had an accumulated deficit of $202,773.  Largely as a result of significant research and development activities related to the development of the Company’s advanced technology and commercialization of such technology into its medical device business, the Company has incurred significant operating losses and negative cash flows from operations since inception. In the three months ended March 31, 2021, the Company used $2,000 of cash in its operations. Cash on hand as of March 31, 2021 was $49,539.

As described in Note 8, Notes payable, net, borrowings under the Company’s secured term loan agreement with Pacific Western Bank have a liquidity covenant requiring minimum cash on hand equivalent to the current outstanding principal balance. As of March 31, 2021, $2,000 of cash must remain as restricted. After considering cash restrictions, effective unrestricted cash as of March 31, 2021 is approximately $47,539. With this unrestricted cash balance, the Company believes that it currently has sufficient cash to fund its operations beyond the look forward period of one year from the issuance of these condensed consolidated financial statements.

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Basis of Presentation and Summary of Significant Accounting Policies and Estimates

3 Months Ended

Mar. 31, 2021

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

The accompanying condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These 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, 2020, which was filed with the SEC on February 25, 2021.

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, 2020, 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 the amounts in prior periods to conform to the current period’s presentation.

The results of operations for the three months ended March 31, 2021 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 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, the valuation of warrants and employee stock options, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, and contingencies. Actual results could differ from those estimates.

Foreign Currency

The assets and liabilities of foreign subsidiaries and equity investments, where the local currency is the functional currency, are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at average rates during the period, with resulting foreign currency translation adjustments recorded in accumulated other comprehensive income as a component of stockholders’ equity. Gains and losses from the re-measurement of balances denominated in currencies other than the entities' functional currencies, are recorded in other expense, net in the accompanying condensed consolidated statements of operations and comprehensive loss.

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 ("WIP"). Direct and indirect labor and applicable overhead costs are also allocated and recorded to WIP inventory. Finished goods are comprised of completed products that are ready for customer shipment. The Company periodically evaluates the carrying value of inventory on hand for potential excess amounts over sales and forecasted demand. Excess and obsolete inventories identified, if any, are recorded as an inventory impairment charge within the consolidated statements of operations and comprehensive loss. The Company's estimate of write-downs for excess and obsolete inventory is based on a detailed analysis which includes on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of inventory.

Leases

At the inception of any lease arrangement, the Company determines whether the arrangement is or contains a lease under ASC 842 based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items, such as initial direct costs paid or incentives received.

Lease expense is recognized over the expected lease term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, lease liabilities current and lease liabilities non-current.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term.

Revenue Recognition

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 EksoNR and EksoGT, associated software (SmartAssist and VariableAssist), the sale and rental of the EksoUE, the sale of accessories, and the sale of 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 EksoNR or EksoGT, 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 recognizes revenue over the term of the agreement. Revenue from medical device rentals is recognized over the rental term, typically over 12 months.

The Company’s industrial device segment (EksoWorks) revenue is generated through the sale, subscription and rental of the upper body exoskeletons (EksoVest and the recently introduced EVOTM) 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. Revenue from industrial device subscriptions and rentals is recognized over the subscription or rental term, typically 12 months.

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 ASC 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 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 consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable.

Accounts receivable are derived from the sale of products shipped and services performed for customers primarily located in the U.S., Europe, Asia, and Australia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and provides an allowance for potential credit losses. The Company has not experienced material losses related to accounts receivable as of March 31, 2021 and December 31, 2020. Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency other than the U.S. dollar. The Company does not enter into any foreign currency hedging agreements and is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon settling contracts denominated in a foreign currency.

At March 31, 2021, the Company had one customer with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable (16%), as compared with two customers at December 31, 2020 (13% and 10%).

During the three months ended March 31, 2021, the Company had two customers with sales of 10% or more of the Company’s total revenue (14% and 11%), as compared with one customer in the three months ended March 31, 2020 (16%).

Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10, which amends the current approach to estimate credit losses on certain financial assets, including trade and other receivables. Generally, this

amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Upon the initial recognition of such assets, which will be based on, among other things, historical information, current conditions, and reasonable supportable forecasts. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Currently, U.S. GAAP requires entities to write down credit losses only when losses are probable and loss reversals are not permitted. The update will be effective for the Company in the first quarter of 2023. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for convertible instruments. ASU 2020-06 eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance eliminates certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is effective for the Company beginning in the first quarter of 2022 and must be applied using either a modified or full retrospective approach. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

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Accumulated Other Comprehensive Loss

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss

The Company's accumulated other comprehensive loss consists of the accumulated net unrealized gains or losses on foreign currency translation adjustments. The change in accumulated other comprehensive loss presented on the condensed consolidated balance sheets for the three months ended March 31, 2021, is reflected in the table below net of tax:

	Accumulated Other Comprehensive Loss
Balance at December 31, 2020	$	(847)
Net unrealized gain on foreign currency translation	465
Balance at March 31, 2021	$	(382)

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Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurement

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Three levels of inputs, of which the first two are considered observable and the last unobservable, may be used to measure fair value which are the following:

•Level 1—Quoted prices in active markets for identical assets or liabilities. The Company considers a market to be active when transactions for the asset occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

•Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.

•Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The valuation of Level 3 investments requires the use of significant management judgments or estimation.

The Company’s fair value hierarchies for its financial assets and liabilities, which require fair value measurement, on a recurring basis are as follows:

	Total		Level 1		Level 2		Level 3
March 31, 2021
Liabilities
Warrant liabilities	$	5,501	$	—	$	—	$	5,501
December 31, 2020
Liabilities
Warrant liabilities	$	6,037	$	—	$	—	$	6,037

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, 2021, which were measured at fair value on a recurring basis:

	Warrant Liability
Balance at December 31, 2020	$	6,037
Initial fair value of warrants in connection with 2021 financing	1,936
Gain on revaluation of warrants issued in connection with the February 2021, June 2020, December 2019 and May 2019 financings	(11)
Reclassification of warrant liability to equity upon exercise of warrants	(2,461)
Balance at March 31, 2021	$	5,501

Refer to Note 10. Capitalization and Equity Structure – Warrants for additional information regarding the valuation of warrants.

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Inventories, net

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Inventories, net

Inventories, net

Inventories consisted of the following:

	March 31, 2021		December 31, 2020
Raw materials	$	1,530	$	1,724
Work in progress	279		18
Finished goods	345		236
Inventories, net	$	2,154	$	1,978

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Revenue Recognition

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

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, and 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 rental of its products, the Company generally recognizes revenue over the rental term commencing upon the completion of customer training. For service agreements, the Company generally invoices customers at the beginning of the coverage period and records 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 revenue consisted of the following:

	March 31, 2021		December 31, 2020
Deferred extended maintenance and support	$	2,757	$	2,902
Deferred royalties	280		282
Deferred device and advances	100		118
Total deferred revenues	3,137		3,302
Less current portion	(1,493)		(1,496)
Deferred revenues, non-current	$	1,644	$	1,806

Deferred revenue activity consisted of the following for the three months ended March 31, 2021:

Beginning balance	$	3,302
Deferral of revenue	289
Recognition of deferred revenue	(454)
Ending balance	$	3,137

As of March 31, 2021, the Company’s deferred revenue was $3,137. The Company expects to recognize approximately $1,193 of the deferred revenue during the remainder of 2021, $964 in 2022, and $980 thereafter.

In addition to deferred revenue, the Company has non-cancellable backlog of $890 related to its contracts for rental units with its customers. These rental contracts typically have 12-month lease terms and rental income is recognized on a straight-line basis over the lease term.

As of March 31, 2021 and December 31, 2020, accounts receivable, net of allowance for doubtful accounts, were $2,276 and $3,224, 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 90 days.

Disaggregation of revenue

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2021:

	EksoHealth		EksoWorks		Total
Device revenue	$	1,019	$	98	$	1,117
Service and support	488		—		488
Rentals and subscriptions	152		70		222
Parts and other	54		15		69
Collaborative arrangements	14		—		14
	$	1,727	$	183	$	1,910

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2020:

	EksoHealth		EksoWorks		Total
Device revenue	$	306	$	255	$	561
Service and support	469		—		469
Rentals	194		—		194
Parts and other	155		22		177
Collaborative arrangements	67		—		67
	$	1,191	$	277	$	1,468

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Accrued Liabilities

3 Months Ended

Mar. 31, 2021

Accrued Liabilities and Other Liabilities [Abstract]

Accrued Liabilities

Accrued Liabilities

Accrued liabilities consisted of the following:

	March 31, 2021		December 31, 2020
Salaries, benefits and related expenses	$	1,267	$	1,194
Device warranty	153		188
Other	55		47
Total	$	1,475	$	1,429

The current portion of the warranty liability is classified as a component of accrued liabilities, while the long-term portion of the warranty liability is classified as a component of other non-current liabilities in the condensed consolidated balance sheets. A reconciliation of the changes in the device warranty liability for the three months ended March 31, 2021 is as follows:

	March 31, 2021
Balance at beginning of period	$	226
Additions for estimated future expense	46
Incurred costs	(77)
Balance at end of period	$	195
Current portion	$	153
Long-term portion	42
Total	$	195

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Note Payable, net

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Note Payable, net

Notes Payable, net

WAB and PWB Term Loans

WAB Term Loan

In December 2016, the Company entered into a loan agreement with Western Alliance Bank (the "WAB loan") and received a loan in the principal amount of $7,000 that bore interest on the outstanding daily balance at a floating per annum rate equal to the 30-day U.S. LIBOR plus 5.41%. The Company was required to pay accrued interest on the WAB 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 maturing on January 1, 2021. On April 29, 2020 the Company entered into a second amendment to the WAB loan to defer principal payments for three months beginning in May 2020, with adjustments when the principal payments resumed on August 1, 2020. During the three-month deferral period the Company was required to make interest only payments.

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 for the WAB loan of 8.49% for the year ended December 31, 2020. The final payment fee, debt issuance costs and the initial fair value of the success fee were accreted/amortized to interest expense using the effective interest method over the life of the loan.

PWB Term Loan

In August 2020, the Company entered into a new loan agreement (the "PWB Loan Agreement") with a different lender, Pacific Western Bank, and received a loan in the principal amount of $2,000 (the "PWB Term Loan") that bears interest on the outstanding daily balance at a rate equal to the greater of: (a) 0.50% above the variable rate of interest announced by the lender as its “prime rate” then in effect; or (b) 4.50%. The PWB 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 proceeds of the PWB Term Loan were used to pay off the entire amount of the Company's indebtedness on the WAB loan, which amounted to $1,512. Pursuant to the PWB Loan Agreement, the remainder of the PWB Term Loan proceeds may be used for general corporate purposes, which totaled $480, net of debt discounts and issuance costs.

The Company is required to pay accrued interest on the current loan on the 13th day of each month through and including August 13, 2023. The principal balance of the PWB Term Loan matures on August 13, 2023, at which time all unpaid principal and accrued and unpaid interest shall be due and payable in full. The interest rate of the PWB Term Loan is subject to increase in the event of late payments and after occurrence of and during the continuation of an event of default. Upon maturity, all unpaid principal and accrued and unpaid interest shall be due and payable in full. The Company may elect to prepay the PWB Term Loan at any time, in whole or in part, without penalty or premium.

The PWB Loan Agreement contains a liquidity covenant, which requires 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 the outstanding balance of the PWB Term Loan, which was $2,000 as of March 31, 2021. On March 31, 2021, with cash on hand of $49,539, the Company was compliant with this liquidity covenant and all other covenants.

The debt issuance costs and debt discounts combined with the stated interest resulted in an effective interest rate of 4.70% for the three months ended March 31, 2021. The debt issuance costs will be amortized 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 PWB term loan as of March 31, 2021:

Period	Amount
Remainder of 2021 - 2022	$	—
2023	2,000
Total principal payments	2,000
Less debt discount and issuance cost	10
Note payable, net	$	1,990
Current portion	$	—
Long-term portion	1,990
Note payable, net	$	1,990

Paycheck Protection Program Loan

On April 20, 2020, the Company received an unsecured loan in the principal amount of $1,086 under the Paycheck Protection Program (the “PPP”) administered by the U.S. Small Business Administration, or the SBA, pursuant to the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”), or the PPP loan. The PPP loan provides for an interest rate of 1.00% per year, and matures two years after the date of initial disbursement. The terms of the PPP Loan were subsequently revised in accordance with the provisions of the Paycheck Protection Flexibility Act of 2020, or the PPP Flexibility Act, which was enacted on June 5, 2020. Based on management's interpretation of the PPP Flexibility Act, the Company expects to begin making principal and interest payments on the PPP loan beginning in 2022. The overall timing of payments with respect to the amounts of principal and interest due could change based on the ultimate determination of what may or may not be forgiven. The PPP loan may be used for payroll costs, costs related to certain group health care benefits and insurance premiums, rent payments, utility payments, mortgage interest payments and interest payments on any other debt obligation that were incurred before February 15, 2020. Under the terms of the CARES Act and the PPP Flexibility Act, the Company may apply for and be granted forgiveness for all or a portion of loan granted under the PPP loan, with such forgiveness to be determined, subject to limitations (including where employees of the Company have been terminated and not re-hired by a certain date), based on the use of the loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. The terms of any forgiveness may also be subject to further requirements in regulations and guidelines adopted by the SBA. While the Company currently believes that the majority of the use of the PPP loan proceeds will meet the conditions for forgiveness under the PPP, no assurance is provided that the Company will obtain partial forgiveness of the loan. The Company expects to apply for forgiveness of the loan in the second quarter of 2021. Terms of the loan may change subject to future enactments relating to the PPP.

The follow table presents the scheduled principal payments of the Company's PPP loan note payable as of March 31, 2021, if the loan is not forgiven:

Period	Amount
Remainder of 2021	$	—
2022	1,086
Total principal payments	$	1,086
Current portion	$	814
Long-term portion	272
Note payable, net	$	1,086

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Lease Obligations

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Lease Obligations

Lease Obligations

The Company maintains a five-year operating lease agreement for its headquarters and manufacturing facility in Richmond, California, or the Richmond Lease, which expires in May 2022, with no further options to extend or terminate. The lease includes non-lease components (i.e. common area maintenance costs) that are paid separately from rent based on actual costs incurred. In June 2020, the Company entered into an amendment to the Richmond Lease to make a one-time payment of $300 to cover its remaining lease obligations for the remainder of 2020, resulting in a $48 abatement and a lease payment deferral of $79 to be paid in equal monthly installments in 2021.

The Company's five-year operating lease agreement for its European operations office in Hamburg, Germany expires in July 2022. The Company has an option to extend the lease for another five-year term.

The Company’s future lease payments as of March 31, 2021 are as follows, which are presented as lease liabilities on the Company’s condensed consolidated balance sheets:

Period	Operating Leases
Remainder of 2021	$	447
2022	235
Total lease payments	682
Less: imputed interest	(36)
Present value of lease liabilities	$	646
Lease liabilities, current	$	547
Lease liabilities, noncurrent	99
Total lease liabilities	$	646
Weighted-average remaining lease term (in years)	1.19
Weighted-average discount rate	10.5		%

Lease expense under the Company’s operating leases was $132 and $138 for the three months ended March 31, 2021 and March 31, 2020, 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.

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Capitalization and Equity Structure

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Capitalization and Equity Structure

Capitalization and Equity Structure

Reverse Stock Split

After the close of the stock market on March 24, 2020, the Company effected a 1-for-15 reverse split of its common stock (the "Reverse Stock Split"). As a result, all common stock share amounts included in this filing have been retroactively reduced by a factor of fifteen, rounded up to the nearest whole share, and all common stock per share amounts have been increased by a factor of fifteen, with the exception of the Company's common stock par value and the Company's authorized shares. Amounts affected include common stock outstanding, restricted stock units, common stock underlying stock options and warrants.

Summary

The Company’s authorized capital stock at March 31, 2021 consisted of 141,429 shares of common stock and 10,000 shares of preferred stock. As of March 31, 2021, there were 12,655 shares of common stock issued and outstanding and no shares of preferred stock issued and outstanding.

Common Stock

February 2021 Offering

In February 2021, the Company entered into an amended and restated underwriting agreement (the "Underwriting Agreement") with H.C. Wainwright & Co., LLC ("Wainwright"), to sell 3,902 shares of the Company's common stock for a public price of $10.25 per share, for gross proceeds of $40,000 (the "February 2021 Offering"). The Company received net proceeds of $36,504 from the February 2021 Offering after deducting underwriting discounts, commissions and estimated offering expenses. Pursuant to the Underwriting Agreement, the Company issued, to certain designees of Wainwright, five year warrants (the “2021 Warrants”) to purchase shares of Common Stock in an amount equal to 7.0% of the aggregate number of shares sold in the February 2021 Offering, or 273 shares, at an exercise price of $12.81 per share.

At the Market Offering

In October 2020, the Company entered into an At The Market Offering Agreement (the "ATM Agreement") with H.C. Wainwright & Co., LLC (the "Agent"), under which the Company may issue and sell shares of its common stock, from time to time, to or through the Agent. The Company may offer and sell shares having an aggregate offering price of up to $7,500 under the registration statement and prospectus supplement filed with the SEC related to such offering. Under the ATM Agreement, shares of the Company's common stock may not be sold for a price lower than $6.75 per share. During the three months ended March 31, 2021, the Company sold 78 shares of common stock at an average price per share of $10.72 for proceeds of $791, net of commission and issuance costs, under the ATM Agreement. As of March 31, 2021, the Company has $6,668 available for future offerings under the prospectus filed with respect to the ATM Agreement.

Warrants

Warrant shares outstanding as of December 31, 2020 and March 31, 2021 were as follows:  

Source	Exercise Price		Term (Years)	December 31, 2020	Issued	Exercised	March 31, 2021
2021 Warrants	$	12.81	5	—	273	—	273
June 2020 Investor Warrants	$	5.18	5.5	397	—	(270)	127
June 2020 Placement Agent Warrants	$	5.64	5	122	—	(83)	39
December 2019 Warrants	$	8.10	5	556	—	—	556
December 2019 Placement Agent Warrants	$	8.44	5	52	—	—	52
May 2019 Warrants	$	3.52	5	198	—	(5)	193
				1,325	—	(358)	1,240

During the three months ended March 31, 2021, the Company received net proceeds of $1,417 from the exercise of 358 warrants.

2021 Warrants

In February 2021, the Company issued the 2021 Warrants, exercisable for up to 273 shares of the Company’s common stock at an exercise price of $12.81 per share. The 2021 Warrants were issued as exercisable immediately, and will expire five years from the date of issuance, or on February 11, 2026.

In addition, the 2021 Warrants contain a cashless exercise provision, whereby, if, at the time a holder exercises its 2021 Warrants, a registration statement registering the issuance or the resale of the shares of common stock underlying the 2021 Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder may elect to instead receive, upon such exercise (either in whole or in part), the net number of shares of the Company’s common stock determined according to a formula set forth in the 2021 Warrant. The 2021 Warrants will be automatically exercised on a cashless basis on their expiration date.

The 2021 Warrants could also require payment of liquidated damages by the Company in the form of cash payments in the event of a failure by the Company to timely deliver shares of common stock upon exercise of such warrants.

The 2021 Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the 2021 Warrants, the Company or any successor entity will, at the option of a holder of a 2021 Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s 2021 Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s 2021 Warrant within five trading days after the notice of exercise by the holder of the put option. Because of this put-option provision, the 2021 Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the 2021 Warrants is measured at fair value upon issuance and 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 Model to measure the fair value of the 2021 Warrants:

	March 31, 2021			February 11, 2021
Current share price	$	6.17		$	9.61
Conversion price	$	12.81		$	12.81
Risk-free interest rate	0.881		%	0.46		%
Expected term (years)	4.86			5.00
Volatility of stock	108.82		%	107.1		%

June 2020 Investor Warrants

In June 2020, the Company issued warrants (the "June 2020 Investor Warrants"), exercisable for up to 874 shares of the Company’s common stock at an exercise price of $5.18 per share. The June 2020 Investor Warrants were issued as exercisable immediately, and will expire five and one-half years from the date of issuance, or on December 10, 2025.

In addition, the June 2020 Investor Warrants contain a cashless exercise provision, whereby, if, at the time a holder exercises its June 2020 Investor Warrants, a registration statement registering the issuance or the resale of the shares of common stock underlying the June 2020 Investor Warrants under the Securities Act is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the holder may elect to instead receive, upon such exercise (either in whole or in part), the net number of shares of the Company’s common stock determined according to a formula set forth in the June 2020 Investor Warrant. The June 2020 Investor Warrants will be automatically exercised on a cashless basis on their expiration date.

The June 2020 Investor Warrants could also require payment of liquidated damages by the Company in the form of cash payments in the event of a failure by the Company to timely deliver shares of common stock upon exercise of such warrants. During the year ended December 31, 2020 and the three months ended March 31, 2021, 477 and 270 shares of the June 2020 Investor Warrants were exercised, respectively.

The June 2020 Investor Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the June 2020 Investor Warrants, the holders of the June 2020 Investor Warrants will be entitled to receive upon exercise of the June 2020 Investor Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the June 2020 Investor Warrants immediately prior to such fundamental transaction. Alternatively, the Company or any successor entity will, at the option of a holder of a June 2020 Investor Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s June 2020 Investor Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s June 2020 Investor Warrant. Because of this put-option provision, the June 2020 Investor Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the June 2020 Investor Warrants is measured at fair value at each reporting and exercise 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 Model to measure the fair value of the June 2020 Investor Warrants:

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	5.18		$	5.18
Risk-free interest rate	0.83		%	0.35		%
Expected term (years)	4.69			4.94
Volatility of stock	109.55		%	105.3		%

June 2020 Placement Agent Warrants

In June 2020, the Company issued warrants (the "June 2020 Placement Agent Warrants"), exercisable for up to 122 shares of the Company’s common stock, to the placement agent for such offering. The June 2020 Placement Agent Warrants have substantially the same form as the June 2020 Investor Warrants, including the put option described above, except that they have an exercise price per share equal to $5.64, subject to adjustment in certain circumstances, and will expire on June 7, 2025. During the three months ended March 31, 2021, 83 shares of the June 2020 Placement Agent Warrants were exercised.

Because of the put-option provision in the June 2020 Placement Agent Warrants, these warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the June 2020 Placement Agent Warrants is measured at fair value at each reporting and exercise 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 Model to measure the fair value of the June 2020 Placement Agent Warrants:

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	5.64		$	5.64
Risk-free interest rate	0.69		%	0.31		%
Expected term (years)	4.19			4.44
Volatility of stock	111.05		%	106.8		%

December 2019 Warrants

In December 2019, pursuant to a securities purchase agreement (the "December 2019 Offering"), the Company issued warrants (the "December 2019 Warrants") to purchase 556 shares of common stock. The December 2019 Warrants are currently exercisable, have an exercise price of $8.10 per share, and will expire five years from the date they initially became exercisable, or on June 21, 2025.

The December 2019 Warrants also contain a put option, under which, if the Company enters into a Fundamental Transaction, as defined in the December 2019 Warrants, the Company or any successor entity will, at the option of a holder of a December 2019 Warrant, exercisable concurrently with or at any time within 30 days after the consummation of such Fundamental Transaction, purchase such holder’s December 2019 Warrant by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such holder’s December 2019 Warrant within five trading days after the notice of exercise by the holder of the put option. Because of this put-option provision, the December 2019 Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the December 2019 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 Model to measure the fair value of the December 2019 Warrants:

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	8.10		$	8.10
Risk-free interest rate	0.7		%	0.31		%
Expected term (years)	4.22			4.47
Volatility of stock	110.65		%	107.9		%

December 2019 Placement Agent Warrants

In December 2019, in connection with the December 2019 Offering, the Company issued warrants to purchase 52 shares of the Company’s common stock to the placement agent for such offering (the "December 2019 Placement Agent Warrants"). The December 2019 Placement Agent Warrants have substantially the same form as the December 2019 Warrants, except that they have an exercise price per share equal to $8.44, subject to adjustment in certain circumstances, and will expire on December 18, 2025.

The warrant liability related to the December 2019 Placement Agent 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 Model to measure the fair value of the December 2019 Placement Agent Warrants:

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	8.44		$	8.44
Risk-free interest rate	0.56		%	0.26		%
Expected term (years)	3.72			3.97
Volatility of stock	109.32		%	109.4		%

Management has assessed that the likelihood of a Change of Control (as defined in the December 2019 Placement Agent Warrants), occurring during the term of the December 2019 Placement Agent Warrants is low, and that if such an event were to occur, the difference between the cashless exercise value and the warrants fair value is nominal.

May 2019 Warrants

In May 2019, pursuant to an underwriting agreement, (the "May 2019 Offering"), the Company issued the warrants (the "May 2019 Warrants") to purchase 444 shares of common stock. The May 2019 Warrants are currently exercisable and have a current exercise price of $3.52 per share and will expire five years from the date of their issuance, or on May 24, 2024. The May 2019 Warrants contain a price protection feature, pursuant to which, subject to certain exceptions, if shares of common stock are sold or issued in the future, or securities convertible or exercisable for shares of the Company’s common stock are sold or issued in the future, for consideration, or with an exercise price or conversion price, as applicable, per share less than the exercise price per share then in effect for the May 2019 Warrants, the exercise price of the May 2019 Warrants is reduced to the consideration paid for, or the exercise price or conversion price of, as the case may be, the securities issued in such offering. Pursuant to this provision, in connection with the June 2020 Offering, the exercise price of the May 2019 Warrants was reduced to $3.52 per share, being the amount that is equal to the lower of (x) the consideration paid for the securities issued in the June 2020 Offering, or $4.51 per share, (y) the lowest exercise price of the June 2020 Investor Warrants, or $5.18, and (z) the lowest one-day volume-weighted average price of the Company’s Common Stock on the Nasdaq Capital Market as measured each day during the five trading day period starting on June 8, 2020, rounded to the nearest share, or $3.52. During the year ended December 31, 2020 and the three months ended March 31, 2021, 246 and 5 shares of the May 2019 warrants were exercised, respectively.

In addition, if the Company effects or enters into any issuance of common stock or options or convertible securities exercisable for or convertible into common stock at a price which varies or may vary with the market price of the shares of the Company's common stock, subject to certain exceptions, a May 2019 Warrant holder may, at the time of exercise of the holder’s warrant, elect to exercise the warrant at such variable price.

The May 2019 Warrants include a put option, whereby while the May 2019 Warrants are outstanding, if the Company enters into a Change of Control, as defined in the May 2019 Warrants, the Company or any successor entity will, at the option of a 2019 Warrant holder exercise within 90 days after the public disclosure of the Change of Control transaction, purchase such holder’s May 2019 Warrants by paying to such holder an amount of cash equal to the Black-Scholes value of the remaining unexercised portion of such warrants on the later date of consummation of the Change of Control transaction or two trading days after the notice of such request. Because of this put option provision, the May 2019 Warrants are classified as a liability and are marked to market at each reporting date.

The warrant liability related to the May 2019 Warrants is measured at fair value at each reporting and exercise date using certain estimated inputs, which are classified within Level 3 of the fair value hierarchy. The following assumptions were used in a combination of the Black-Scholes Model and the Lattice Model to measure the fair value of the May 2019 Warrants:

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	3.52		$	3.52
Risk-free interest rate	0.39		%	0.21		%
Expected term (years)	3.2			3.4
Volatility of stock	105.7		%	107.2		%

Management has assessed that the likelihood of a Change of Control occurring during the term of the warrants is low, and that if such an event were to occur, the difference between the cashless exercise value and the May 2019 Warrants fair value is nominal.

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Stock-based Compensation

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Stock-based Compensation

Stock-based Compensation

See Note 10, Capitalization and Equity Structure – Reverse Stock Split.

As of March 31, 2021, the total shares authorized for grant under the 2014 Plan was 1,974, of which 937 were available for future grants.

Stock Options

The following table summarizes information about the Company’s stock options outstanding as of March 31, 2021, and activity during the three months then ended:

	Stock Awards	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance as of December 31, 2020	529	$	31.62
Options granted	—	—
Options exercised	—	—
Options forfeited	(3)	15.65
Options cancelled	(4)	40.54
Balance as of March 31, 2021	522	$	31.63	6.93	$	45
Vested and expected to vest at March 31, 2021	522	$	31.63	6.93	$	45
Exercisable as of March 31, 2021	364	$	38.79	6.34	$	31

As of March 31, 2021, total unrecognized compensation cost related to unvested stock options was $1,869. 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 1.84 years.

The per-share fair value of each stock option was determined on the date of grant using the Black-Scholes Model using the following assumptions:

	Three Months Ended March 31,
	2021	2020
Dividend yield	—	—
Risk-free interest rate	N/A	1.58	%
Expected term (in years)	N/A	6
Volatility	N/A	102	%

 Restricted Stock Units

The Company issues time-based restricted stock units (“RSUs”) and performance-based restricted stock units ("PSUs") to employees and non-employee service providers. Each RSU and PSU represents the right to receive one share of the Company’s common stock upon vesting and subsequent settlement. PSUs vest upon achievement of performance targets based on the Company's annual operating plan.

The fair values of RSUs and PSUs are determined based on the closing price of the Company’s common stock on the date of grant.

RSU and PSU activity for the three months ended March 31, 2021 is summarized below:

	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2020	143	$	6.21
Granted	208	6.91
Vested	(2)	5.74
Forfeited	(24)	8.16
Unvested at March 31, 2021	325	$	6.60

As of March 31, 2021, $1,935 of total unrecognized compensation expense related to unvested RSUs and PSUs was expected to be recognized over a weighted average period of 2.67 years.

Compensation Expense

Total stock-based compensation expense related to options, RSUs and PSUs granted to employees is included in the condensed consolidated statements of operations and comprehensive loss as follows:

	Three Months Ended March 31,
	2021		2020
Sales and marketing	$	99	$	138
Research and development	52		73
General and administrative	205		376
	$	356	$	587

401(k) Plan Share Match

During the three months ended March 31, 2021, the Company issued 26 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 fiscal year ended December 31, 2020. The expense related to the contribution was $152 for the three months ended March 31, 2021.

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Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesThere were no material changes to the unrecognized tax benefits in the three months ended March 31, 2021, 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.

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Commitments and Contingencies

3 Months Ended

Mar. 31, 2021

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 primarily for 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. The Company is required to pay 1% of net sales of licensed medical devices sold to entities other than the U.S. government. In addition, the Company is required to pay 21% of consideration collected from any sub-licensee for the grant of the sub-license.

In connection with acquisition of Equipois, LLC ("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 is required to pay the developer a single-digit royalty on net receipts, subject to a $50 annual minimum royalty requirement.

Purchase Obligations

The Company purchases components from a variety of suppliers and uses 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 $919 as of March 31, 2021, 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. 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.

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Net Loss Per Share

3 Months Ended

Mar. 31, 2021

Earnings Per Share [Abstract]

Net Loss Per Share

Net Loss Per Share

The following table sets forth the computation of basic and diluted net loss per share:

	Three Months Ended March 31,
	2021		2020
Numerator:
Net loss applicable to common stockholders, basic and diluted	$	(3,670)	$	(2,534)
Denominator:
Weighted-average number of shares, basic and diluted	10,752		5,803
Net loss per share, basic and diluted	$	(0.34)	$	(0.44)

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:

	Three Months Ended March 31,
	2021	2020
Options to purchase common stock	522	576
Restricted stock units	325	99
Warrants for common stock	1,240	1,172
Total common stock equivalents	2,087	1,847

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Segment Disclosures

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Segment Disclosures

Segment Disclosures

The Company has two reportable segments: EksoHealth and EksoWorks. The EksoHealth segment designs, engineers, manufactures, sells and rents exoskeletons for applications in the medical markets. The EksoWorks segment designs, engineers, manufactures, sells, and rents exoskeleton devices to allow able-bodied users to perform difficult repetitive work for extended periods. The reportable segments are each managed separately because they serve distinct markets.

The Company evaluates performance and allocates resources based on segment gross profit margin. The Company does not consider net assets as a segment measure and, accordingly, assets are not allocated.

Segment reporting information is as follows:

	EksoHealth		EksoWorks		Total
Three months ended March 31, 2021
Revenue	$	1,727	$	183	$	1,910
Cost of revenue	542		133		675
Gross profit	$	1,185	$	50	$	1,235
Three months ended March 31, 2020
Revenue	$	1,191	$	277	$	1,468
Cost of revenue	618		213		831
Gross profit	$	573	$	64	$	637

Geographic information for revenue based on location of customers is as follows:

	Three Months Ended March 31,
	2021		2020
United States	$	1,041	$	1,249
All Other	869		219
	$	1,910	$	1,468

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Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Policies)

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Basis of Presentation

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) have been condensed or omitted pursuant to such rules and regulations. These 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, 2020, which was filed with the SEC on February 25, 2021.

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, 2020, 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 the amounts in prior periods to conform to the current period’s presentation.

The results of operations for the three months ended March 31, 2021 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 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, the valuation of warrants and employee stock options, future warranty costs, accounting for leases, useful lives assigned to long-lived assets, valuation of inventory, realizability of deferred tax assets, and contingencies. Actual results could differ from those estimates.

Foreign Currency

Foreign Currency

The assets and liabilities of foreign subsidiaries and equity investments, where the local currency is the functional currency, are translated from their respective functional currencies into U.S. dollars at the rates in effect at the balance sheet date, and revenue and expense amounts are translated at average rates during the period, with resulting foreign currency translation adjustments recorded in accumulated other comprehensive income as a component of stockholders’ equity. Gains and losses from the re-measurement of balances denominated in currencies other than the entities' functional currencies, are recorded in other expense, net in the accompanying condensed consolidated statements of operations and comprehensive loss.

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 ("WIP"). Direct and indirect labor and applicable overhead costs are also allocated and recorded to WIP inventory. Finished goods are comprised of completed products that are ready for customer shipment. The Company periodically evaluates the carrying value of inventory on hand for potential excess amounts over sales and forecasted demand. Excess and obsolete inventories identified, if any, are recorded as an inventory impairment charge within the consolidated statements of operations and comprehensive loss. The Company's estimate of write-downs for excess and obsolete inventory is based on a detailed analysis which includes on-hand inventory and purchase commitments in excess of forecasted demand. Subsequent disposals of inventories are recorded as a reduction of inventory.

Leases

Leases

At the inception of any lease arrangement, the Company determines whether the arrangement is or contains a lease under ASC 842 based on the unique facts and circumstances present. Operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes its incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items, such as initial direct costs paid or incentives received.

Lease expense is recognized over the expected lease term on a straight-line basis. Operating leases are recognized on the balance sheet as right-of-use assets, lease liabilities current and lease liabilities non-current.

Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes the lease expense for such leases on a straight-line basis over the lease term.

Revenue Recognition

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 EksoNR and EksoGT, associated software (SmartAssist and VariableAssist), the sale and rental of the EksoUE, the sale of accessories, and the sale of 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 EksoNR or EksoGT, 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 recognizes revenue over the term of the agreement. Revenue from medical device rentals is recognized over the rental term, typically over 12 months.

The Company’s industrial device segment (EksoWorks) revenue is generated through the sale, subscription and rental of the upper body exoskeletons (EksoVest and the recently introduced EVOTM) 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. Revenue from industrial device subscriptions and rentals is recognized over the subscription or rental term, typically 12 months.

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 ASC 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 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 consolidated financial statements. The Company does not require collateral from its customers to secure accounts receivable.

Accounts receivable are derived from the sale of products shipped and services performed for customers primarily located in the U.S., Europe, Asia, and Australia. Invoices are aged based on contractual terms with the customer. The Company reviews accounts receivable for collectability and provides an allowance for potential credit losses. The Company has not experienced material losses related to accounts receivable as of March 31, 2021 and December 31, 2020. Many of the sales contracts with customers outside of the U.S. are settled in a foreign currency other than the U.S. dollar. The Company does not enter into any foreign currency hedging agreements and is susceptible to gains and losses from foreign currency fluctuations. To date, the Company has not experienced significant gains or losses upon settling contracts denominated in a foreign currency.

At March 31, 2021, the Company had one customer with an accounts receivable balance totaling 10% or more of the Company’s total accounts receivable (16%), as compared with two customers at December 31, 2020 (13% and 10%).

During the three months ended March 31, 2021, the Company had two customers with sales of 10% or more of the Company’s total revenue (14% and 11%), as compared with one customer in the three months ended March 31, 2020 (16%).

Recent Accounting Pronouncements

Recent Accounting Pronouncements

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent amendments to the initial guidance under ASU 2018-19, ASU 2019-04, ASU 2019-05 and ASU 2019-10, which amends the current approach to estimate credit losses on certain financial assets, including trade and other receivables. Generally, this

amendment requires entities to establish a valuation allowance for the expected lifetime losses of these certain financial assets. Upon the initial recognition of such assets, which will be based on, among other things, historical information, current conditions, and reasonable supportable forecasts. Subsequent changes in the valuation allowance are recorded in current earnings and reversal of previous losses are permitted. Currently, U.S. GAAP requires entities to write down credit losses only when losses are probable and loss reversals are not permitted. The update will be effective for the Company in the first quarter of 2023. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this standard will have on its consolidated financial statements and related disclosures.

In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity's Own Equity, which simplifies the accounting for convertible instruments. ASU 2020-06 eliminates certain models that require separate accounting for embedded conversion features, in certain cases. Additionally, among other changes, the guidance eliminates certain of the conditions for equity classification for contracts in an entity’s own equity. The guidance also requires entities to use the if-converted method for all convertible instruments in the diluted earnings per share calculation and include the effect of share settlement for instruments that may be settled in cash or shares, except for certain liability-classified share-based payment awards. This guidance is effective for the Company beginning in the first quarter of 2022 and must be applied using either a modified or full retrospective approach. Early adoption is permitted. The Company is currently evaluating the impact this guidance will have on its consolidated financial statements.

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Accumulated Other Comprehensive Loss (Tables)

3 Months Ended

Mar. 31, 2021

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Loss

The change in accumulated other comprehensive loss presented on the condensed consolidated balance sheets for the three months ended March 31, 2021, is reflected in the table below net of tax:

	Accumulated Other Comprehensive Loss
Balance at December 31, 2020	$	(847)
Net unrealized gain on foreign currency translation	465
Balance at March 31, 2021	$	(382)

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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

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, on a recurring basis are as follows:

	Total		Level 1		Level 2		Level 3
March 31, 2021
Liabilities
Warrant liabilities	$	5,501	$	—	$	—	$	5,501
December 31, 2020
Liabilities
Warrant liabilities	$	6,037	$	—	$	—	$	6,037

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, 2021, which were measured at fair value on a recurring basis:

	Warrant Liability
Balance at December 31, 2020	$	6,037
Initial fair value of warrants in connection with 2021 financing	1,936
Gain on revaluation of warrants issued in connection with the February 2021, June 2020, December 2019 and May 2019 financings	(11)
Reclassification of warrant liability to equity upon exercise of warrants	(2,461)
Balance at March 31, 2021	$	5,501

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Inventories, net (Tables)

3 Months Ended

Mar. 31, 2021

Inventory Disclosure [Abstract]

Schedule of Inventory, net

Inventories consisted of the following:

	March 31, 2021		December 31, 2020
Raw materials	$	1,530	$	1,724
Work in progress	279		18
Finished goods	345		236
Inventories, net	$	2,154	$	1,978

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Revenue Recognition (Tables)

3 Months Ended

Mar. 31, 2021

Revenue from Contract with Customer [Abstract]

Contracts with Customer, Assets and Liabilities

Deferred revenue consisted of the following:

	March 31, 2021		December 31, 2020
Deferred extended maintenance and support	$	2,757	$	2,902
Deferred royalties	280		282
Deferred device and advances	100		118
Total deferred revenues	3,137		3,302
Less current portion	(1,493)		(1,496)
Deferred revenues, non-current	$	1,644	$	1,806

Deferred revenue activity consisted of the following for the three months ended March 31, 2021:

Beginning balance	$	3,302
Deferral of revenue	289
Recognition of deferred revenue	(454)
Ending balance	$	3,137

Disaggregation of Revenue

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2021:

	EksoHealth		EksoWorks		Total
Device revenue	$	1,019	$	98	$	1,117
Service and support	488		—		488
Rentals and subscriptions	152		70		222
Parts and other	54		15		69
Collaborative arrangements	14		—		14
	$	1,727	$	183	$	1,910

The following table disaggregates the Company’s revenue by major source for the three months ended March 31, 2020:

	EksoHealth		EksoWorks		Total
Device revenue	$	306	$	255	$	561
Service and support	469		—		469
Rentals	194		—		194
Parts and other	155		22		177
Collaborative arrangements	67		—		67
	$	1,191	$	277	$	1,468

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Accrued Liabilities (Tables)

3 Months Ended

Mar. 31, 2021

Accrued Liabilities and Other Liabilities [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following:

	March 31, 2021		December 31, 2020
Salaries, benefits and related expenses	$	1,267	$	1,194
Device warranty	153		188
Other	55		47
Total	$	1,475	$	1,429

Product Maintenance And Warranty

A reconciliation of the changes in the device warranty liability for the three months ended March 31, 2021 is as follows:

	March 31, 2021
Balance at beginning of period	$	226
Additions for estimated future expense	46
Incurred costs	(77)
Balance at end of period	$	195
Current portion	$	153
Long-term portion	42
Total	$	195

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Note Payable, net (Tables)

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Schedule of Maturities of Long-term Debt

The following table presents scheduled principal payments of the Company’s PWB term loan as of March 31, 2021:

Period	Amount
Remainder of 2021 - 2022	$	—
2023	2,000
Total principal payments	2,000
Less debt discount and issuance cost	10
Note payable, net	$	1,990
Current portion	$	—
Long-term portion	1,990
Note payable, net	$	1,990

The follow table presents the scheduled principal payments of the Company's PPP loan note payable as of March 31, 2021, if the loan is not forgiven:

Period	Amount
Remainder of 2021	$	—
2022	1,086
Total principal payments	$	1,086
Current portion	$	814
Long-term portion	272
Note payable, net	$	1,086

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Lease Obligations (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Schedule of Maturities of Future Obligations

The Company’s future lease payments as of March 31, 2021 are as follows, which are presented as lease liabilities on the Company’s condensed consolidated balance sheets:

Period	Operating Leases
Remainder of 2021	$	447
2022	235
Total lease payments	682
Less: imputed interest	(36)
Present value of lease liabilities	$	646
Lease liabilities, current	$	547
Lease liabilities, noncurrent	99
Total lease liabilities	$	646
Weighted-average remaining lease term (in years)	1.19
Weighted-average discount rate	10.5		%

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Capitalization and Equity Structure (Tables)

3 Months Ended

Mar. 31, 2021

Stockholders' Equity Note [Abstract]

Schedule of Warrant share activity

Warrant shares outstanding as of December 31, 2020 and March 31, 2021 were as follows:  

Source	Exercise Price		Term (Years)	December 31, 2020	Issued	Exercised	March 31, 2021
2021 Warrants	$	12.81	5	—	273	—	273
June 2020 Investor Warrants	$	5.18	5.5	397	—	(270)	127
June 2020 Placement Agent Warrants	$	5.64	5	122	—	(83)	39
December 2019 Warrants	$	8.10	5	556	—	—	556
December 2019 Placement Agent Warrants	$	8.44	5	52	—	—	52
May 2019 Warrants	$	3.52	5	198	—	(5)	193
				1,325	—	(358)	1,240

Schedule of assumption used in valuation

The following assumptions were used in the Black-Scholes Model to measure the fair value of the 2021 Warrants:

	March 31, 2021			February 11, 2021
Current share price	$	6.17		$	9.61
Conversion price	$	12.81		$	12.81
Risk-free interest rate	0.881		%	0.46		%
Expected term (years)	4.86			5.00
Volatility of stock	108.82		%	107.1		%

The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Investor Warrants:

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	5.18		$	5.18
Risk-free interest rate	0.83		%	0.35		%
Expected term (years)	4.69			4.94
Volatility of stock	109.55		%	105.3		%

The following assumptions were used in the Black-Scholes Model to measure the fair value of the June 2020 Placement Agent Warrants:

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	5.64		$	5.64
Risk-free interest rate	0.69		%	0.31		%
Expected term (years)	4.19			4.44
Volatility of stock	111.05		%	106.8		%

The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Warrants:

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	8.10		$	8.10
Risk-free interest rate	0.7		%	0.31		%
Expected term (years)	4.22			4.47
Volatility of stock	110.65		%	107.9		%

The following assumptions were used in the Black-Scholes Model to measure the fair value of the December 2019 Placement Agent Warrants:

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	8.44		$	8.44
Risk-free interest rate	0.56		%	0.26		%
Expected term (years)	3.72			3.97
Volatility of stock	109.32		%	109.4		%

The following assumptions were used in a combination of the Black-Scholes Model and the Lattice Model to measure the fair value of the May 2019 Warrants:

	March 31, 2021			December 31, 2020
Current share price	$	6.17		$	6.13
Conversion price	$	3.52		$	3.52
Risk-free interest rate	0.39		%	0.21		%
Expected term (years)	3.2			3.4
Volatility of stock	105.7		%	107.2		%

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Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [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, 2021, and activity during the three months then ended:

	Stock Awards	Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life (Years)	Aggregate Intrinsic Value
Balance as of December 31, 2020	529	$	31.62
Options granted	—	—
Options exercised	—	—
Options forfeited	(3)	15.65
Options cancelled	(4)	40.54
Balance as of March 31, 2021	522	$	31.63	6.93	$	45
Vested and expected to vest at March 31, 2021	522	$	31.63	6.93	$	45
Exercisable as of March 31, 2021	364	$	38.79	6.34	$	31

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 Model using the following assumptions:

	Three Months Ended March 31,
	2021	2020
Dividend yield	—	—
Risk-free interest rate	N/A	1.58	%
Expected term (in years)	N/A	6
Volatility	N/A	102	%

Schedule of Unvested Restricted Stock Units Roll Forward

RSU and PSU activity for the three months ended March 31, 2021 is summarized below:

	Number of Shares	Weighted- Average Grant Date Fair Value
Unvested as of December 31, 2020	143	$	6.21
Granted	208	6.91
Vested	(2)	5.74
Forfeited	(24)	8.16
Unvested at March 31, 2021	325	$	6.60

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs

Total stock-based compensation expense related to options, RSUs and PSUs granted to employees is included in the condensed consolidated statements of operations and comprehensive loss as follows:

	Three Months Ended March 31,
	2021		2020
Sales and marketing	$	99	$	138
Research and development	52		73
General and administrative	205		376
	$	356	$	587

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Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2021

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:

	Three Months Ended March 31,
	2021		2020
Numerator:
Net loss applicable to common stockholders, basic and diluted	$	(3,670)	$	(2,534)
Denominator:
Weighted-average number of shares, basic and diluted	10,752		5,803
Net loss per share, basic and diluted	$	(0.34)	$	(0.44)

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:

	Three Months Ended March 31,
	2021	2020
Options to purchase common stock	522	576
Restricted stock units	325	99
Warrants for common stock	1,240	1,172
Total common stock equivalents	2,087	1,847

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Segment Disclosures (Tables)

3 Months Ended

Mar. 31, 2021

Segment Reporting [Abstract]

Schedule of Segment Reporting Information

Segment reporting information is as follows:

	EksoHealth		EksoWorks		Total
Three months ended March 31, 2021
Revenue	$	1,727	$	183	$	1,910
Cost of revenue	542		133		675
Gross profit	$	1,185	$	50	$	1,235
Three months ended March 31, 2020
Revenue	$	1,191	$	277	$	1,468
Cost of revenue	618		213		831
Gross profit	$	573	$	64	$	637

Schedule of Geographic Information

Geographic information for revenue based on location of customers is as follows:

	Three Months Ended March 31,
	2021		2020
United States	$	1,041	$	1,249
All Other	869		219
	$	1,910	$	1,468

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Organization (Details) $ in Thousands		3 Months Ended
	Mar. 24, 2020	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit		$ 202,773		$ 199,103
Cash used in operations		2,000	$ 1,722
Cash		49,539		$ 12,862
Debt covenant, unrestricted cash		2,000
Unrestricted cash		$ 47,539
Reverse stock split	0.06667

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Basis of Presentation and Summary of Significant Accounting Policies and Estimates (Details) - customer	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Concentration Risk [Line Items]
Number of customers	1		2
Customer Concentration Risk | Accounts Receivable
Concentration Risk [Line Items]
Concentration risk percentage	16.00%
Customer Concentration Risk | Accounts Receivable | Customer A
Concentration Risk [Line Items]
Concentration risk percentage			13.00%
Customer Concentration Risk | Accounts Receivable | Customer B
Concentration Risk [Line Items]
Concentration risk percentage			10.00%
Customer Concentration Risk | Revenue
Concentration Risk [Line Items]
Number of customers	2	1
Concentration risk percentage		16.00%
Customer Concentration Risk | Revenue | Customer A
Concentration Risk [Line Items]
Concentration risk percentage	14.00%
Customer Concentration Risk | Revenue | Customer B
Concentration Risk [Line Items]
Concentration risk percentage	11.00%
Minimum
Concentration Risk [Line Items]
Accounts receivable payment terms	30 days
Maximum
Concentration Risk [Line Items]
Accounts receivable payment terms	90 days
EksoHealth | Minimum
Concentration Risk [Line Items]
Accounts receivable payment terms	12 months
EksoHealth | Maximum
Concentration Risk [Line Items]
Accounts receivable payment terms	48 months

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Accumulated Other Comprehensive Loss (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	$ 4,434
Net unrealized gain on foreign currency translation	465
Ending balance	40,975
Accumulated Other Comprehensive Loss
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning balance	(847)
Ending balance	$ (382)

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Fair Value Measurements - Fair Value Hierarchies (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Liabilities
Warrant liabilities	$ 5,501	$ 6,037
Recurring
Liabilities
Warrant liabilities	5,501	6,037
Level 1 | Recurring
Liabilities
Warrant liabilities	0	0
Level 2 | Recurring
Liabilities
Warrant liabilities	0	0
Level 3 | Recurring
Liabilities
Warrant liabilities	$ 5,501	$ 6,037

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Fair Value Measurements - Change in Level 3 (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Gain on revaluation of warrant liabilities	$ (11)	$ (2,519)
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	6,037
Initial fair value of warrants in connection with 2021 financing	1,936
Gain on revaluation of warrant liabilities	(11)
Reclassification of warrant liability to equity upon exercise of warrants	(2,461)
Ending Balance	$ 5,501

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Inventories, net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Inventory Disclosure [Abstract]
Raw materials	$ 1,530	$ 1,724
Work in progress	279	18
Finished goods	345	236
Inventories, net	$ 2,154	$ 1,978

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Revenue Recognition - Deferred Revenue (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Deferred extended maintenance and support	$ 2,757	$ 2,902
Deferred royalties	280	282
Deferred device and advances	100	118
Total deferred revenues	3,137	3,302
Less current portion	(1,493)	(1,496)
Deferred revenues, non-current	$ 1,644	$ 1,806

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Revenue Recognition - Deferred Revenue Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($)
Change In Contract With Customer, Liability Rollforward [Roll Forward]
Beginning balance	$ 3,302
Deferral of revenue	289
Recognition of deferred revenue	(454)
Ending balance	$ 3,137

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Revenue Recognition - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 3,137	$ 3,302
Lease term	12 months
Accounts receivable, net of allowances	$ 2,276	$ 3,224
Contract with Customer, Liability, Non-Cancellable Backlog	890
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-04-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 1,193
Remaining performance obligation, period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 964
Remaining performance obligation, period	1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligation, amount	$ 980
Remaining performance obligation, period
Minimum
Disaggregation of Revenue [Line Items]
Accounts receivable payment terms	30 days
Maximum
Disaggregation of Revenue [Line Items]
Accounts receivable payment terms	90 days

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Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Revenue	$ 1,910	$ 1,468
Device revenue
Disaggregation of Revenue [Line Items]
Revenue	1,117	561
Service and support
Disaggregation of Revenue [Line Items]
Revenue	488	469
Rentals and subscriptions
Disaggregation of Revenue [Line Items]
Revenue	222	194
Parts and other
Disaggregation of Revenue [Line Items]
Revenue	69	177
Collaborative arrangements
Disaggregation of Revenue [Line Items]
Revenue	14	67
EksoHealth
Disaggregation of Revenue [Line Items]
Revenue	1,727	1,191
EksoHealth | Device revenue
Disaggregation of Revenue [Line Items]
Revenue	1,019	306
EksoHealth | Service and support
Disaggregation of Revenue [Line Items]
Revenue	488	469
EksoHealth | Rentals and subscriptions
Disaggregation of Revenue [Line Items]
Revenue	152	194
EksoHealth | Parts and other
Disaggregation of Revenue [Line Items]
Revenue	54	155
EksoHealth | Collaborative arrangements
Disaggregation of Revenue [Line Items]
Revenue	14	67
EksoWorks
Disaggregation of Revenue [Line Items]
Revenue	183	277
EksoWorks | Device revenue
Disaggregation of Revenue [Line Items]
Revenue	98	255
EksoWorks | Service and support
Disaggregation of Revenue [Line Items]
Revenue	0	0
EksoWorks | Rentals and subscriptions
Disaggregation of Revenue [Line Items]
Revenue	70	0
EksoWorks | Parts and other
Disaggregation of Revenue [Line Items]
Revenue	15	22
EksoWorks | Collaborative arrangements
Disaggregation of Revenue [Line Items]
Revenue	$ 0	$ 0

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Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]
Salaries, benefits and related expenses	$ 1,267	$ 1,194
Device warranty	153	188
Other	55	47
Total	$ 1,475	$ 1,429

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Accrued Liabilities - Product Maintenance and Warranty (Details) - Warranty - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2021
Accrued Liabilities, Rollforward [Roll Forward]
Beginning Balance	$ 226
Additions for estimated future expense	46
Incurred costs	(77)
Closing Balance	195
Current portion		$ 153
Long-term portion		42
Total	$ 195	$ 195

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Note Payable, net - Additional Information (Details) - USD ($)			1 Months Ended		3 Months Ended	12 Months Ended
	Apr. 29, 2020	Apr. 20, 2020	Aug. 30, 2020	Dec. 31, 2016	Mar. 31, 2021	Dec. 31, 2020	Aug. 31, 2020
Debt Instrument [Line Items]
Note payable, net					$ 1,990,000
Cash					49,539,000	$ 12,862,000
Unsecured debt
Debt Instrument [Line Items]
Note payable, net					1,086,000
Received net proceeds		$ 1,086,000
Interest rate		1.00%
Debt term		2 years
Loan Agreement
Debt Instrument [Line Items]
Received loan				$ 7,000,000
Deferral principal payment period	3 months
Payment for Debt Extinguishment or Debt Prepayment Cost					$ 1,512,000
Effective rate						8.49%
PWB Loan Agreement | Term Loan
Debt Instrument [Line Items]
Received loan							$ 2,000
Effective rate					4.70%
Line Of Credit Facility, Capacity Available For Specific Purpose					$ 480,000
Note payable, net					$ 2,000,000
Interest rate							4.50%
LIBOR | Loan Agreement
Debt Instrument [Line Items]
Variable rate percentage				5.41%
Prime Rate | PWB Loan Agreement | Term Loan
Debt Instrument [Line Items]
Variable rate percentage			0.50%

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Notes Payable, net - Debt Repayment (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Debt Instrument [Line Items]
Remainder of 2021 - 2022	$ 0
2023	2,000
Note payable, net	1,990
Less debt discount and issuance cost	10
Current portion	0
Long-term portion	1,990
PWB Loan Agreement | Term Loan
Debt Instrument [Line Items]
Note payable, net	$ 2,000

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Notes Payable, net - Principal Repayment (Details) $ in Thousands	Mar. 31, 2021 USD ($)
Debt Instrument [Line Items]
Remainder of 2021 - 2022	$ 0
Current portion	0
Long-term portion	1,990
Note payable, net	1,990
Unsecured debt
Debt Instrument [Line Items]
Remainder of 2021 - 2022	0
2022	1,086
Total principal payments	1,086
Current portion	814
Long-term portion	272
Note payable, net	$ 1,086

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Lease Obligations -Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Jun. 30, 2020	Mar. 31, 2021	Mar. 31, 2020
Lessee, Lease, Description [Line Items]
Lease liabilities		$ 646
Lease expense		$ 132	$ 138
Richmond, California
Lessee, Lease, Description [Line Items]
Term of lease		5 years
Lease payment	$ 300
Operating Lease, Abatement	$ 48
Lease liabilities		$ 79
Hamburg,Germany
Lessee, Lease, Description [Line Items]
Term of lease		5 years
Renewal term		5 years

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Lease Obligations - Future Minimum Payments (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Remainder of 2021	$ 447
2022	235
Total lease payments	682
Less: imputed interest	(36)
Present value of lease liabilities	646
Lease liabilities, current	547	$ 548
Lease liabilities, noncurrent	99	$ 233
Total lease liabilities	$ 646
Weighted-average remaining lease term (in years)	1 year 2 months 8 days
Weighted-average discount rate	10.50%

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Capitalization and Equity Structure - Additional Information (Details) - USD ($)	1 Months Ended				2 Months Ended	3 Months Ended		12 Months Ended
	Oct. 29, 2020	Jun. 30, 2020	Dec. 31, 2019	May 30, 2019	Feb. 28, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020	May 31, 2019
Class of Stock [Line Items]
Common stock, shares authorized (in shares)						141,429,000		141,429,000
Preferred Stock, shares authorized (in shares)						10,000,000		10,000,000
Common stock, shares issued (in shares)						12,655,000		8,349,000
Common stock, shares outstanding (in shares)						12,655,000		8,349,000
Preferred stock, shares issued (in shares)						0		0
Preferred stock, shares outstanding (in shares)						0		0
Proceeds from direct offering						$ 37,295,000	$ 0
Warrants issued (in shares)						0
Value of shares sold						$ 1,417,000	$ 0
Warrants exercised (in shares)						(358,000)
Number warrants called (in shares)						1,240,000		1,325,000
February 2021 Offering
Class of Stock [Line Items]
Percentage of warrants issued to purchase shares of common stock					7.00%
Exercise price (in dollars per share)					$ 12.81
2021 Warrants
Class of Stock [Line Items]
Warrants issued (in shares)					273,000	273,000
Exercise price (in dollars per share)					$ 12.81	$ 12.81
Warrants exercised (in shares)						0
Duration of put option					30 days
Put option pay period					5 days
Number warrants called (in shares)						273,000		0
Class of warrant or right expiration period					5 years	5 years
June 2020 Investor Warrants
Class of Stock [Line Items]
Warrants issued (in shares)						0
Exercise price (in dollars per share)		$ 5.18				$ 5.18
Warrants exercised (in shares)						(270,000)		(477,000)
Duration of put option		30 days
Number warrants called (in shares)		874,000				127,000		397,000
Class of warrant or right expiration period						5 years 6 months
June 2020 Placement Agent Warrants
Class of Stock [Line Items]
Warrants issued (in shares)		122,000				0
Exercise price (in dollars per share)						$ 5.64
Warrants exercised (in shares)						(83,000)
Number warrants called (in shares)						39,000		122,000
Class of warrant or right expiration period						5 years
December 2019 Warrants
Class of Stock [Line Items]
Warrants issued (in shares)						0
Exercise price (in dollars per share)			$ 8.10			$ 8.10
Warrants exercised (in shares)						0
Duration of put option			30 days
Put option pay period			5 days
Number warrants called (in shares)			556,000			556,000
Class of warrant or right expiration period			5 years			5 years
December 2019 Placement Agent Warrants
Class of Stock [Line Items]
Warrants issued (in shares)						0
Exercise price (in dollars per share)			$ 8.44			$ 8.44
Warrants exercised (in shares)						0
Number warrants called (in shares)			52,000			52,000		52,000
Class of warrant or right expiration period						5 years
May 2019 Warrants
Class of Stock [Line Items]
Warrants issued (in shares)						0
Exercise price (in dollars per share)		$ 3.52				$ 3.52			$ 3.52
Warrants exercised (in shares)						(5,000)		(246,000)
Duration of put option				90 days
Number warrants called (in shares)						193,000		198,000	444,000
Class of warrant or right expiration period						5 years
June 2020 Warrants
Class of Stock [Line Items]
Exercise price (in dollars per share)		5.18
Class of warrant or right expiration period						5 years 6 months
Underwriting agreement | February 2021 Offering
Class of Stock [Line Items]
Number warrants called (in shares)					3,902,000
Sale of shares (in dollars per share)					$ 10.25
Value of shares sold					$ 40,000,000
Proceeds from direct offering					$ 36,504,000
Expected term					5 years
At-The-Market Offering
Class of Stock [Line Items]
Number warrants called (in shares)						78,000
Sale of shares (in dollars per share)	$ 6.75					$ 10.72
Value of shares sold	$ 7,500,000
Commission and issuance costs						$ 791,000
Common Stock | At-The-Market Offering
Class of Stock [Line Items]
Available for future offerings						$ 6,668,000
Common Stock | Direct Offering | May 2019 Warrants
Class of Stock [Line Items]
Sale of shares (in dollars per share)		$ 4.51

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Capitalization and Equity Structure - Warrants (Details) - $ / shares shares in Thousands	1 Months Ended		2 Months Ended	3 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Feb. 28, 2021	Mar. 31, 2021	Dec. 31, 2020	May 31, 2019
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)			1,325	1,325
Warrants issued (in shares)				0
Expired (in shares)				358
Ending balance (in shares)				1,240	1,325
2021 Warrants
Schedule of Capitalization, Equity [Line Items]
Exercise price (in dollars per share)			$ 12.81	$ 12.81
Term (Years)			5 years	5 years
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)			0	0
Warrants issued (in shares)			273	273
Expired (in shares)				0
Ending balance (in shares)				273	0
June 2020 Investor Warrants
Schedule of Capitalization, Equity [Line Items]
Exercise price (in dollars per share)	$ 5.18			$ 5.18
Term (Years)				5 years 6 months
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)			397	397
Warrants issued (in shares)				0
Expired (in shares)				270	477
Ending balance (in shares)	874			127	397
June 2020 Placement Agent Warrants
Schedule of Capitalization, Equity [Line Items]
Exercise price (in dollars per share)				$ 5.64
Term (Years)				5 years
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)			122	122
Warrants issued (in shares)	122			0
Expired (in shares)				83
Ending balance (in shares)				39	122
December 2019 Warrants
Schedule of Capitalization, Equity [Line Items]
Exercise price (in dollars per share)		$ 8.10		$ 8.10
Term (Years)		5 years		5 years
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)					556
Warrants issued (in shares)				0
Expired (in shares)				0
Ending balance (in shares)		556		556
December 2019 Placement Agent Warrants
Schedule of Capitalization, Equity [Line Items]
Exercise price (in dollars per share)		$ 8.44		$ 8.44
Term (Years)				5 years
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)			52	52	52
Warrants issued (in shares)				0
Expired (in shares)				0
Ending balance (in shares)		52		52	52
May 2019 Warrants
Schedule of Capitalization, Equity [Line Items]
Exercise price (in dollars per share)	$ 3.52			$ 3.52		$ 3.52
Term (Years)				5 years
Class Of Warrant Or Right, Outstanding [Roll Forward]
Beginning balance (in shares)			198	198
Warrants issued (in shares)				0
Expired (in shares)				5	246
Ending balance (in shares)				193	198

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Capitalization and Equity Structure - Valuation Assumptions (Details)		3 Months Ended	12 Months Ended
	Feb. 11, 2021 $ / shares	Mar. 31, 2021 $ / shares	Dec. 31, 2020 $ / shares
2021 Warrants | Current share price
Schedule of Capitalization, Equity [Line Items]
Current share price (in dollars per share)	$ 9.61	$ 6.17
2021 Warrants | Conversion price
Schedule of Capitalization, Equity [Line Items]
Conversion price (in dollars per share)	$ 12.81	$ 12.81
2021 Warrants | Risk-free interest rate
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	0.0046	0.00881
2021 Warrants | Expected term (years)
Schedule of Capitalization, Equity [Line Items]
Term (years)	5 years	4 years 10 months 9 days
2021 Warrants | Volatility of stock
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage	1.071	1.0882
June 2020 Investor Warrants | Current share price
Schedule of Capitalization, Equity [Line Items]
Current share price (in dollars per share)		$ 6.17	$ 6.13
June 2020 Investor Warrants | Conversion price
Schedule of Capitalization, Equity [Line Items]
Conversion price (in dollars per share)		$ 5.18	$ 5.18
June 2020 Investor Warrants | Risk-free interest rate
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage		0.0083	0.0035
June 2020 Investor Warrants | Expected term (years)
Schedule of Capitalization, Equity [Line Items]
Term (years)		4 years 8 months 8 days	4 years 11 months 8 days
June 2020 Investor Warrants | Volatility of stock
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage		1.0955	1.053
June 2020 Placement Agent Warrants | Current share price
Schedule of Capitalization, Equity [Line Items]
Current share price (in dollars per share)		$ 6.17	$ 6.13
June 2020 Placement Agent Warrants | Conversion price
Schedule of Capitalization, Equity [Line Items]
Conversion price (in dollars per share)		$ 5.64	$ 5.64
June 2020 Placement Agent Warrants | Risk-free interest rate
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage		0.0069	0.0031
June 2020 Placement Agent Warrants | Expected term (years)
Schedule of Capitalization, Equity [Line Items]
Term (years)		4 years 2 months 8 days	4 years 5 months 8 days
June 2020 Placement Agent Warrants | Volatility of stock
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage		1.1105	1.068
December 2019 Warrants | Current share price
Schedule of Capitalization, Equity [Line Items]
Current share price (in dollars per share)		$ 6.17	$ 6.13
December 2019 Warrants | Conversion price
Schedule of Capitalization, Equity [Line Items]
Conversion price (in dollars per share)		$ 8.10	$ 8.10
December 2019 Warrants | Risk-free interest rate
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage		0.007	0.0031
December 2019 Warrants | Expected term (years)
Schedule of Capitalization, Equity [Line Items]
Term (years)		4 years 2 months 19 days	4 years 5 months 19 days
December 2019 Warrants | Volatility of stock
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage		1.1065	1.079
December 2019 Placement Agent Warrants | Current share price
Schedule of Capitalization, Equity [Line Items]
Current share price (in dollars per share)		$ 6.17	$ 6.13
December 2019 Placement Agent Warrants | Conversion price
Schedule of Capitalization, Equity [Line Items]
Conversion price (in dollars per share)		$ 8.44	$ 8.44
December 2019 Placement Agent Warrants | Risk-free interest rate
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage		0.0056	0.0026
December 2019 Placement Agent Warrants | Expected term (years)
Schedule of Capitalization, Equity [Line Items]
Term (years)		3 years 8 months 19 days	3 years 11 months 19 days
December 2019 Placement Agent Warrants | Volatility of stock
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage		1.0932	1.094
May 2019 Warrants | Current share price
Schedule of Capitalization, Equity [Line Items]
Current share price (in dollars per share)		$ 6.17	$ 6.13
May 2019 Warrants | Conversion price
Schedule of Capitalization, Equity [Line Items]
Conversion price (in dollars per share)		$ 3.52	$ 3.52
May 2019 Warrants | Risk-free interest rate
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage		0.0039	0.0021
May 2019 Warrants | Expected term (years)
Schedule of Capitalization, Equity [Line Items]
Term (years)		3 years 2 months 12 days	3 years 4 months 24 days
May 2019 Warrants | Volatility of stock
Schedule of Capitalization, Equity [Line Items]
Measurement input percentage		1.057	1.072

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Stock-based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of employee match			50.00%
Matching contribution to 401(k) plan	$ 152	$ 155
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 1,869
Unrecognized compensation expense, period of recognition	1 year 10 months 2 days
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Right to receive stock (in shares)	1
Unrecognized compensation expense	$ 1,935
Unrecognized compensation expense, period of recognition	2 years 8 months 1 day
Equity Incentive Plan 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized for grant (in shares)	1,974,000
Shares available for grant (in shares)	937,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued in employee benefit plan (in shares)	26,000	26,000
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Matching contribution to 401(k) plan	$ 152	$ 155

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Stock-based Compensation - Stock Option Activity (Details) - 2014 Plan $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) $ / shares shares
Stock Awards
Beginning Balance (in shares) | shares	529
Options granted (in shares) | shares	0
Options exercised (in shares) | shares	0
Options forfeited (in shares) | shares	(3)
Options cancelled (in shares) | shares	(4)
Ending Balance (in shares) | shares	522
Options Outstanding, Vested and expected to vest (in shares) | shares	522
Options Outstanding, Exercisable (in shares) | shares	364
Weighted- Average Exercise Price
Beginning Balance (in dollars per share) | $ / shares	$ 31.62
Options granted (in dollars per share) | $ / shares	0
Options exercised (in dollars per share) | $ / shares	0
Options forfeited (in dollars per share) | $ / shares	15.65
Options cancelled (in dollars per share) | $ / shares	40.54
Ending Balance (in dollars per share) | $ / shares	31.63
Weighted-Average Exercise Price, Vested and expected to vest (in dollars per share) | $ / shares	31.63
Weighted-Average Exercise Price, Exercisable (in dollars per share) | $ / shares	$ 38.79
Weighted-Average Remaining Contractual Life (Years), Ending Balance	6 years 11 months 4 days
Weighted-Average Remaining Contractual Life (Years), Vested and expected to vest	6 years 11 months 4 days
Weighted-Average Remaining Contractual Life (Years), Exercisable	6 years 4 months 2 days
Aggregate Intrinsic Value, Ending Balance | $	$ 45
Aggregate Intrinsic Value, Vested and expected to vest | $	45
Aggregate Intrinsic Value, Exercisable | $	$ 31

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Stock-based Compensation - Valuation Assumptions (Details) - 2014 Plan	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Dividend yield	0.00%	0.00%
Risk-free interest rate		1.58%
Expected term (in years)		6 years
Volatility		102.00%

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Stock-based Compensation - RSU Activity (Details) - RSU shares in Thousands	3 Months Ended
	Mar. 31, 2021 $ / shares shares
Number of Shares
Beginning Balance (in shares) | shares	143
Granted (in shares) | shares	208
Vested (in shares) | shares	(2)
Forfeited (in shares) | shares	(24)
Ending Balance (in shares) | shares	325
Weighted- Average Grant Date Fair Value
Beginning Balance (in dollars per share) | $ / shares	$ 6.21
Granted (in dollars per share) | $ / shares	6.91
Vested (in dollars per share) | $ / shares	5.74
Forfeited (in dollars per share) | $ / shares	8.16
Ending Balance (in dollars per share) | $ / shares	$ 6.60

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Stock-based Compensation - Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	$ 356	$ 587
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	99	138
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	52	73
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Compensation expense	$ 205	$ 376

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Commitments and Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) license_agreement
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Payments due by period	$ 50
Contractual obligation	$ 919
Royalty Agreement Terms
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of license agreements | license_agreement	2
Royalty Agreement Terms | Net sales
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty percentage	1.00%
Royalty Agreement Terms | License fees
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty percentage	21.00%

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Net Loss Per Share - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net loss applicable to common stockholders, basic and diluted	$ (3,670)	$ (2,534)
Denominator:
Weighted average number of shares outstanding, basic and diluted (in shares)	10,752	5,803
Basic and diluted net loss per share applicable to common shareholders (in dollars per share)	$ (0.34)	$ (0.44)

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Net Loss Per Share - Antidilutive Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	2,087	1,847
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	522	576
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	325	99
Warrants for common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities (in shares)	1,240	1,172

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Segment Disclosures - Operating Segments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021 USD ($) segment	Mar. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments | segment	2
Revenue	$ 1,910	$ 1,468
Cost of revenue	675	831
Gross profit	1,235	637
EksoHealth
Segment Reporting Information [Line Items]
Revenue	1,727	1,191
Cost of revenue	542	618
Gross profit	1,185	573
EksoWorks
Segment Reporting Information [Line Items]
Revenue	183	277
Cost of revenue	133	213
Gross profit	$ 50	$ 64

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Segment Disclosures - Geographical Segments (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenue	$ 1,910	$ 1,468
United States
Segment Reporting Information [Line Items]
Revenue	1,041	1,249
All Other
Segment Reporting Information [Line Items]
Revenue	$ 869	$ 219