0001213900-23-035987 | 10-Q | XBRL Viewer

Three months ended March 31,

(in thousands)

Outstanding stock options

Nonvested restricted stock and unit awards

Stock purchase warrants

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Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 11,908	$ 17,712
Restricted cash	250	250
Accounts receivable, net	213	401
Inventories, net	2,478	1,982
Prepaid expenses and other current assets	525	828
Total current assets	15,374	21,173
Inventories, noncurrent	1,451	2,194
Property and equipment, net	34	50
Operating lease right of use assets, net	550	565
Other assets, net	891	774
Total assets	18,300	24,756
Current liabilities:
Accounts payable	2,001	2,129
Accrued expenses and other current liabilities	3,770	4,842
Current portion of operating lease liabilities	77	74
Total current liabilities	5,848	7,045
Noncurrent liabilities:
Operating lease liabilities, noncurrent	605	625
Total liabilities	6,453	7,670
Commitments and contingencies
Stockholders' equity:
Preferred Stock, par value $0.001 per share; 10,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 0 shares issued and outstanding at March 31, 2023 and 71,173 issued and outstanding at December 31, 2022 ($0.001 per share liquidation value)
Common Stock, par value $0.001 per share; 500,000,000 shares authorized at March 31, 2023 and December 31, 2022; 4,745,781 shares issued and outstanding at March 31, 2023 and 4,744,886 shares issued and outstanding at December 31, 2022	5	5
Additional paid-in capital	164,092	163,520
Accumulated deficit	(152,237)	(146,370)
Accumulated other comprehensive (loss) income	(13)	(69)
Total equity	11,847	17,086
Total liabilities and equity	$ 18,300	$ 24,756

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Net Loss Per Share

Schedule of common stock equivalents excluded from computation of diluted loss per share

Revenue - Additional Information (Details)	3 Months Ended
Revenue - Additional Information (Details)	Mar. 31, 2023
Revenue
Payment term for customers	30 days

Accrued Expenses and Other Current Liabilities (Details) - USD ($)		3 Months Ended
	Jul. 05, 2022	Mar. 31, 2023	Jul. 31, 2022
Accrued Expenses and Other Current Liabilities [Line Item]
Monthly installments payable			$ 87,900
Interest expense		$ 2,035
Finance and Security Agreement
Accrued Expenses and Other Current Liabilities [Line Item]
Monthly installments payable	$ 783,000
Debt instrument, term	9 months
Interest rate on the loan	2.49%

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued Liabilities Current [Abstract]
Accrued professional fees	$ 610	$ 524
Accrued bonuses and incentive compensation	880	2,042
Accrued litigation legal fees expense	1,001	1,001
Accrued insurance expense		264
Accrued vacation and other employee related expenses	534	534
Accrued severance and other related charges	301
Accrued valued-added tax	162	133
Deferred revenue	17	152
Other	265	192
Accrued expenses and other current liabilities	$ 3,770	$ 4,842

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 27, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	ECOR
Entity Registrant Name	electroCore, Inc.
Entity Central Index Key	0001560258
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		4,749,221
Entity File Number	001-38538
Entity Tax Identification Number	20-3454976
Entity Address, Address Line One	200 Forge Way
Entity Address, Address Line Two	Suite 205
Entity Address, City or Town	Rockaway
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07866
City Area Code	(973)
Local Phone Number	290-0097
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Document Transition Report	false

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 2,780	$ 1,899
Cost of goods sold	458	360
Gross profit	2,322	1,539
Operating expenses
Research and development	1,809	934
Selling, general and administrative	6,710	6,186
Total operating expenses	8,519	7,120
Loss from operations	(6,197)	(5,581)
Other (income) expense
Interest and other income	(119)	(4)
Other expense		5
Total other (income) expense	(119)	1
Loss before income taxes	(6,078)	(5,582)
Benefit from income taxes	211
Net loss	$ (5,867)
Net loss per share of common stock - Basic	$ (1.24)	$ (1.2)
Net loss per share of common stock - Diluted	$ (1.24)	$ (1.2)
Weighted average common shares outstanding - Basic	4,743	4,652
Weighted average common shares outstanding - Diluted	4,743	4,652

Severance and other related charges - Additional Information (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Selling, General and Administrative
Defined Benefit Plan Disclosure [Line Items]
Postemployment benefits outstanding payable	$ 301,000
Two Former Employees
Defined Benefit Plan Disclosure [Line Items]
Postemployment benefits liability	$ 332,000

Stock Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Stock Based Compensation

Summary of Activity Related to Stock Options

	Number of Options (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding, January 1, 2023	$	440		$	55.65		7.5
Granted		3
Exercised		—
Cancelled		(6	)
Outstanding, March 31, 2023	$	437		$	55.74		7.2
Exercisable, March 31, 2023	$	284		$	75.84		6.7

Summary of Activity Related to Restricted Stock and Deferred Stock Units Granted

	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value
Nonvested, January 1, 2023		127		$	11.85
Granted		—
Vested		(4	)
Cancelled		—
Nonvested, March 31, 2023		123		$	11.81

Schedule of Recognized Stock Compensation for Equity Awards

		Three months ended March 31,
(in thousands)	2023		2022
Selling, general and administrative	$	510	$	705
Research and development		57		66
Cost of goods sold		5		6
Total expense	$	572	$	777

Summary of Weighted Average Assumptions Used in Valuing Plans

	Three months ended March 31,
	2023				2022
Fair value at grant date	$	3.46		$	8.10
Expected volatility	114.0		%		84.0	%
Risk-free interest rate	3.9		%		1.6	%
Expected holding period, in years	6.0				6.0
Dividend yield		—	%		—	%

Stock Based Compensation - Summary of Weighted Average Assumptions Used in Valuing Plans (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Based Compensation
Fair value at grant date	$ 3.46	$ 8.1
Expected volatility	114.00%	84.00%
Risk-free interest rate	3.90%	1.60%
Expected holding period, in years	6 years	6 years
Dividend yield

Leases - Supplemental Balance Sheet Information for Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating leases:
Operating lease right of use assets	$ 550	$ 565
Operating lease liabilities:
Current portion of operating lease liabilities	77	74
Noncurrent operating lease liabilities	605	625
Total operating lease liabilities	$ 682	$ 699
Weighted average remaining lease term (in years)	5 years 10 months 24 days	6 years 1 month 6 days
Weighted average discount rate	13.80%	13.80%

Shareholders' Equity	3 Months Ended
Shareholders' Equity	Mar. 31, 2023
Shareholders' Equity
Shareholders' Equity	Note 8. Shareholders' Equity Dividend Preferred On December 2, 2022, the Company's board of directors declared a dividend of one one-thousandth of a share of Series A Preferred Stock, par value $0.001 per share (“Series A Preferred Stock”), for each outstanding share of the Company’s common stock, to stockholders of record on December 19, 2022. Each share of Series A Preferred Stock entitled the holder thereof to 1,000,000 votes per share, and each fraction of a share of Series A Preferred Stock had a ratable number of votes. Thus, each one-thousandth of a share of Series A Preferred Stock was entitled to 1,000 votes. The outstanding shares of Series A Preferred Stock voted together with the outstanding shares of the Company's common stock as a single class exclusively with respect to the proposal to adopt an amendment to the Company’s Certificate of Incorporation, as amended, to reclassify the outstanding shares of the Company's Common Stock into a smaller number of shares of common stock at a ratio specified in or determined in accordance with the terms of such amendment (the “Reverse Stock Split”). The Company was not solely in control of the redemption of the shares of Series A Preferred Stock since the holders had the option of deciding whether to vote in respect of the above described Reverse Stock Split, which determined whether a given holder’s shares of Series A Preferred Stock were redeemed in the Initial Redemption or the Subsequent Redemption (as defined below). Since the redemption of the Series A Preferred Stock was not solely in the control of the Company, the shares of Series A Preferred Stock were classified within mezzanine equity in the Company’s Condensed Consolidated Balance Sheets. The shares of Series A Preferred Stock were measured at redemption value. The value of the shares of Series A Preferred Stock as of December 31, 2022 was $0. As noted below, all outstanding shares of Series A Preferred Stock were redeemed as of February 13, 2023. Reverse Stock Split On February 13, 2023, the Company held a special meeting (the “Special Meeting”) of stockholders of the Company. At the Special Meeting, the Company’s shareholders voted to approve an amendment to the Company’s Certificate of Incorporation to effect a reverse stock split of the Company’s common stock at a ratio between 1-for-5 and 1-for-50. Following the Special Meeting, the board of directors of the Company approved a 1-for-15 Reverse Stock Split. The Reverse Stock Split became effective on February 15, 2023. Upon the effectiveness of the Reverse Stock Split, every 15 shares of common stock were automatically combined and converted into one share of common stock. Appropriate adjustments were also made to all outstanding derivative securities of the Company, including all outstanding equity awards and warrants. No fractional shares were issued in connection with the Reverse Stock Split. Instead, all fractional shares received a cash payment based on the closing sales price on the Nasdaq Capital Market of the Company’s common stock on February 14, 2023. Redemption and Elimination of Series A Preferred Stock All shares of Series A Preferred Stock that were not present in person or by proxy as of immediately prior to the opening of the polls at the Special Meeting were automatically redeemed by the Company (the “Initial Redemption”). Any outstanding shares of Series A Preferred Stock that had not been so redeemed were redeemed automatically upon the approval at the Special Meeting of the Reverse Stock Split (the “Subsequent Redemption”). Each share of Series A Preferred Stock redeemed was entitled to receive an amount equal to $0.01 in cash for each 10 whole shares of Series A Preferred Stock owned immediately prior to the Redemption. On March 6, 2023, the Company filed a certificate of elimination (the “Certificate of Elimination”), with the Secretary of State of the State of Delaware with respect to the Series A Preferred Stock. The Certificate of Elimination (i) eliminated the previous designation of 80,000 shares of Series A Preferred Stock from the Company’s Certificate of Incorporation, none of which were outstanding at the time of the filing of the Certificate of Elimination, and (ii) caused such shares of Series A Preferred Stock to resume their status as authorized but unissued and non-designated shares of preferred stock.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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+ Details

Revenue (Tables)

3 Months Ended

Mar. 31, 2023

Revenue

Schedule of net sales disaggregated by geographic market

	Three months ended March 31,
(in thousands)		2023		2022
Product revenue
United States	$	2,370	$	1,594
United Kingdom		321		266
Other		43		39
License revenue
Japan		46		—
Total Net Sales	$	2,780	$	1,899

Significant Risks and Uncertainties (Tables)

3 Months Ended

Mar. 31, 2023

Significant Risks and Uncertainties

Schedule of revenue channels accounted for 10% or more of the Company's net sales

	Three months ended March 31,
	2023		2022
Revenue channel:
VA/DoD	64.5	%	66.4	%
National Health Service	10.1	%	13.0	%

Leases - Additional Information (Details)	3 Months Ended
Leases - Additional Information (Details)	Mar. 31, 2022 USD ($)
Lessor, Lease, Description [Line Items]
Recognized lease expenses	$ 38,000

Income taxes

3 Months Ended

Mar. 31, 2023

Income Taxes

Income Taxes

Note 10. Income Taxes

The Company may be eligible, from time to time, to receive cash from the sale of its net operating losses under New Jersey's Department of the Treasury - Division of Taxation NOL Transfer Program. On January 10, 2023, the Company received a net cash amount of $211,000 from the sale of its New Jersey state net operating losses.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Net Loss Per Share

3 Months Ended

Mar. 31, 2023

Net Loss Per Share

Net Loss Per Share

Note 9. Net Loss Per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding adjusted to give effect to potentially dilutive securities. Restricted stock and unit awards, stock options, and warrants have not been included in the diluted loss per share calculation as their inclusion would have had an anti-dilutive effect.

The potential common stock equivalents that have been excluded from the computation of diluted loss per share consist of the following:

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (5,867)	$ (5,582)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	572	777
Depreciation and amortization	122	106
Net noncash lease expense	15	13
Inventory reserve charge	75
Changes in operating assets and liabilities:
Accounts receivable, net	188	75
Inventories	(51)	399
Prepaid expenses and other current assets	303	252
Accounts payable	(128)	692
Accrued expenses and other current liabilities	(1,072)	(1,497)
Operating lease liabilities	(17)	(15)
Net cash used in operating activities	(5,860)	(4,780)
Cash flows from investing activities:
Net cash provided by investing activities
Cash flows from financing activities:
Net cash provided by financing activities
Effect of changes in exchange rates on cash and cash equivalents	56	(27)
Net decrease in cash and cash equivalents and restricted cash	(5,804)	(4,807)
Cash and cash equivalents and restricted cash – beginning of period	17,962	34,689
Cash and cash equivalents and restricted cash – end of period	12,158	29,882
Supplemental cash flows disclosures:
Proceeds from sale of state net operating losses	211
Interest paid	$ 2	$ 2

The Company (Details)	Mar. 31, 2023 subsidiary
The Company
Number of wholly owned subsidiaries	2

Significant Risks and Uncertainties - Additional Information (Details) - facility	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Risks And Uncertainties [Line Items]
Revenue percentage	64.50%
Federal supply schedule expire date	Jan. 15, 2024
Net Sales \| Revenue from Rights Concentration Risk \| VA/DoD [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales	64.50%	66.40%
Net Sales \| Revenue from Rights Concentration Risk \| National Health Service [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales	10.10%	13.00%
Net Sales \| Revenue from Rights Concentration Risk \| VA/DoD and National Health Service
Risks And Uncertainties [Line Items]
Percentage of net sales	10.00%	10.00%
Channel One [Member] \| Net Sales \| VA/DoD [Member]
Risks And Uncertainties [Line Items]
Number of channels	1	1
Channel One [Member] \| Net Sales \| National Health Service [Member]
Risks And Uncertainties [Line Items]
Number of channels	1	1
Channel One [Member] \| Net Sales \| Revenue from Rights Concentration Risk \| VA/DoD [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales	10.00%	10.00%
Channel One [Member] \| Net Sales \| Revenue from Rights Concentration Risk \| National Health Service [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales	10.00%	10.00%
Channel Two [Member] \| Net Sales \| VA/DoD [Member]
Risks And Uncertainties [Line Items]
Number of channels	2	2
Channel Two [Member] \| Net Sales \| Revenue from Rights Concentration Risk \| VA/DoD [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales	10.00%	10.00%

Revenue - Summary of Net Sales Disaggregated by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2022
Disaggregation Of Revenue [Line Items]
Total Net Sales	$ 2,780	$ 1,899	$ 1,899
United States
Disaggregation Of Revenue [Line Items]
Total Net Sales	2,370		1,594
United Kingdom
Disaggregation Of Revenue [Line Items]
Total Net Sales	321		266
Other
Disaggregation Of Revenue [Line Items]
Total Net Sales	43		39
JAPAN
Disaggregation Of Revenue [Line Items]
Total Net Sales	$ 46

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Significant Risks and Uncertainties

3 Months Ended

Mar. 31, 2023

Significant Risks and Uncertainties

Significant Risks and Uncertainties

Note 3. Significant Risks and Uncertainties

Going Concern

The Company has experienced significant net losses and cash used in operations, and it expects to continue to incur net losses and cash used in operations for the near future as it works to increase market acceptance of its medical devices and wellness products. The Company has never been profitable and has incurred net losses and cash used in operations in each year since its inception.

The United States Department of Veteran Affairs comprised 64.5% of the Company's revenue during the three months ended March 31, 2023. The Company expects that a majority of our remaining 2023 sales will be made pursuant to its qualifying contract under the Federal Supply Schedule, or FSS, which was secured by the Company in December 2018, as well as open market sales to individual facilities within the government channels. The FSS is scheduled to expire on January 15, 2024. The Company intends to request an extension of the FSS from the United States Department of Veteran Affairs, but there is no assurance the FSS will be renewed, if at all, or renewed at terms favorable to the Company.

The Company’s expected cash requirements for the next 12 months and beyond are largely based on the commercial success of its products. There are significant risks and uncertainties as to its ability to achieve these operating results. Due to the risks and uncertainties, the Company may need to reduce its activities significantly more than its current operating plan and cash flow projections assume in order to fund its operations beyond one year of the date the accompanying financial statements are issued. There can be no assurance that the Company will have sufficient cash flow and liquidity to fund its planned activities, which could force it to significantly reduce or curtail its activities and, ultimately, potentially cease operations.

There is no assurance that the Company will generate sufficient funds through its operating results or financing activities, and accordingly, these conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year of the date the accompanying financial statements are issued. The accompanying financial statements do not include any adjustment that might result from the outcome of this uncertainty.

Concentration of Revenue Risks

The Company earns a significant amount of its revenue (i) in the United States from the Department of Veterans Affairs and Department of Defense ("VA/DoD") pursuant to its qualifying contract under the FSS and open market sales to individual Department of Veterans Affairs facilities, and (ii) in the United Kingdom from the National Health Service. The VA/DoD and National Health Service comprise those customers of the Company that each account for 10% or more of total net sales during the three months ended March 31, 2023 and 2022. The following table reflects the respective concentration as a percentage of the Company's net sales:

	Three months ended March 31,
	2023		2022
Revenue channel:
VA/DoD	64.5	%	66.4	%
National Health Service	10.1	%	13.0	%

During the three months ended March 31, 2023 and 2022, one and two facilities, respectively, accounted for more than 10% of total VA/DoD net sales. During the three months ended March 31, 2023 and 2022, one facility accounted for more than 10% of net sales from the National Health Service.

Foreign Currency Exchange

The Company has foreign currency exchange risk related to revenue and operating expenses in currencies other than the local currencies in which it operates. The Company is exposed to currency risk from the potential changes in functional currency values of its assets, liabilities, and cash flows denominated in foreign currencies.

Stock Based Compensation - Summary of Activity Related to Restricted Stock and Deferred Stock Units Granted (Details) - Stock Units shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Shares
Number of Shares, Nonvested, Ending	127
Number of Shares, Granted
Number of Shares, Vested	(4)
Number of Shares, Cancelled
Number of Shares, Nonvested, Begining	123
Weighted Average Grant Date Fair Value
Weighted Average Exercise Price, Beginning balance \| $ / shares	$ 11.85
Weighted Average Exercise Price, Ending balance \| $ / shares	$ 11.81

Income Taxes - Additional Information (Details)	Jan. 10, 2023 USD ($)
Operating Loss Carryforwards [Line Items]
Proceeds from operating activity	$ 211,000

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement Of Income And Comprehensive Loss [Abstract]
Net loss	$ (5,867)	$ (5,582)
Other comprehensive (loss) income:
Foreign currency translation adjustment	56	(27)
Other comprehensive (loss) income	56	(27)
Comprehensive loss	$ (5,811)	$ (5,609)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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- Definition

Amount after tax and reclassification adjustments of other comprehensive income (loss).

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The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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+ Details

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation

(a)	Basis of Presentation

The accompanying condensed consolidated financial statements were prepared in conformity with accounting principles generally accepted in the the United States (“U.S. GAAP”) and with instructions to Form 10-Q and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. In the opinion of management, the Company has made all necessary adjustments, which include normal recurring adjustments necessary for a fair presentation of the Company’s condensed consolidated financial position and results of operations for the interim periods presented. Certain information and disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 8, 2023. The results for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period.

At a special stockholders meeting held on February 13, 2023, the Company's stockholders approved an amendment to the Company's certificate of incorporation to effect of a reverse stock split of the Company's common stock at a ratio between 1-for-5 to 1-for-50 in order to achieve a minimum bid price of $1.00 per share for a minimum of 10 consecutive trading days, as required for continued listing of the common stock on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule 5550(a)(2). The board of directors authorized a 1-for-15 ratio for the reverse stock split, which became effective on February 15, 2023. The accompanying condensed consolidated financial statements and notes to condensed consolidated financial statements give retroactive effect to the reverse stock split for all prior periods presented.

Principles of Consolidation

(b)	Principles of Consolidation

The accompanying condensed consolidated financial statements include the accounts of electroCore and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Use of Estimates

(c)	Use of Estimates

The preparation of 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, trade credits, rebates, co-payment assistance and sales returns, valuation of inventory, estimated useful life of licensed products and cloud computing arrangements, stock compensation, incremental borrowing rate and contingencies.

Cash, Cash Equivalents and Restricted Cash

(d)	Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash to the balance reflected on the Condensed Consolidated Statement of Cash Flows for the three months ended March 31, 2023:

(in thousands)	March 31, 2023
Cash and cash equivalents	$	11,908
Restricted cash		250
Total cash, cash equivalents and restricted cash	$	12,158

As of March 31, 2023 and December 31, 2022, cash equivalents represented funds held in a money market account.

Restricted Cash

(e)	Restricted Cash

The Company's restricted cash consists of cash that the Company is contractually obligated to maintain in accordance with the terms of its new corporate credit card arrangement with Citibank,N.A.

Licensed Products

(f)	Licensed Products

The Company licenses a portion of its devices through its cash pay channels. The cost of these licensed devices is capitalized and included in Other Assets in the accompanying Condensed Consolidated Balance Sheets at March 31, 2023 and December 31, 2022, and is being recognized as cost of goods sold on the straight-line method over the estimated 12-36 month useful life of the devices. If certain licensed devices are returned and no longer meet quality specifications or the carrying amount of certain licensed devices are no longer deemed to be recoverable, the Company records a charge to cost of goods sold to write down such licensed devices to zero. The net book value of these licensed devices at March 31, 2023 and December 31, 2022 was $725,000 and $538,000, respectively. Changes in the value of these licensed devices in Other Assets is captured on the Statement of Cash Flows within Inventories.

Leases

3 Months Ended

Mar. 31, 2023

Leases

Leases

Note 6. Leases

For each of the three months ended March 31, 2023 and 2022 the Company recognized lease expense of $38,000. This expense does not include non-lease components associated with the lease agreements as the Company elected not to include such charges as part of the lease expense.

Supplemental Balance Sheet Information for Operating Leases:

(in thousands)	March 31, 2023			December 31, 2022
Operating leases:
Operating lease right of use assets	$	550		$	565
Operating lease liabilities:
Current portion of operating lease liabilities		77			74
Noncurrent operating lease liabilities		605			625
Total operating lease liabilities	$	682		$	699
Weighted average remaining lease term (in years)		5.9			6.1
Weighted average discount rate		13.8	%		13.8	%

Future minimum lease payments under non-cancellable operating leases as of March 31, 2023:

(in thousands)
Remainder of 2023	$	123
2024		168
2025		171
2026		161
2027		157
2028 and thereafter		216
Total future minimum lease payments		996
Less: Amounts representing interest		(314	)
Total	$	682

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventories

Schedule of inventories stated at lower of cost or market

(in thousands)	March 31, 2023		December 31, 2022
Raw materials	$	871	$	944
Work in process		2,480		2,879
Finished goods		578		353
Total inventories, net		3,929		4,176
Less: noncurrent inventories		1,451		2,194
Current inventories	$	2,478	$	1,982

Stock Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Sep. 30, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested awards	$ 23,200
Unrecognized compensation expected to be recognized	1 year 6 months
Intrinsic value		$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate	50.00%
Non Employee Director [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	12 months
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	3 years
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years
Stock Units \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	2 years
Stock Units \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period	4 years

Condensed Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands	Total	Preferred Stock	Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income (loss)
Balances at Dec. 31, 2021	$ 36,582		$ 5	$ 160,772	$ (124,208)	$ 13
Balances, shares at Dec. 31, 2021			4,714
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(5,582)				(5,582)
Other comprehensive income	(27)					(27)
Issuance of stock related to employee compensation plans, net of forfeitures
Issuance of stock related to employee compensation plans, net of forfeitures, shares			1
Share based compensation	777			777
Balances at Mar. 31, 2022	31,750		$ 5	161,549	(129,790)	(14)
Balances, shares at Mar. 31, 2022			4,715
Balances at Dec. 31, 2022	17,086		$ 5	163,520	(146,370)	(69)
Balances, shares at Dec. 31, 2022		71	4,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(5,867)				(5,867)
Other comprehensive income	56					56
Issuance of stock related to employee compensation plans, net of forfeitures
Issuance of stock related to employee compensation plans, net of forfeitures, shares			1
Preferred stock redemption
Preferred stock redemption, shares		(71)
Share based compensation	572			572
Balances at Mar. 31, 2023	$ 11,847		$ 5	$ 164,092	$ (152,237)	$ (13)
Balances, shares at Mar. 31, 2023			4,746

Stock Based Compensation - Summary of Activity Related to Stock Options (Details) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Number of Options
Number of Options, Outstanding, Begining	440
Number of Options, Granted	3
Number of Options, Exercised
Number of Options, Cancelled	(6)
Number of Options, Outstanding, Ending	437	440
Number of Options, Exercisable	284
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding, Begining	$ 55.65
Weighted Average Exercise Price, Outstanding, Ending	55.74	$ 55.65
Weighted Average Exercise Price, Exercisable	$ 75.84
Weighted Average Remaining Contractual Term (Years), Outstanding	7 years 2 months 12 days	7 years 6 months
Weighted Average Remaining Contractual Term (Years), Exercisable	6 years 8 months 12 days

The Company

3 Months Ended

Mar. 31, 2023

The Company

The Company

Note 1. The Company

electroCore, Inc. and its subsidiaries (“electroCore” or the “Company”) is a commercial stage bioelectronic medicine and wellness company dedicated to improving health through its non-invasive vagus nerve stimulation (“nVNS”) technology platform. The Company’s focus is the commercialization of medical devices for the management and treatment of certain medical conditions and consumer product offerings utilizing nVNS to promote general wellbeing and human performance in the United States and select overseas markets.

electroCore, headquartered in Rockaway, NJ, has two wholly owned subsidiaries: electroCore UK Ltd and electroCore Germany GmbH. The Company has paused operations in Germany, with sales into the country and the rest of Europe being managed by electroCore UK Ltd.

Accrued Expenses and Other Current Liabilities

3 Months Ended

Mar. 31, 2023

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 7. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of March 31, 2023 and December 31, 2022 consisted of the following:

(in thousands)	March 31, 2023		December 31, 2022
Accrued professional fees	$	610	$	524
Accrued bonuses and incentive compensation		880		2,042
Accrued litigation legal fees expense		1,001		1,001
Accrued insurance expense		—		264
Accrued vacation and other employee related expenses		534		534
Accrued severance and other related charges		301		—
Accrued valued-added tax		162		133
Deferred revenue		17		152
Other		265		192
	$	3,770	$	4,842

Finance and Security Agreement

On July 5, 2022, the Company entered into a Commercial Insurance Premium Finance and Security Agreement (the "2022 Agreement"). The 2022 Agreement provides for a single borrowing by the Company of approximately $783,000 with a nine-month term and an annual interest rate of 2.49%. The proceeds from this transaction were used to partially fund the premiums due under certain of the Company's insurance policies. The amounts payable are secured by the Company's rights under such policies. The Company began to pay monthly installments of approximately $87,900 in July 2022. All borrowings were fully repaid as of March 31, 2023. During the three months ended March 31, 2023, the Company recognized $2,035 in interest expense.

Stock Based Compensation

3 Months Ended

Mar. 31, 2023

Stock Based Compensation

Stock Based Compensation

Note 11. Stock Based Compensation

The following table presents a summary of activity related to stock options during the three months ended March 31, 2023:

	Number of Options (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)
Outstanding, January 1, 2023	$	440		$	55.65		7.5
Granted		3
Exercised		—
Cancelled		(6	)
Outstanding, March 31, 2023	$	437		$	55.74		7.2
Exercisable, March 31, 2023	$	284		$	75.84		6.7

The intrinsic value is calculated as the difference between the fair market value at March 31, 2023 and the exercise price per share of the stock options. As of March 31, 2023, all options outstanding had no material intrinsic value. The options granted to employees generally vest over a three or four-year period.

The following table presents a summary of activity related to restricted and deferred stock units (“Stock Units”) granted during the three months ended March 31, 2023:

	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value
Nonvested, January 1, 2023		127		$	11.85
Granted		—
Vested		(4	)
Cancelled		—
Nonvested, March 31, 2023		123		$	11.81

In general, Stock Units granted to employees vest over two to four-year periods.

Immediately following the Company’s annual meeting of stockholders, the Company generally grants each non-employee director an equity award that vests over a 12-month period. Upon a non-employee director’s initial appointment or election to the board of directors, the Company grants such non-employee director an equity award subject to vesting as determined by the board of directors.

The Company recognized stock compensation expense for its equity awards as follows:

		Three months ended March 31,
(in thousands)	2023		2022
Selling, general and administrative	$	510	$	705
Research and development		57		66
Cost of goods sold		5		6
Total expense	$	572	$	777

Total unrecognized compensation cost related to unvested awards as of March 31, 2023 was $23.2 million and is expected to be recognized over the next one and one-half years.

Valuation Information for Stock-Based Compensation

The fair value of each stock option award during the three months ended March 31, 2023 and 2022 was estimated on the date of grant using the Black-Scholes model. Expected volatility was based on historical common stock volatility of the Company’s peers. Beginning in December 2022, the Company began incorporating its historical common stock volatility at a weighting of 50% of the total composite volatility rate. During the remainder of 2023, the Company will continue to evaluate the volatility rate used to value stock options. The risk-free interest rate was based on the average U.S. Treasury rate that most closely resembled the expected life of the related award. The expected term of the award was calculated using the simplified method. No dividend was assumed as the Company does not pay regular dividends on its common stock and does not anticipate paying any dividends in the foreseeable future.

The weighted average assumptions used in the Black-Scholes option pricing model in valuing stock options granted in the three months ended March 31, 2023 and 2022 are summarized in the table below.

	Three months ended March 31,
	2023				2022
Fair value at grant date	$	3.46		$	8.10
Expected volatility	114.0		%		84.0	%
Risk-free interest rate	3.9		%		1.6	%
Expected holding period, in years	6.0				6.0
Dividend yield		—	%		—	%

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	71,173
Preferred stock, shares outstanding	0	71,173
Preferred stock, liquidation value per shares		$ 0.001
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	4,745,781	4,744,886
Common stock, shares outstanding	4,745,781	4,744,886

Summary of Significant Accounting Policies - Schedule of cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash And Cash Equivalents	$ 11,908	$ 17,712
Restricted Cash	250
Restricted Cash and Cash Equivalents	$ 12,158

Leases - Future Minimum Lease Payments under Non-Cancellable Operating Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases
Remainder of 2023	$ 123
2024	168
2025	171
2026	161
2027	157
2028 and thereafter	216
Total future minimum lease payments	996
Less: Amounts representing interest	(314)
Total	$ 682	$ 699

Stockholders' Equity - Additional Information (Details) $ / shares in Units, $ in Thousands			3 Months Ended
	Feb. 15, 2023	Feb. 13, 2023 $ / shares	Mar. 31, 2023 USD ($) Item $ / shares shares	Mar. 06, 2023 shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 02, 2022 shares
Stock Purchase Agreement [Line Items]
Preferred stock, par value \| $ / shares			$ 0.001		$ 0.001
Preferred Stock Value Outstanding \| $
Stockholders' Equity, Reverse Stock Split	1-for-15
Minimum
Stock Purchase Agreement [Line Items]
Stockholders' Equity, Reverse Stock Split		1-for-5
Maximum
Stock Purchase Agreement [Line Items]
Stockholders' Equity, Reverse Stock Split		1-for-50
Series A Preferred Stock [Member]
Stock Purchase Agreement [Line Items]
Preferred stock, par value \| $ / shares					$ 0.001
Each shares entitled the holder vote per shares \| Item			1,000,000
Number Of Vote Each Member Is Entitled To For Each Unit Held \| Item			1,000
Preferred Stock Value Outstanding \| $					$ 0
Preferred Stock, Redemption Price Per Share \| $ / shares		$ 0.01
Preferred stock redemption, Share				80,000
Number of basis shares to receive dividend declared						1,000
Number of basis shares of voting rights received			1,000
Number of basis shares to receive redemption amount			10

Leases (Tables)

3 Months Ended

Mar. 31, 2023

Leases

Schedule of supplemental balance sheet information for operating leases

(in thousands)	March 31, 2023			December 31, 2022
Operating leases:
Operating lease right of use assets	$	550		$	565
Operating lease liabilities:
Current portion of operating lease liabilities		77			74
Noncurrent operating lease liabilities		605			625
Total operating lease liabilities	$	682		$	699
Weighted average remaining lease term (in years)		5.9			6.1
Weighted average discount rate		13.8	%		13.8	%

Schedule of future minimum lease payments under non-cancellable operating leases

(in thousands)
Remainder of 2023	$	123
2024		168
2025		171
2026		161
2027		157
2028 and thereafter		216
Total future minimum lease payments		996
Less: Amounts representing interest		(314	)
Total	$	682

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

Note 12. Commitments and Contingencies

Stockholders Litigation

On July 8, 2019, and August 1, 2019, purported stockholders of the Company served putative class action lawsuits in the Superior Court of New Jersey for Somerset County, captioned Paul Kuehl vs. electroCore, Inc., et al., Docket No. SOM-L 000876-19 and Shirley Stone vs. electroCore, Inc., et al., Docket No. SOM-L 001007-19, respectively. In addition to the Company, the defendants include present and past directors and officers, Evercore Group L.L.C., Cantor Fitzgerald & Co., JMP Securities LLC and BTIG, LLC, the underwriters for its IPO; and two of the Company’s stockholders. On August 15, 2019, the Superior Court entered an order consolidating the Kuehl and Stone actions, which proceeded under Docket No. SOM-L 000876-19.

Each plaintiff was appointed a co-lead plaintiff. The plaintiffs filed a consolidated amended complaint, which sought certification of a class of stockholders who purchased common stock in the IPO or whose purchases are traceable to that offering. The consolidated amended complaint alleged that the defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act with respect to the registration statement and related prospectus for the IPO. The complaint sought unspecified compensatory damages, interest, costs and attorneys’ fees.

On October 31, 2019, the Company and the other defendants filed a motion to dismiss the complaint or in the alternative to stay the action in favor of the pending federal action (discussed below). On February 21, 2020, the court granted the defendants’ motion to dismiss the consolidated amended complaint with prejudice. On March 2, 2020, the court entered an amended order dismissing the consolidated amended complaint with prejudice. On March 27, 2020, the plaintiffs filed a notice of appeal with the N.J. Superior Court – Appellate Division. The appeal was argued on September 27, 2021. On October 8, 2021, the Appellate Division issued an order reversing the decision of the Superior Court. The case has been remanded to the Superior Court for oral argument on the motion to dismiss. On November 11, 2021, the defendants filed a supplemental motion to dismiss based on the forum selection clause in our certificate of incorporation's. On December 10, 2021, the Superior Court heard argument of the original motion to dismiss and the supplemental motion to dismiss based on the federal forum selection clause. On December 14, 2021, the Superior Court granted the supplemental motion to dismiss based on the federal forum selection clause with prejudice and granted the original motion to dismiss without prejudice. On January 27, 2022, the plaintiffs filed a notice of appeal to the Appellate Division. On April 15, 2022, the plaintiffs filed their appeal brief. The brief of defendant-appellees was filed on May 16, 2022. The appeal was fully briefed and oral argument was heard on April 19, 2023.

On September 26, 2019, and October 31, 2019, purported stockholders of the Company served putative class action lawsuits in the United States District Court for the District of New Jersey captioned Allyn Turnofsky vs. electroCore, Inc., et al., Case 3:19-cv-18400, and Priewe vs. electroCore, Inc., et al., Case 1:19-cv-19653, respectively. In addition to the Company, the defendants include present and past directors and officers, and Evercore Group L.L.C., Cantor Fitzgerald & Co., JMP Securities LLC and BTIG, LLC, the underwriters for the IPO. The plaintiffs each seek to represent a class of stockholders who (i) purchased the Company’s common stock in the IPO or whose purchases are traceable to the IPO, or (ii) who purchased common stock between the IPO and September 25, 2019. The complaints each alleged that the defendants violated Sections 11 and 15 of the Securities Act and Sections 10(b) and 20(a) of the Exchange Act, with respect to (i) the registration statement and related prospectus for the IPO, and (ii) certain post-IPO disclosures filed with the SEC. The complaints sought unspecified compensatory damages, interest, costs and attorneys’ fees. The Priewe case was voluntarily dismissed on February 19, 2020.

In the Turnofsky case, on November 25, 2019, several plaintiffs and their counsel moved to be selected as lead plaintiff and lead plaintiff’s counsel. On April 24, 2020, the Court granted the motion of Carole Tibbs and the firm Bragar, Eagel & Squire, P.C. On July 17, 2020, the plaintiffs filed an amended complaint in Turnofsky. In addition to the prior claims, the amended complaint added an additional director defendant and two investors as defendants and adds a claim against the Company and the underwriters for violating Section 12(a)(2) of the Securities Act. On September 15, 2020, the Company and the other defendants filed a motion to dismiss the amended complaint for failure to state a claim. On November 6, 2020, the plaintiffs filed their opposition to the motion to dismiss. The Company and the other defendants filed reply papers in support of the motion on December 7, 2020. Argument of the motion to dismiss occurred on June 18, 2021. On August 13, 2021, the Court dismissed the amended complaint with leave to re-plead. On October 4, 2021, the plaintiffs filed a second amended complaint in the Turnofsky case. The defendants have moved to dismiss. Briefing on the motion was complete on January 7, 2022. On July 5, 2022, the case was reassigned to Judge Zahid N. Quraishi, who has ordered that he will consider the pending motion to dismiss in due course. Argument of the motion has not yet been scheduled.

On March 4, 2021, purported stockholder Richard Maltz brought a purported stockholder derivative action in the United States District Court for the District of New Jersey. The action is captioned Richard Maltz, derivatively on behalf of electroCore, Inc., vs. Francis R. Amato, et al., Case 3:21-cv-04135. The defendants include present and past directors and officers of the Company. The plaintiff purports to pursue derivative claims on behalf of the Company in connection with the IPO and actions occurring between the IPO and September 25, 2019. The complaint alleges that demand on the board of directors is excused. The complaint purports to allege claims against the defendants for violating Section 14(a) of the Exchange Act, breaching fiduciary duties, unjust enrichment and waste of corporate assets. The complaint also purports to allege claims for contribution in connection with the Turnofsky case described above, pursuant to Section 11(f) of the Securities Act and Sections 10(b) and 21D of the Exchange Act. The complaint seeks unspecified compensatory damages, interest, costs and attorneys’ fees; declaratory relief; and an order requiring changes to corporate governance and internal procedures and a vote on proposed amendments to the Bylaws and Certificate of Incorporation. On March 8, 2021, purported stockholder Erin Yuson brought a purported stockholder derivative action in the United States District Court for the District of New Jersey. The action is captioned Erin Yuson, derivatively on behalf of electroCore, Inc., vs. Francis R. Amato, et al., Case 3:21-cv-04481. The defendants include present and past directors and officers of the Company. The plaintiff purports to pursue derivative claims on behalf of the Company in connection with a 2019 proxy statement and actions occurring from the IPO through September 25, 2019. The complaint alleges that demand on the board of directors is excused. The complaint purports to allege claims against the defendants for violating Section 14(a) of the Exchange Act and breaching fiduciary duties. The complaint seeks unspecified compensatory damages, interest, costs and attorneys’ fees; declaratory relief; and an order requiring changes to corporate governance and internal procedures and a vote on proposed amendments to the Bylaws and Certificate of Incorporation.

The plaintiffs in the Maltz and Yuson derivative actions agreed to consolidate and stay those actions. The actions are stayed until and through the resolution of any motion for summary judgment in the Turnofsky federal securities class action. A stipulation to that effect was filed by the plaintiffs on April 14, 2021, and ordered by the court on April 30, 2021. These cases also have been re-assigned to Judge Quraishi.

The Company intends to continue to vigorously defend itself in these matters. However, in light of, among other things, the preliminary stage of these litigation matters, the Company is unable to determine the reasonable probability of loss or a range of potential loss. Accordingly, the Company has not established an accrual for potential losses, if any, that could result from any unfavorable outcome, and there can be no assurance that these litigation matters will not result in substantial defense costs and/or judgments or settlements that could adversely affect the Company’s financial condition.

The Company is subject to various claims, complaints and legal actions in the normal course of business from time to time. The Company is not aware of any further currently pending litigation for which it believes the outcome could have a material adverse effect on its operations or financial position. The Company expenses associated legal fees including those relating to the stockholder litigation described in this Note 12 in the period they are incurred.

Revenue

3 Months Ended

Mar. 31, 2023

Revenue

Revenue

Note 4. Revenue

Geographical Net Sales

The following table presents net sales disaggregated by geographic market:

	Three months ended March 31,
(in thousands)		2023		2022
Product revenue
United States	$	2,370	$	1,594
United Kingdom		321		266
Other		43		39
License revenue
Japan		46		—
Total Net Sales	$	2,780	$	1,899

The Company generally invoices the customer and recognizes revenue once its performance obligations are satisfied, at which point payment is unconditional. Agreed upon payment terms with customers are within 30 days of shipment. Accordingly, contracts with customers do not include a significant financing component.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
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-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Schedule of cash equivalents and restricted cash

(in thousands)	March 31, 2023
Cash and cash equivalents	$	11,908
Restricted cash		250
Total cash, cash equivalents and restricted cash	$	12,158

Summary of Significant Accounting Policies - Additional Information (Details)			3 Months Ended
	Feb. 15, 2023	Feb. 13, 2023 d $ / shares	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Accounting Policies [Line Items]
Finite-Lived License Agreements, Gross			$ 0
Reverse stock split ratio	1-for-15
Reverse stock split, Stock Price Trigger \| $ / shares		$ 1
Reverse stock split, Threshold Consecutive Trading Days \| d		10
Licensing Agreements [Member]
Accounting Policies [Line Items]
Net book value of licensed devices			$ 725,000	$ 538,000
Minimum [Member]
Accounting Policies [Line Items]
Estimated useful life			12 months
Reverse stock split ratio		1-for-5
Maximum [Member]
Accounting Policies [Line Items]
Estimated useful life			36 months
Reverse stock split ratio		1-for-50

Significant Risks and Uncertainties - Schedule of company's net sales (Details) - Net Sales - Revenue from Rights Concentration Risk	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
VA/DoD [Member]
Concentration Risk [Line Items]
Revenue, percentage	64.50%	66.40%
National Health Service [Member]
Concentration Risk [Line Items]
Revenue, percentage	10.10%	13.00%

Stock Based Compensation - Schedule of Recognized Stock Compensation for Equity Awards (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	$ 572	$ 777
Selling, General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	510	705
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	57	66
Cost of Goods Sold
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	$ 5	$ 6

Inventories - Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventories
Raw materials	$ 871	$ 944
Work in process	2,480	2,879
Finished goods	578	353
Total inventories, net	3,929	4,176
Less: noncurrent inventories	1,451	2,194
Current inventories	$ 2,478	$ 1,982

Inventories

3 Months Ended

Mar. 31, 2023

Inventories

Inventories

Note 5. Inventories

As of March 31, 2023 and December 31, 2022, inventories consisted of the following:

(in thousands)	March 31, 2023		December 31, 2022
Raw materials	$	871	$	944
Work in process		2,480		2,879
Finished goods		578		353
Total inventories, net		3,929		4,176
Less: noncurrent inventories		1,451		2,194
Current inventories	$	2,478	$	1,982

The reserve for obsolete inventory was $738,000 and $668,000 as of March 31, 2023 and December 31, 2022, respectively. The Company records charges for obsolete inventory in cost of goods sold. As of March 31, 2023 and December 31, 2022, noncurrent inventory was comprised of approximately $0.5 million and $0.1 million in raw materials and $1.0 million and $2.1 million of work in process, respectively. Inventory classified under the category work in process consists of prefabricated assembled product.

Inventories - Additional Information (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Inventory [Line Items]
Reserves for obsolete inventory	$ 738,000	$ 668,000
Noncurrent inventory raw materials	500,000	100,000
Noncurrent inventory work in process	$ 1,000,000	$ 2,100,000

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

(a)	Basis of Presentation

(b)	Principles of Consolidation

(c)	Use of Estimates

(d)	Cash, Cash Equivalents and Restricted Cash

(in thousands)	March 31, 2023
Cash and cash equivalents	$	11,908
Restricted cash		250
Total cash, cash equivalents and restricted cash	$	12,158

As of March 31, 2023 and December 31, 2022, cash equivalents represented funds held in a money market account.

(e)	Restricted Cash

The Company's restricted cash consists of cash that the Company is contractually obligated to maintain in accordance with the terms of its new corporate credit card arrangement with Citibank,N.A.

(f)	Licensed Products

Accrued Expenses and Other Current Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Accrued Expenses and Other Current Liabilities

Schedule of accrued expenses and other current liabilities

(in thousands)	March 31, 2023		December 31, 2022
Accrued professional fees	$	610	$	524
Accrued bonuses and incentive compensation		880		2,042
Accrued litigation legal fees expense		1,001		1,001
Accrued insurance expense		—		264
Accrued vacation and other employee related expenses		534		534
Accrued severance and other related charges		301		—
Accrued valued-added tax		162		133
Deferred revenue		17		152
Other		265		192
	$	3,770	$	4,842

Net Loss Per Share - Schedule of Common Stock Equivalents Excluded from Computation of Diluted Loss per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	561	527
Outstanding stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	437	422
Nonvested restricted stock and unit awards
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	123	91
Stock purchase warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1	14

Severance and other related charges

3 Months Ended

Mar. 31, 2023

Severance and other related charges

Severance and other related charges

Note 13. Severance and other related charges

In the first quarter of 2023, the Company entered into separation agreements with two former employees which agreements required an aggregate of payments of $332,000. The charge for these payments is included in Selling, general and administrative expense in the accompanying Condensed Statement of Operations for the three months ended March 31, 2023. As of March 31, 2023, the Company has an outstanding payable of $301,000 in connection with these charges. This outstanding payable is included in Accrued expenses and other current liabilities in the accompanying Condensed Consolidated Balance Sheet as of March 31, 2023 (see Note 7).

Commitments and Contingencies - Additional Information (Details)	Jul. 17, 2020 INVESTORS
Class Of Warrant Or Right [Line Items]
Number of investors as defendants	2