0001213900-24-097489 | 10-Q | XBRL Viewer

Leases

9 Months Ended

Sep. 30, 2024

Note 8. Leases

For the three and nine months ended September 30, 2024, the Company recognized lease expenses of $178,000 and $357,000, respectively. For the three and nine months ended September 30, 2023, the Company recognized lease expenses of $38,000 and $114,000, respectively. 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.

On February 6, 2024, the Company entered into The First Amendment to Lease Agreement (the “Rockaway Amendment”) to extend its Rockaway, New Jersey lease for an additional 10 years. The Rockaway Amendment was effective May 1, 2024, and expires on July 31, 2034, with a tenant option to renew for an additional five years. The increase in the term of the lease for the existing leased property was accounted for as a lease modification, therefore, the associated operating lease right of use assets and operating lease liabilities for the existing space were remeasured as of February 6, 2024. The Rockaway Amendment also includes the expansion of leased property from 13,643 square feet to 22,557 square feet. The Company has accounted for the expansion space as an increase in lease right of use assets effective with the Rockaway Amendment commencement date of June 1, 2024.

Supplemental Balance Sheet Information for Operating Leases:

(in thousands)	September 30, 2024			December 31, 2023
Operating leases:
Operating lease right of use assets	$	3,732		$	502
Operating lease liabilities:
Current portion of operating lease liabilities		363			89
Noncurrent operating lease liabilities		3,678			537
Total operating lease liabilities	$	4,041		$	626
Weighted average remaining lease term (in years)		14.8			5.2
Weighted average discount rate		13.5	%		13.8	%

Future lease payments as of September 30, 2024:

(in thousands)
Remainder of 2024	$	90
2025		369
2026		516
2027		603
2028		627
2029 and thereafter		8,388
Total future lease payments		10,593
Less: Amounts representing interest		(6,552	)
Total	$	4,041

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

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 United States of America (“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, 2023, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 13, 2024. The results for the three and nine months ended September 30, 2024, are not necessarily indicative of the results to be expected for a full year, any other interim periods or any future year or period.

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 sales returns, valuation of inventory, estimated useful life of licensed products, stock compensation, 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 at September 30, 2024 and 2023:

(in thousands)	September 30, 2024		September 30, 2023
Cash and cash equivalents	$	4,929	$	13,460
Restricted cash		250		250
Total cash, cash equivalents and restricted cash	$	5,179	$	13,710

As of September 30, 2024, cash equivalents represented funds held in an interest-bearing demand deposit account, U.S. treasury bills, and a money market account.

The Company's restricted cash consists of cash that the Company is contractually obligated to maintain in accordance with the terms of its corporate credit card arrangement with Citibank, N.A. established in April 2022.

Marketable Securities

(e)	*Marketable Securities*

Marketable securities are carried at fair value, with unrealized gains and losses reported as accumulated other comprehensive income, except for losses from impairments which are determined to be other than temporary. Realized gains and losses and declines in value judged to be other-than-temporary are included in the determination of net loss and are included in interest and other income net. Fair values are based on quoted market prices at the reporting date. Interest and dividends on available-for-sale securities are included in Interest and other income. As of September 30, 2024, marketable securities amounted to $8.0 million and consist of U.S. treasury bills. The Company held no marketable securities at December 31, 2023.

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 September 30, 2024 and December 31, 2023, 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 September 30, 2024 and December 31, 2023 was $312,000 and $494,000, respectively. Changes in the value of these licensed devices in Other Assets are captured on the Statement of Cash Flows under the captions inventories and inventory reserve charge.

Recently Adopted Accounting Standards

(g)	Recently Adopted Accounting Standards

In November 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures which will require companies to disclose significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”). The pronouncement is effective for annual filings for the year ended December 31, 2024. The Company is still assessing the impact of the adoption of this standard on its results of operations, financial position or cash flows.

In December 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures which will require companies to make additional income tax disclosures. The pronouncement is effective for annual filings for the year ended December 31, 2025. The Company is still assessing the impact of the adoption of this standard but does not expect it to have a material impact on its results of operations, financial position or cash flows.

Net Loss Per Share - Additional Information (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Net Loss Per Share
Common stock, par value	$ 0.001	$ 0.001
First SPA \| Common Stock \| Warrants
Net Loss Per Share
Pre-funded warrants which are considered as common stock equivalents	1,608,433

Stock Based Compensation - Schedule of Recognized Stock Compensation for Equity Awards (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	$ 400	$ 543	$ 1,356	$ 1,298
Selling, general and administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	368	477	1,247	1,102
Research and development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	21	60	77	178
Cost of goods sold
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock based compensation	$ 11	$ 6	$ 32	$ 18

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Condensed Consolidated Statements of Equity (unaudited) - USD ($) $ in Thousands	Total	Preferred Stock	Common Stock	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive income (loss)
Balances at Dec. 31, 2022	$ 17,086		$ 5	$ 163,520	$ (146,370)	$ (69)
Balances, Mezzanine Equity at Dec. 31, 2022
Balances, shares at Dec. 31, 2022		71,000	4,745,000
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, shares			1
Preferred stock redemption, shares		(71)
Share based compensation	572			572
Balances at Mar. 31, 2023	11,847		$ 5	164,092	(152,237)	(13)
Balances, Mezzanine Equity at Mar. 31, 2023
Balances, shares at Mar. 31, 2023			4,746
Balances at Dec. 31, 2022	17,086		$ 5	163,520	(146,370)	(69)
Balances, Mezzanine Equity at Dec. 31, 2022
Balances, shares at Dec. 31, 2022		71,000	4,745,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(14,802)
Other comprehensive income	(29)
Balances at Sep. 30, 2023	11,040		$ 6	172,304	(161,172)	(98)
Balances, Mezzanine Equity at Sep. 30, 2023
Balances, shares at Sep. 30, 2023			5,999,000
Balances at Mar. 31, 2023	11,847		$ 5	164,092	(152,237)	(13)
Balances, Mezzanine Equity at Mar. 31, 2023
Balances, shares at Mar. 31, 2023			4,746
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,903)				(4,903)
Other comprehensive income	(63)					(63)
Issuance of stock related to employee compensation plans, net of forfeitures, shares			6
Share based compensation	183			183
Balances at Jun. 30, 2023	7,064		$ 5	164,275	(157,140)	(76)
Balances, shares at Jun. 30, 2023			4,752,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(4,032)				(4,032)
Other comprehensive income	(22)					(22)
Sale of common stock and warrants	8,144		$ 1	8,143
Sale of common stock and warrants, shares			1,233,000
Financing fees	(657)			(657)
Issuance of stock related to employee compensation plans, net of forfeitures, shares			14,000
Share based compensation	543			543
Balances at Sep. 30, 2023	11,040		$ 6	172,304	(161,172)	(98)
Balances, Mezzanine Equity at Sep. 30, 2023
Balances, shares at Sep. 30, 2023			5,999,000
Balances at Dec. 31, 2023	7,442		$ 6	172,704	(165,204)	(64)
Balances, Mezzanine Equity at Dec. 31, 2023
Balances, shares at Dec. 31, 2023			6,003,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(3,506)				(3,506)
Other comprehensive income	76					76
Issuance of stock related to employee compensation plans, net of forfeitures, shares			3,000
Share based compensation	484			484
Balances at Mar. 31, 2024	4,496		$ 6	173,188	(168,710)	12
Balances, Mezzanine Equity at Mar. 31, 2024
Balances, shares at Mar. 31, 2024			6,006,000
Balances at Dec. 31, 2023	7,442		$ 6	172,704	(165,204)	(64)
Balances, Mezzanine Equity at Dec. 31, 2023
Balances, shares at Dec. 31, 2023			6,003,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(8,658)
Other comprehensive income	241
Balances at Sep. 30, 2024	9,455		$ 7	183,133	(173,862)	177
Balances, Mezzanine Equity at Sep. 30, 2024
Balances, shares at Sep. 30, 2024			6,507,000
Balances at Mar. 31, 2024	4,496		$ 6	173,188	(168,710)	12
Balances, Mezzanine Equity at Mar. 31, 2024
Balances, shares at Mar. 31, 2024			6,006,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,655)				(2,655)
Other comprehensive income	33					33
Sale of common stock and warrants	9,306			9,306
Sale of common stock and warrants, shares			438,000
Financing fees	(180)			(180)
Issuance of stock related to employee compensation plans, net of forfeitures, shares			3,000
Share based compensation	472			472
Balances at Jun. 30, 2024	11,472		$ 6	182,786	(171,365)	45
Balances, shares at Jun. 30, 2024			6,447,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(2,497)				(2,497)
Other comprehensive income	132					132
Financing fees	(52)			(52)
Issuance of stock related to employee compensation plans, net of forfeitures			$ 1	(1)
Issuance of stock related to employee compensation plans, net of forfeitures, shares			60,000
Share based compensation	400			400
Balances at Sep. 30, 2024	$ 9,455		$ 7	$ 183,133	$ (173,862)	$ 177
Balances, Mezzanine Equity at Sep. 30, 2024
Balances, shares at Sep. 30, 2024			6,507,000

Contingencies

9 Months Ended

Sep. 30, 2024

Contingencies

Contingencies

Note 14. Contingencies

Stockholders Litigation

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 initial public offering (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 added 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 moved to dismiss, and briefing on the motion was complete on January 7, 2022. On July 13, 2023, the court dismissed the second amended complaint with leave to re-plead. The plaintiffs did not file a third amended complaint. On August 23, 2023, the plaintiffs provided the court with an order of dismissal, and the court entered the order on August 24, 2023. On September 8, 2023, plaintiff Carole Tibbs filed a notice of appeal to the United States Court of Appeals for the Third Circuit. The appeal has been docketed as number 23-2655. The principal brief of appellant and appendix were filed on January 5, 2024. The appellees’ brief was filed on February 15, 2024, and the appellant’s reply brief was filed on March 15, 2024. On October 9, 2024, the court advised that it will decide the appeal on the papers and will not hear oral argument.

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 14 in the period they are incurred.

Net Loss Per Share - Schedule of Common Stock Equivalents Excluded from Computation of Diluted Loss per Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	2,642	1,692
Stock options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	548	537
Stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	454	231
Stock purchase warrants
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,640	924

Stock Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

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)		Aggregate Intrinsic Value (in thousands)
Outstanding, January 1, 2024		516		$	37.46		7.7	$	307
Granted		98
Exercised		—
Cancelled		(66	)
Outstanding, September 30, 2024		548		$	31.39		7.2	$	681
Exercisable, September 30, 2024		340		$	46.49		6.6	$	338

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

	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value
Outstanding, January 1, 2024		227		$	7.41
Granted		304
Vested and delivered		(66	)
Cancelled		(11	)
Outstanding, September 30, 2024		454		$	6.79

Schedule of Recognized Stock Compensation for Equity Awards

	Three months ended September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Selling, general and administrative	$	368	$	477	$	1,247	$	1,102
Research and development		21		60		77		178
Cost of goods sold		11		6		32		18
Total expense	$	400	$	543	$	1,356	$	1,298

Schedule of assumptions made in estimating the fair value of the options on the grant date based upon the BSM option-pricing model

	Nine months ended September 30,
		2024			2023
Fair value at grant date	$	4.31		$	3.95
Expected volatility		101.9	%		122.4	%
Risk-free interest rate		4.0	%		4.1	%
Expected holding period, in years		4.0			5.8
Dividend yield		—	%		—	%

Net Loss Per Share

9 Months Ended

Sep. 30, 2024

Net Loss Per Share

Net Loss Per Share

Note 11. 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. Due to their nominal exercise price of $0.001 per share, 1,608,433 pre-funded warrants are considered common stock equivalents and are included in weighted average shares outstanding in the accompanying condensed consolidated statement of operations as of the applicable purchase date. Stock unit awards, stock options, and warrants (other than the pre-funded 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:

	Nine months ended September 30,
(in thousands)	2024	2023
Stock options	548	537
Stock units	454	231
Stock purchase warrants	1,640	924
	2,642	1,692

Revenue - Additional Information (Details)	9 Months Ended
Revenue - Additional Information (Details)	Sep. 30, 2024
Revenue
Payment term for customers	30 days

Inventories

9 Months Ended

Sep. 30, 2024

Inventories

Inventories

Note 7. Inventories

As of September 30, 2024 and December 31, 2023, inventories consisted of the following:

(in thousands)	September 30, 2024		December 31, 2023
Raw materials	$	803	$	832
Work in process		439		1,538
Finished goods		714		397
Total inventories		1,956		2,767
Less: noncurrent inventories		—		607
Current inventories	$	1,956	$	2,160

The reserve for obsolete inventory was $0.6 million and $0.7 million as of September 30, 2024 and December 31, 2023, respectively. The Company records charges for obsolete inventory in cost of goods sold. As of December 31, 2023, noncurrent inventory was comprised of approximately $0.5 million in raw materials and $0.1 million of work in process, respectively. Inventory classified under the category “Work in process” consists of prefabricated assembled product.

Shareholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		9 Months Ended
	May 31, 2024	Sep. 30, 2024	Jun. 03, 2024	Dec. 31, 2023
Stock Purchase Agreement [Line Items]
Common stock, par value		$ 0.001		$ 0.001
Securities Purchase Agreement
Stock Purchase Agreement [Line Items]
Sale of Stock, Consideration Received on Transaction	$ 9.0	$ 9.0
Proceeds from issuance of securities to the legal counsel of entity, net of issuance cost	$ 1.0
Securities Purchase Agreement \| Warrants
Stock Purchase Agreement [Line Items]
Sale of stock, price per share	$ 6.43
Securities Purchase Agreement \| Pre-funded Warrants
Stock Purchase Agreement [Line Items]
Aggregate number of shares issued		1,608,433
Stock issued during period for warrants issued, shares		995,119
Securities Purchase Agreement \| Registered Direct Offering \| Warrants
Stock Purchase Agreement [Line Items]
Sale of stock, price per share			$ 6.4925
Securities Purchase Agreement \| Registered Direct Offering \| Pre-funded Warrants
Stock Purchase Agreement [Line Items]
Number of warrants sold together with another class of warrant each			0.5
Securities Purchase Agreement \| Registered Direct Offering \| Pre-funded Warrants \| Common Stock
Stock Purchase Agreement [Line Items]
Common stock, par value			$ 0.001
Securities Purchase Agreement \| Registered Direct Offering \| Pre-funded Warrants \| Common Stock \| Maximum
Stock Purchase Agreement [Line Items]
Warrants to purchase common stock			225,000
Securities Purchase Agreement \| Private Placement \| Common Stock
Stock Purchase Agreement [Line Items]
Sale of stock, price per share	$ 6.43
Aggregate number of shares issued	438,191
Securities Purchase Agreement \| Private Placement \| Warrants
Stock Purchase Agreement [Line Items]
Sale of stock, price per share	$ 6.4925
Securities Purchase Agreement \| Private Placement \| Warrants \| Common Stock \| Maximum
Stock Purchase Agreement [Line Items]
Warrants to purchase common stock	604,150
Securities Purchase Agreement \| Private Placement \| Pre-funded Warrants
Stock Purchase Agreement [Line Items]
Number of warrants sold together with another class of warrant each	0.5
Exercise price of warrants	$ 0.001
Securities Purchase Agreement \| Private Placement \| Pre-funded Warrants \| Common Stock \| Maximum
Stock Purchase Agreement [Line Items]
Warrants to purchase common stock	770,119
Securities Purchase Agreement \| Private Placement \| PIPE Warrants
Stock Purchase Agreement [Line Items]
Exercise price of warrants			$ 6.43
Warrants expiration date			Jun. 05, 2029
Securities Purchase Agreement \| Private Placement \| PIPE Warrants \| Common Stock \| Maximum
Stock Purchase Agreement [Line Items]
Warrants to purchase common stock			112,500

Leases (Tables)

9 Months Ended

Sep. 30, 2024

Leases

Supplemental Balance Sheet Information for Operating Leases

(in thousands)	September 30, 2024			December 31, 2023
Operating leases:
Operating lease right of use assets	$	3,732		$	502
Operating lease liabilities:
Current portion of operating lease liabilities		363			89
Noncurrent operating lease liabilities		3,678			537
Total operating lease liabilities	$	4,041		$	626
Weighted average remaining lease term (in years)		14.8			5.2
Weighted average discount rate		13.5	%		13.8	%

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

(in thousands)
Remainder of 2024	$	90
2025		369
2026		516
2027		603
2028		627
2029 and thereafter		8,388
Total future lease payments		10,593
Less: Amounts representing interest		(6,552	)
Total	$	4,041

Cash, Cash Equivalents, and Marketable Securities (Tables)

9 Months Ended

Sep. 30, 2024

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

Schedule of cash, cash equivalents, restricted cash and marketable securities

As of September 30, 2024
	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Cash, cash equivalents and restricted cash	$	5,179	$	—	$	—	$	5,179

Marketable Securities:
U.S. Treasury Bills		8,013		5		—		8,018
Total marketable securities		8,013		5		—		8,018

Total cash, cash equivalents, restricted cash and marketable securities	$	13,192	$	5	$	—	$	13,197

As of December 31, 2023
	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Cash, cash equivalents and restricted cash	$	10,581	$	—	$	—	$	10,581

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

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)	September 30, 2024		September 30, 2023
Cash and cash equivalents	$	4,929	$	13,460
Restricted cash		250		250
Total cash, cash equivalents and restricted cash	$	5,179	$	13,710

As of September 30, 2024, cash equivalents represented funds held in an interest-bearing demand deposit account, U.S. treasury bills, and a money market account.

(e)	*Marketable Securities*

(f)	Licensed Products

(g)	Recently Adopted Accounting Standards

Fair Value Measurements - Additional Information (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Marketable securities, Fair Value	$ 8,018

Stock Based Compensation - Summary of Weighted Average Assumptions Used in Valuing Plans (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Stock Based Compensation
Fair value at grant date	$ 4.31	$ 3.95
Expected volatility	101.90%	122.40%
Risk-free interest rate	4.00%	4.10%
Expected holding period, in years	4 years	5 years 9 months 18 days
Dividend yield

The Company - Additional Information (Details)	Sep. 30, 2024 subsidiary
The Company
Number of wholly owned subsidiaries	2

Cash, Cash Equivalents, Restricted Cash and Marketable Securities - Summary of Cash, Cash Equivalents, Restricted Cash and Marketable Securities (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Schedule Of Available For Sale Securities [Line Items]
Cash, cash equivalents and restricted cash, Amortized Cost	$ 5,179	$ 10,581
Cash, cash equivalents and restricted cash, Unrealized Gain
Cash, cash equivalents and restricted cash, Unrealized (Loss)
Cash, cash equivalents and restricted cash, Fair Value	5,179	$ 10,581	$ 13,710
Marketable securities, Amortized Cost	8,013
Marketable securities, Unrealised Gain	5
Marketable securities, Unrealized (Loss)
Marketable securities, Fair Value	8,018
Cash, cash equivalents and marketable securities, Amortized Cost	13,192
Cash, cash equivalents and marketable securities, Unrealized Gain	5
Cash, cash equivalents and marketable securities, Unrealized (Loss)
Cash, cash equivalents, and marketable securities, Fair Value	13,197
U S Treasury Bond Securities [Member]
Schedule Of Available For Sale Securities [Line Items]
Marketable securities, Amortized Cost	8,013
Marketable securities, Unrealised Gain	5
Marketable securities, Unrealized (Loss)
Marketable securities, Fair Value	$ 8,018

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities carried at fair value

			Fair Value Hierarchy
September 30, 2024	Total		Level 1		Level 2		Level 3
Assets
Cash, cash equivalents and restricted cash	$	5,179	$	5,179	$	—	$	—
Marketable Securities:
U.S. treasury bills		8,018		8,018		—		—
Total cash, cash equivalents, restricted cash and marketable securities	$	13,197	$	13,197	$	—	$	—

			Fair Value Hierarchy
December 31, 2023	Total		Level 1		Level 2		Level 3
Assets
Total cash, cash equivalents and restricted cash	$	10,581	$	10,581	$	—	$	—

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

9 Months Ended

Sep. 30, 2024

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

Cash, Cash Equivalents, Restricted Cash and Marketable Securities

Note 5. Cash, Cash Equivalents, Restricted Cash and Marketable Securities

The following tables summarize the Company’s cash, cash equivalents and marketable securities as of September 30, 2024 and December 31, 2023.

As of September 30, 2024
	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Cash, cash equivalents and restricted cash	$	5,179	$	—	$	—	$	5,179

Marketable Securities:
U.S. Treasury Bills		8,013		5		—		8,018
Total marketable securities		8,013		5		—		8,018

Total cash, cash equivalents, restricted cash and marketable securities	$	13,192	$	5	$	—	$	13,197

As of December 31, 2023
	Amortized Cost		Unrealized Gain		Unrealized (Loss)		Fair Value
Cash, cash equivalents and restricted cash	$	10,581	$	—	$	—	$	10,581

Accrued Expenses and Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Accrued Expenses and Other Current Liabilities

Schedule of accrued expenses and other current liabilities

(in thousands)	September 30, 2024		December 31, 2023
Accrued professional fees	$	323	$	282
Accrued bonuses and incentive compensation		2,302		2,352
Accrued litigation legal fees expense		1,125		1,041
Accrued insurance expense		359		247
Accrued research and development expenses		655		655
Accrued vacation and other employee related expenses		929		628
Accrued tax expenses		325		272
Deferred revenue		42		245
Other		248		149
	$	6,308	$	5,871

Leases - Future Minimum Lease Payments under Non-Cancellable Operating Leases (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases
Remainder of 2024	$ 90
2025	369
2026	516
2027	603
2028	627
2029 and thereafter	8,388
Total future lease payments	10,593
Less: Amounts representing interest	(6,552)
Total	$ 4,041

Stock Based Compensation - Summary of Activity Related to Restricted Stock and Deferred Stock Units Granted (Details) - Stock Units shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Number of Shares
Number of Shares, Outstanding, Ending	227
Number of Shares, Granted	304
Number of Shares, Vested and delivered	(66)
Number of Shares, Cancelled	(11)
Number of Shares, Outstanding, Begining	454
Weighted Average Grant Date Fair Value
Weighted Average Grant Date Fair Value, Beginning balance \| $ / shares	$ 7.41
Weighted Average Grant Date Fair Value, Ending balance \| $ / shares	$ 6.79

Related Party Transactions

9 Months Ended

Sep. 30, 2024

Note 15. Related Party Transactions

Consulting Agreements

On October 4, 2024, the Company and a former executive entered into a consulting agreement pursuant to which the former executive will provide financial and accounting consulting services to the Company on an hourly basis for 12 months after the effective date of his retirement, subject to potential extension upon mutual agreement.

On July 11, 2024, the Company and a member of its board of directors entered into a consulting agreement pursuant to which the board member is expected to begin providing consulting and advisory services to the Company’s Chief Executive Officer for a one-year term as of the completion of his service on the Board, effective as of immediately prior to the Company’s 2025 Annual Meeting of Stockholders. The director will be paid an hourly or per diem fee for such services rendered, if any, and was granted a stock option to purchase 50,000 shares of common stock of the Company at an exercise price of $6.43 per share, which shall vest and be exercisable in 12 equal monthly installments, subject to full vesting, if earlier, immediately prior to the 2025 Annual Meeting of Stockholders or a Change of Control so long as the director remains in continuous service to the Company through such date.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	6,507,011	6,002,628
Common stock, shares outstanding	6,507,011	6,002,628

Accrued Expenses and Other Current Liabilities - Additional Information (Details) - USD ($)		1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 02, 2024	Jul. 31, 2024	Sep. 30, 2024	Sep. 30, 2024
Accrued Expenses and Other Current Liabilities [Line Item]
Debt instrument, term	10 months
Finance and Security Agreement
Accrued Expenses and Other Current Liabilities [Line Item]
Interest expense			$ 5,000	$ 13,000
Debt instrument, face amount	$ 493,000
Annual interest rate of borrowing	8.75%
Debt instrument, frequency of periodic payment		monthly
Debt instrument, installment payment		$ 51,000

- Definition

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

+ References + Details

Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Net sales	$ 6,554	$ 4,508	$ 18,136	$ 10,839
Cost of goods sold	1,065	661	2,791	1,704
Gross profit	5,489	3,847	15,345	9,135
Operating expenses
Research and development	521	1,249	1,555	4,213
Selling, general and administrative	7,619	6,724	22,881	20,233
Total operating expenses	8,140	7,973	24,436	24,446
Loss from operations	(2,651)	(4,126)	(9,091)	(15,311)
Other (income) expense
Interest and other income	(159)	(94)	(439)	(298)
Other expense	5		128
Total other (income) expense	(154)	(94)	(311)	(298)
Loss before income taxes	(2,497)	(4,032)	(8,780)	(15,013)
Benefit from income taxes			122	211
Net loss	$ (2,497)	$ (4,032)	$ (8,658)	$ (14,802)
Net loss per share of common stock - Basic (in dollars per share)	$ (0.31)	$ (0.68)	$ (1.19)	$ (2.87)
Net loss per share of common stock - Diluted (in dollars per share)	$ (0.31)	$ (0.68)	$ (1.19)	$ (2.87)
Weighted average common shares outstanding - Basic (in shares)	8,093	5,945	7,255	5,149
Weighted average common shares outstanding - Diluted (in shares)	8,093	5,945	7,255	5,149

Leases - Supplemental Balance Sheet Information for Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Operating leases:
Operating lease right of use assets	$ 3,732	$ 502
Operating lease liabilities:
Current portion of operating lease liabilities	363	89
Noncurrent operating lease liabilities	3,678	537
Total operating lease liabilities	$ 4,041	$ 626
Weighted average remaining lease term (in years)	14 years 9 months 18 days	5 years 2 months 12 days
Weighted average discount rate	13.50%	13.80%

Shareholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Shareholders' Equity

Schedule of stock purchase warrants outstanding

	Number of Warrants (in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)			Aggregate Intrinsic Value (in thousands)
Outstanding, January 1, 2024		924	$	4.54		5.1	$	1,477
Stock purchase warrants		716
Exercised		—
Expired		—
Outstanding, September 30, 2024		1,640	$	5.37		4.5	$	3,215
Exercisable, September 30, 2024		1,640	$	5.37		4.5	$	3,215

Related Party Transactions - Additional Information (Details) - $ / shares			9 Months Ended
	Oct. 04, 2024	Jul. 11, 2024	Sep. 30, 2024
Related Party Transaction [Line Items]
Number of stock options granted			98,000
Brian M. Posner \| Consulting Agreement \| Subsequent Event
Related Party Transaction [Line Items]
Service period of the related party	12 months
F. Peter Cuneo, chairman of the board of directors \| Consulting Agreement
Related Party Transaction [Line Items]
Service period of the related party		1 year
Share-based compensation, Terms of award		The director will be paid an hourly or per diem fee for such services rendered, if any
Stock options, Award vesting rights		which shall vest and be exercisable in 12 equal monthly installments, subject to full vesting, if earlier, immediately prior to the 2025 Annual Meeting of Stockholders or a Change of Control so long as the director remains in continuous service to the Company through such date.
F. Peter Cuneo, chairman of the board of directors \| Consulting Agreement \| Common Stock
Related Party Transaction [Line Items]
Number of stock options granted		50,000
Weighted average exercise price of stock options granted		$ 6.43

Summary of Significant Accounting Policies - Schedule of Condensed Cash Flow Statement (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023
Accounting Policies [Abstract]
Cash and cash equivalents	$ 4,929	$ 10,331	$ 13,460
Restricted cash	250		250
Total cash, cash equivalents and restricted cash	$ 5,179	$ 10,581	$ 13,710

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accrued Liabilities Current [Abstract]
Accrued professional fees	$ 323	$ 282
Accrued bonuses and incentive compensation	2,302	2,352
Accrued litigation legal fees expense	1,125	1,041
Accrued insurance expense	359	247
Accrued research and development expenses	655	655
Accrued vacation and other employee related expenses	929	628
Accrued tax expenses	325	272
Deferred revenue	42	245
Other	248	149
Accrued expenses	$ 6,308	$ 5,871

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2024	Nov. 07, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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	false
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		6,554,591
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

Stock Based Compensation

9 Months Ended

Sep. 30, 2024

Stock Based Compensation

Stock Based Compensation

Note 13. Stock Based Compensation

The following table presents a summary of activity related to stock options during the nine months ended September 30, 2024:

	Number of Options (in thousands)			Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)		Aggregate Intrinsic Value (in thousands)
Outstanding, January 1, 2024		516		$	37.46		7.7	$	307
Granted		98
Exercised		—
Cancelled		(66	)
Outstanding, September 30, 2024		548		$	31.39		7.2	$	681
Exercisable, September 30, 2024		340		$	46.49		6.6	$	338

The intrinsic value is calculated as the difference between the fair market value at September 30, 2024 and the exercise price per share of the stock option. The options granted to employees generally vest over a three-year period.

	Number of Shares (in thousands)			Weighted Average Grant Date Fair Value
Outstanding, January 1, 2024		227		$	7.41
Granted		304
Vested and delivered		(66	)
Cancelled		(11	)
Outstanding, September 30, 2024		454		$	6.79

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 September 30,				Nine months ended September 30,
(in thousands)	2024		2023		2024		2023
Selling, general and administrative	$	368	$	477	$	1,247	$	1,102
Research and development		21		60		77		178
Cost of goods sold		11		6		32		18
Total expense	$	400	$	543	$	1,356	$	1,298

Total unrecognized compensation cost related to unvested awards as of September 30, 2024 was $2.5 million and is expected to be recognized over the next 1.6 years.

Valuation Information for Stock-Based Compensation

The Company uses the Black-Scholes model to estimate the grant date fair value of each stock option awarded. Effective July 1, 2023, expected volatility was based 100% on the Company's historical common stock volatility. For the period presented below, the expected volatility was based on a composite comprising of 50% of the Company's historical common stock volatility; the remaining 50% was based on historical volatility of its peers. 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 during the nine months ended September 30, 2024 and 2023, are summarized in the table below.

	Nine months ended September 30,
		2024			2023
Fair value at grant date	$	4.31		$	3.95
Expected volatility		101.9	%		122.4	%
Risk-free interest rate		4.0	%		4.1	%
Expected holding period, in years		4.0			5.8
Dividend yield		—	%		—	%

The fair value of each Stock Unit is the market close price of the Company’s common stock on the trading day immediately preceding the date of grant.

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2024

Accrued Expenses and Other Current Liabilities

Accrued Expenses and Other Current Liabilities

Note 9. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of September 30, 2024 and December 31, 2023 consisted of the following:

(in thousands)	September 30, 2024		December 31, 2023
Accrued professional fees	$	323	$	282
Accrued bonuses and incentive compensation		2,302		2,352
Accrued litigation legal fees expense		1,125		1,041
Accrued insurance expense		359		247
Accrued research and development expenses		655		655
Accrued vacation and other employee related expenses		929		628
Accrued tax expenses		325		272
Deferred revenue		42		245
Other		248		149
	$	6,308	$	5,871

Finance and Security Agreement

On July 2, 2024, the Company entered into a Commercial Insurance Premium Finance and Security Agreement (the "2024 Agreement"). The 2024 Agreement provides for a single borrowing of approximately $493,000 with a ten-month term and an annual interest rate of 8.75%. 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. Beginning July 2024, the Company began paying monthly installments of approximately $51,000.

During the three and nine months ended September 30, 2024, the Company recognized $5,000 and $13,000 in aggregate interest expense related to the Company's 2024 and 2023 insurance premium financing, respectively.

Insider Trading Arrangements	9 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual [Table]
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating Loss Carryforwards [Line Items]
Proceeds from operating activity	$ 122,000	$ 211,000

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (8,658)	$ (14,802)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,356	1,298
Depreciation and amortization	592	735
Amortization of right of use assets	86	46
Inventory reserve charge		258
Increase in provision for credit losses		54
Changes in operating assets and liabilities:
Accounts receivable	165	(241)
Inventories	435	(72)
Prepaid expenses and other assets	(289)	(219)
Accounts payable	84	904
Accrued expenses and other current liabilities	437	549
Operating lease liabilities	99	(55)
Net cash used in operating activities	(5,693)	(11,545)
Cash flows from investing activities:
Purchase of marketable securities	(8,018)
Purchase of equipment		(165)
Net cash used in investing activities	(8,018)	(165)
Cash flows from financing activities:
Sale of common stock and warrants	8,300	8,144
Financing fees	(232)	(657)
Net cash provided by financing activities	8,068	7,487
Effect of changes in exchange rates on cash and cash equivalents	241	(29)
Net decrease in cash and cash equivalents and restricted cash	(5,402)	(4,252)
Cash, cash equivalents, and restricted cash – beginning of period	10,581	17,962
Cash, cash equivalents, and restricted cash – end of period	5,179	13,710
Supplemental cash flows disclosures:
Proceeds from sale of state net operating losses	122	211
Interest paid	13	8
Supplemental schedule of noncash activity:
Insurance premium financing	359	433
Accounts payable paid through issuance of common stock and warrants	1,006
Right-of-use asset and liability	$ 3,316

Leases - Additional Information (Details)		3 Months Ended		9 Months Ended
Leases - Additional Information (Details)	Feb. 06, 2024 ft²	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Leases
Recognized lease expenses \| $		$ 178,000	$ 38,000	$ 357,000	$ 114,000
First Amendment to Lease Agreement \| Rockaway, New Jersey
Leases
Lessee, operating lease, lease not yet commenced, renewal term	10 years
Lessee, operating lease, lease not yet commenced, effective date	May 01, 2024
Lessee, operating lease, lease not yet commenced, expiry date	Jul. 31, 2034
Lessee, operating lease, lease not yet commenced, renewal term, option to extend	5 years
Area of lease property before expansion (in square foot)	13,643
Lessee, operating lease, lease not yet commenced, effective date for expansion of leased property				Jun. 01, 2024
Area of Real Estate Property	22,557

Stock Based Compensation - Additional Information (Details) - USD ($) shares in Thousands		9 Months Ended
	Jul. 01, 2023	Sep. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost related to unvested awards		$ 2,500,000
Unrecognized compensation expected to be recognized		1 year 7 months 6 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate	100.00%	50.00%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Weighted Average Volatility Rate of Peer Entities		50.00%
Share-based compensation arrangement by share-based payment award, fair value assumptions, Expected dividend payments		$ 0
Number of Options, Granted		98
Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
Non-employee Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		12 months
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

Inventories - (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventories
Raw materials	$ 803	$ 832
Work in process	439	1,538
Finished goods	714	397
Total inventories	1,956	2,767
Less: noncurrent inventories		607
Current inventories	$ 1,956	$ 2,160

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Accounting Policies [Line Items]
Marketable securities	$ 8,018,000
Finite-Lived License Agreements, Gross	0
Licensing Agreements [Member]
Accounting Policies [Line Items]
Net book value of licensed devices	$ 312,000	$ 494,000
Minimum [Member]
Accounting Policies [Line Items]
Estimated useful life	12 months
Maximum [Member]
Accounting Policies [Line Items]
Estimated useful life	36 months

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2024

Net Loss Per Share

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

	Nine months ended September 30,
(in thousands)	2024	2023
Stock options	548	537
Stock units	454	231
Stock purchase warrants	1,640	924
	2,642	1,692

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 4,929	$ 10,331
Restricted cash	250	250
Marketable securities	8,018
Accounts receivable, net	552	717
Inventories	1,956	2,160
Prepaid expenses and other current assets	1,074	836
Total current assets	16,779	14,294
Inventories, noncurrent		607
Property and equipment, net	170	204
Operating lease right of use assets, net	3,732	502
Other assets, net	364	495
Total assets	21,045	16,102
Current liabilities:
Accounts payable	1,241	2,163
Accrued expenses and other current liabilities	6,308	5,871
Current portion of operating lease liabilities	363	89
Total current liabilities	7,912	8,123
Noncurrent liabilities:
Operating lease liabilities, noncurrent	3,678	537
Total liabilities	11,590	8,660
Contingencies (see Note 14)
Stockholders' equity:
Common Stock, par value $0.001 per share; 500,000,000 shares authorized at September 30, 2024 and December 31, 2023; 6,507,011 shares issued and outstanding at September 30, 2024 and 6,002,628 shares issued and outstanding at December 31, 2023	7	6
Additional paid-in capital	183,133	172,704
Accumulated deficit	(173,862)	(165,204)
Accumulated other comprehensive income (loss)	177	(64)
Total stockholders' equity	9,455	7,442
Total liabilities and stockholders' equity	$ 21,045	$ 16,102

Fair Value Measurements - Summary of Assets and Liabilities Carried at Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 5,179	$ 10,581
Marketable Securities	13,200
Total cash, cash equivalents, restricted cash and marketable securities	13,197
U.S. Treasury Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	8,018
(Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents	5,179	10,581
Total cash, cash equivalents, restricted cash and marketable securities	13,197
(Level 1) \| U.S. Treasury Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities	8,018
(Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents
Total cash, cash equivalents, restricted cash and marketable securities
(Level 2) \| U.S. Treasury Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities
(Level 3)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Cash and cash equivalents
Total cash, cash equivalents, restricted cash and marketable securities
(Level 3) \| U.S. Treasury Bonds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Marketable Securities

Liquidity, Significant Risks and Uncertainties - Additional Information (Details) $ in Thousands		3 Months Ended						9 Months Ended
	May 31, 2024 USD ($)	Sep. 30, 2024 USD ($) facility	Jun. 30, 2024 USD ($)	Mar. 31, 2024 USD ($)	Sep. 30, 2023 USD ($) facility	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) facility	Sep. 30, 2023 USD ($) facility
Risks And Uncertainties [Line Items]
Net loss		$ 2,497	$ 2,655	$ 3,506	$ 4,032	$ 4,903	$ 5,867	$ 8,658	$ 14,802
Net Cash Provided by (Used in) Operating Activities, Continuing Operations								5,700	$ 11,500
Marketable Securities		$ 13,200						$ 13,200
Net Sales \| Customer Concentration Risk [Member] \| Rx gammaCore - VA/DoD [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales		72.90%			60.70%			72.90%	60.20%
Net Sales \| Government Contracts Concentration Risk \| Rx gammaCore - VA/DoD [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales		10.00%						10.00%
Securities Purchase Agreement
Risks And Uncertainties [Line Items]
Sale of Stock, Consideration Received on Transaction	$ 9,000							$ 9,000
Zero facilities [Member] \| Net Sales \| Customer Concentration Risk [Member] \| Rx gammaCore - VA/DoD [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales					10.00%				10.00%
Number of facilities \| facility					0				0
Facility one [Member] \| Net Sales \| Customer Concentration Risk [Member] \| Rx gammaCore - VA/DoD [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales		10.00%						10.00%
Number of facilities \| facility		1						1
Facility one [Member] \| Net Sales \| Customer Concentration Risk [Member] \| National Health Service [Member]
Risks And Uncertainties [Line Items]
Percentage of net sales		10.00%			10.00%			10.00%	10.00%
Number of facilities		1			1			1	1

Inventories - Additional Information (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Inventory [Line Items]
Reserves for obsolete inventory	$ 0.6	$ 0.7
Noncurrent inventory raw materials		0.5
Noncurrent inventory work in process		$ 0.1

Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 6. Fair Value Measurements

Financial assets and liabilities carried at fair value are classified and disclosed in one of the following three levels of the fair value hierarchy:

•

Level 1—Quoted prices in active markets for identical assets or liabilities.

•

Level 2—Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

•

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

A summary of the assets and liabilities carried at fair value in accordance with the hierarchy defined above is as follows:

			Fair Value Hierarchy
September 30, 2024	Total		Level 1		Level 2		Level 3
Assets
Cash, cash equivalents and restricted cash	$	5,179	$	5,179	$	—	$	—
Marketable Securities:
U.S. treasury bills		8,018		8,018		—		—
Total cash, cash equivalents, restricted cash and marketable securities	$	13,197	$	13,197	$	—	$	—

			Fair Value Hierarchy
December 31, 2023	Total		Level 1		Level 2		Level 3
Assets
Total cash, cash equivalents and restricted cash	$	10,581	$	10,581	$	—	$	—

As of September 30, 2024, the Company's Marketable securities in the amount of $8.0 million were carried at fair value in accordance with Level 1 as described above. The Company had no financial assets or liabilities as of December 31, 2023 that required valuation in accordance with the levels described above. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the nine months ended September 30, 2024, and year ended December 31, 2023. The carrying amount of the Company’s receivables and payables approximate their fair value due to their maturity.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Shareholders' Equity - Schedule of Stock Purchase Warrants (Details) - Stock Purchase Warrants [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Number of Warrants, Outstanding	924
Number of Warrants, Granted	716
Number of Warrants, Exercised
Number of Warrants, Expired
Number of Warrants, Outstanding	1,640	924
Number of Warrants, Exercisable	1,640
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Weighted Average Grant Date Fair Value, Beginning balance	$ 4.54
Weighted Average Grant Date Fair Value, Ending balance	5.37	$ 4.54
Weighted Average Exercise Price, Exercisable	$ 5.37
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms [Roll Forward]
Weighted Average Remaining Contractual Term (Years), Outstanding, January 1, 2024		5 years 1 month 6 days
Weighted Average Remaining Contractual Term (Years), Outstanding, Septemper 30, 2024	4 years 6 months
Weighted Average Remaining Contractual Term (Years), Exercisable	4 years 6 months
Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value [Roll Forward]
Aggregate Intrinsic Value, Outstanding, January 1, 2024		$ 1,477
Aggregate Intrinsic Value, Outstanding, September 30, 2024	$ 3,215
Aggregate Intrinsic Value, Exercisable, September 30, 2024	$ 3,215

Stock Based Compensation - Summary of Activity Related to Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Number of Options
Number of Options, Outstanding, Begining	516
Number of Options, Granted	98
Number of Options, Exercised
Number of Options, Cancelled	(66)
Number of Options, Outstanding, Ending	548	516
Number of Options, Exercisable	340
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding, Begining	$ 37.46
Weighted Average Exercise Price, Outstanding, Ending	31.39	$ 37.46
Weighted Average Exercise Price, Exercisable	$ 46.49
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Additional Disclosures [Abstract]
Weighted Average Remaining Contractual Term (Years), Outstanding	7 years 2 months 12 days	7 years 8 months 12 days
Weighted Average Remaining Contractual Term (Years), Exercisable	6 years 7 months 6 days
Aggregate Intrinsic Value, Outstanding, Beginning	$ 307
Aggregate Intrinsic Value, Outstanding, Ending	681	$ 307
Aggregate Intrinsic Value, Exercisable	$ 338

Revenue (Tables)

9 Months Ended

Sep. 30, 2024

Revenue

Schedule of net sales disaggregated by channel

	Three months ended September 30,				Nine months ended September 30,
Channel:		2024		2023		2024		2023
Rx gammaCore - VA/DoD	$	4,777	$	2,737	$	13,224	$	6,523
Rx gammaCore - U.S. Commercial		441		439		1,350		1,314
Outside the United States		485		465		1,398		1,299
Truvaga		657		266		1,614		703
TAC-STIM		194		601		550		1,000
Total Net Sales	$	6,554	$	4,508	$	18,136	$	10,839

Schedule of net sales disaggregated by geographic market

Geographic Market:	Three months ended September 30,				Nine months ended September 30,
Product revenue		2024		2023		2024		2023
United States	$	6,069	$	4,044	$	16,738	$	9,541
United Kingdom		454		412		1,266		1,117
Other		15		33		82		98
License revenue
Japan		16		19		50		83
Total Net Sales	$	6,554	$	4,508	$	18,136	$	10,839

Revenue - Summary of Net Sales Disaggregated by Channel (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total Net Sales	$ 6,554	$ 4,508	$ 18,136	$ 10,839
Rx gammaCore - VA/DoD
Disaggregation Of Revenue [Line Items]
Total Net Sales	4,777	2,737	13,224	6,523
Rx gammaCore - U.S. Commercial [Member]
Disaggregation Of Revenue [Line Items]
Total Net Sales	441	439	1,350	1,314
Outside the United States [Member]
Disaggregation Of Revenue [Line Items]
Total Net Sales	485	465	1,398	1,299
Truvaga [Member]
Disaggregation Of Revenue [Line Items]
Total Net Sales	657	266	1,614	703
TAC-STIM [Member]
Disaggregation Of Revenue [Line Items]
Total Net Sales	$ 194	$ 601	$ 550	$ 1,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- 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

Revenue - Summary of Net Sales Disaggregated by Geographic Area (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation Of Revenue [Line Items]
Total Net Sales	$ 6,554	$ 4,508	$ 18,136	$ 10,839
United States
Disaggregation Of Revenue [Line Items]
Total Net Sales	6,069	4,044	16,738	9,541
United Kingdom
Disaggregation Of Revenue [Line Items]
Total Net Sales	454	412	1,266	1,117
Other
Disaggregation Of Revenue [Line Items]
Total Net Sales	15	33	82	98
Japan
Disaggregation Of Revenue [Line Items]
Total Net Sales	$ 16	$ 19	$ 50	$ 83

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

+ References

+ Details

The Company

9 Months Ended

Sep. 30, 2024

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 wellness 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.

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

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Schedule of cash equivalents and restricted cash

(in thousands)	September 30, 2024		September 30, 2023
Cash and cash equivalents	$	4,929	$	13,460
Restricted cash		250		250
Total cash, cash equivalents and restricted cash	$	5,179	$	13,710

Income taxes

9 Months Ended

Sep. 30, 2024

Income Taxes

Income Taxes

Note 12. 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. For the nine months ended September 30, 2024 and 2023, the Company received net cash payments of $122,000 and $211,000, respectively from the sale of its New Jersey state net operating losses.

- Definition

The entire disclosure for income tax.

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+ Details

Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Inventories

Schedule of inventories stated at lower of cost or market

(in thousands)	September 30, 2024		December 31, 2023
Raw materials	$	803	$	832
Work in process		439		1,538
Finished goods		714		397
Total inventories		1,956		2,767
Less: noncurrent inventories		—		607
Current inventories	$	1,956	$	2,160

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement Of Income And Comprehensive Loss [Abstract]
Net loss	$ (2,497)	$ (4,032)	$ (8,658)	$ (14,802)
Other comprehensive income (loss):
Foreign currency translation adjustment	127	(22)	236	(29)
Unrealized gain on securities, net of taxes as applicable	5		5
Other comprehensive income (loss)	132	(22)	241	(29)
Comprehensive loss	$ (2,365)	$ (4,054)	$ (8,417)	$ (14,831)

- Definition

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

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Liquidity, Significant Risks and Uncertainties	9 Months Ended
Liquidity, Significant Risks and Uncertainties	Sep. 30, 2024
Going Concern, Significant Risks and Uncertainties
Liquidity, Significant Risks and Uncertainties	Note 3. Liquidity, Significant Risks and Uncertainties Liquidity The Company has experienced significant net losses, and it expects to continue to incur net losses for the near future as it works to increase market acceptance of its gammaCore therapy and general wellness and human performance products. The Company has never been profitable and has incurred net losses and negative cash used in operations each year since its inception. The Company incurred net losses of $8.7 million and $14.8 million and used cash in its operations of $5.7 million and $11.5 million for the nine months ended September 30, 2024 and 2023, respectively. These conditions have raised substantial doubt about the Company’s ability to continue as a going concern. The Company has historically funded its operations from the sale of its securities. During the nine months ended September 30, 2024, the Company received net proceeds of approximately $9.0 million from such sales and as of September 30, 2024, the Company’s cash, cash equivalents and marketable securities totaled $13.2 million (“Cash Position”). Based on its current assessment, the Company believes its Cash Position will enable it to fund its operating expenses and capital expenditure requirements, as currently planned, for at least the next 12 months from the date the accompanying financial statements are issued. The Company therefore believes that the previously disclosed substantial doubt about its ability to continue as a going concern is alleviated. There remain significant risks and uncertainties regarding the Company's business, financial condition and results of operations. The Company’s future capital requirements are difficult to forecast and will depend on many factors that are out of its control. If the Company is unable to achieve its planned operating results or maintain sufficient financial resources, including through potential positive cash flow from operations or supplemental access to third-party debt, equity or hybrid capital, its business, financial condition and results of operations may be materially and adversely affected. Concentration of Revenue Risks The Company earns a significant amount of its revenue in the United States from the VA/DoD pursuant to its qualifying contract under the Federal Supply Schedule, or FSS, and open market sales to individual VA facilities. For the three months ended September 30, 2024 and 2023, the VA/DoD accounted for 72.9% and 60.7% of net sales, respectively. For the nine months ended September 30, 2024 and 2023, the VA/DoD accounted for 72.9% and 60.2% of net sales, respectively. For the three and nine months ended September 30, 2024, Lovell accounted for more than 10% of our VA/DoD net sales. During the three months and nine months ended September 30, 2024, sales associated with one facility accounted for more than 10% of the total VA/DoD net sales. No facility accounted for more than 10% of the total VA/DoD net sales in the three and nine months ended September 30, 2023. During the three and nine months ended September 30, 2024 and 2023, one facility accounted for more than 10% of net sales from the National Health Service ("NHS"). Foreign Currency Exchange The Company has foreign currency exchange risks 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 the functional currency values of its assets, liabilities, and cash flows denominated in foreign currencies.

Shareholders' Equity

9 Months Ended

Sep. 30, 2024

Shareholders' Equity

Shareholders' Equity

Note 10. Shareholders' Equity

Securities Purchase Agreements

On June 3, 2024, the Company entered into a securities purchase agreement (the “Registered Direct Purchase Agreement”) with an institutional accredited investor (the “Purchaser”) for the sale (the “Registered Direct Offering”) by the Company of pre-funded warrants (the “RD Pre-funded Warrants”) to purchase up to 225,000 shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”) (the “RD Pre-funded Warrant Shares”). In a concurrent private placement, the Company issued and sold to the Purchaser unregistered warrants to purchase up to 112,500 shares of Common Stock (the “PIPE Warrants” and shares of Common Stock underlying the PIPE Warrants, the “PIPE Warrant Shares”). Each RD Pre-funded Warrant in the Registered Direct Offering was sold together with one-half of one PIPE Warrant at a combined effective offering price of $6.4925 per share. The PIPE Warrants became exercisable after the date of issuance at a price of $6.43 per share and will expire on June 5, 2029.

In a separate private placement, on May 31, 2024, the Company entered into securities purchase agreements with certain institutional and accredited investors and directors of the Company (the “Private Agreements”), which collectively provided for the sale by the Company of (i) 438,191 shares of Common Stock (the “Private Shares”), (ii) pre-funded warrants (the “Private Pre-funded Warrants”) to purchase up to 770,119 shares of Common Stock and (iii) warrants (the “Private Warrants” and together with the PIPE Warrants, the “Warrants”) to purchase up to 604,150 shares of Common Stock (the “Private Warrant Shares”). Each share of Common Stock (or Private Pre-funded Warrant) in this private placement was sold together with one-half of one Private Warrant at a combined effective offering price of $6.4925 per share. The Private Warrants will have the same terms as the PIPE Warrants sold to the Purchaser.

The Private Shares were sold at a purchase price of $6.43 per share. The RD Pre-funded Warrants and Private Pre-funded Warrants were sold at a purchase price of $6.43 minus $0.001 per Pre-Funded Warrant, and are exercisable immediately at an exercise price of $0.001 per share. The PIPE Warrants and Private Warrants are only exercisable for whole shares of Common Stock.

The net proceeds to the Company resulting in the sale of securities described above was approximately $9.0 million, after deducting other offering expenses payable by the Company, and excluding the proceeds, if any, from the exercise of the warrants. Of the net proceeds, $1 million came from the issuance of securities to the Company’s legal counsel. Upon issuance of the shares, certain of the Company’s financial obligations to its legal counsel were deemed paid and satisfied in full.

The Company accounts for common stock warrants in accordance with applicable accounting guidance provided in ASC Topic 815-40, Derivatives and Hedging – Contracts in Entity’s Own Equity, or ASC Topic 815-40, as either derivative liabilities or equity instruments depending on the specific terms of the warrant. The Company determined that the warrants associated this financing qualified for equity classification.

Stock Purchase Warrants

The following table presents a summary of stock purchase warrants outstanding as of September 30, 2024.

	Number of Warrants (in thousands)		Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)			Aggregate Intrinsic Value (in thousands)
Outstanding, January 1, 2024		924	$	4.54		5.1	$	1,477
Stock purchase warrants		716
Exercised		—
Expired		—
Outstanding, September 30, 2024		1,640	$	5.37		4.5	$	3,215
Exercisable, September 30, 2024		1,640	$	5.37		4.5	$	3,215

A total of 1,608,433 pre-funded warrants were excluded from this table of which 995,119 were issued during the nine months ended September 30, 2024.

- Definition

The entire disclosure for equity.

+ References

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+ Details

Revenue

9 Months Ended

Sep. 30, 2024

Revenue

Revenue

Note 4. Revenue

The following tables present product net sales disaggregated by Channel and Geographic Market (in thousands):

	Three months ended September 30,				Nine months ended September 30,
Channel:		2024		2023		2024		2023
Rx gammaCore - VA/DoD	$	4,777	$	2,737	$	13,224	$	6,523
Rx gammaCore - U.S. Commercial		441		439		1,350		1,314
Outside the United States		485		465		1,398		1,299
Truvaga		657		266		1,614		703
TAC-STIM		194		601		550		1,000
Total Net Sales	$	6,554	$	4,508	$	18,136	$	10,839

Geographic Market:	Three months ended September 30,				Nine months ended September 30,
Product revenue		2024		2023		2024		2023
United States	$	6,069	$	4,044	$	16,738	$	9,541
United Kingdom		454		412		1,266		1,117
Other		15		33		82		98
License revenue
Japan		16		19		50		83
Total Net Sales	$	6,554	$	4,508	$	18,136	$	10,839

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.

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+ Details