| Summary of Revisions to Previously Issued Financial Statements |
All changes were included in the financial statements as of and for the year ending December 31, 2024 as seen below:
The following table reflects the revisions to the previously issued Condensed Consolidated Balance Sheet as of September 30, 2024:
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September 30, 2024 |
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As Previously Reported |
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Adjusted |
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As Revised |
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(In thousands) |
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Debt – current portion |
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$ |
29,602 |
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$ |
267 |
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$ |
29,869 |
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Total current liabilities |
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63,402 |
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|
267 |
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|
63,669 |
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Total liabilities |
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$ |
76,100 |
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$ |
267 |
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$ |
76,367 |
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Accumulated deficit |
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$ |
(408,381 |
) |
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$ |
(267 |
) |
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$ |
(408,648 |
) |
Total stockholders' equity |
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34,687 |
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(267 |
) |
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34,420 |
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Total liabilities and stockholders' equity |
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$ |
110,787 |
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$ |
- |
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$ |
110,787 |
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The following table reflects the revisions to the previously issued Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) for the three months ended September 30, 2024:
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For the three months ended September 30, 2024 |
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For the nine months ended September 30, 2024 |
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As Previously Reported |
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Adjusted |
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As Revised |
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As Previously Reported |
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Adjusted |
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As Revised |
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(In thousands) |
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(In thousands) |
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General and administrative |
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$ |
15,279 |
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$ |
131 |
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$ |
15,410 |
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$ |
32,867 |
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$ |
131 |
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$ |
32,998 |
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Total operating expenses |
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22,816 |
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131 |
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22,947 |
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59,074 |
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131 |
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59,205 |
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Loss from operations |
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(18,745 |
) |
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131 |
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(18,876 |
) |
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(60,715 |
) |
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131 |
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(60,846 |
) |
Interest expense |
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(10,949 |
) |
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7,389 |
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(3,560 |
) |
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(20,309 |
) |
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7,389 |
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(12,920 |
) |
Loss on debt extinguishment |
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— |
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(7,525 |
) |
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(7,525 |
) |
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— |
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(7,525 |
) |
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(7,525 |
) |
Loss before provision for income taxes |
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(22,858 |
) |
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(267 |
) |
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(23,125 |
) |
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(51,344 |
) |
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(267 |
) |
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(51,611 |
) |
Net loss |
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$ |
(22,858 |
) |
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$ |
(267 |
) |
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$ |
(23,125 |
) |
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$ |
(51,344 |
) |
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$ |
(267 |
) |
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$ |
(51,611 |
) |
Net loss per share: |
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Basic |
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$ |
(2.47 |
) |
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$ |
(0.04 |
) |
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$ |
(2.51 |
) |
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$ |
(6.09 |
) |
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$ |
(0.03 |
) |
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$ |
(6.12 |
) |
Diluted |
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$ |
(2.47 |
) |
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$ |
(0.04 |
) |
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$ |
(2.51 |
) |
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$ |
(6.09 |
) |
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$ |
(0.03 |
) |
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$ |
(6.12 |
) |
Net loss |
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$ |
(22,858 |
) |
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$ |
(267 |
) |
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$ |
(23,125 |
) |
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$ |
(51,344 |
) |
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$ |
(267 |
) |
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$ |
(51,611 |
) |
Total comprehensive loss |
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$ |
(22,856 |
) |
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$ |
(267 |
) |
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$ |
(23,123 |
) |
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$ |
(51,248 |
) |
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$ |
(267 |
) |
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$ |
(51,515 |
) |
The following table reflects the revisions to the previously issued Condensed Consolidated Statement of Cash Flows for the three months ended September 30, 2024:
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For the nine months ended September 30, 2024 |
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As Previously Reported |
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Adjusted |
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As Revised |
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(In thousands) |
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Net Loss |
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$ |
(51,344 |
) |
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$ |
(267 |
) |
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$ |
(51,611 |
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Adjustments to reconcile net loss to net cash used in operating activities |
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Loss on debt extinguishment |
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$ |
- |
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$ |
7,525 |
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$ |
7,525 |
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Amortization of debt discount and deferred financing costs |
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$ |
14,541 |
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$ |
(7,258 |
) |
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$ |
7,283 |
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