| Summary of Revisions to Previously Issued Financial Statements |
The following table reflects the revisions to the previously issued Condensed Consolidated Balance Sheets as of as of March 31, 2025 and 2024, June 30, 2025 and 2024, and September 30, 2025 and 2024, and the Consolidated Balance Sheet as of December 31, 2024 :
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2025 |
|
|
June 30, 2025 |
|
|
September 30, 2025 |
|
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
|
(In thousands) |
|
|
(In thousands) |
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equipment subject to operating lease, net |
|
$ |
3,673 |
|
|
$ |
(81 |
) |
|
$ |
3,592 |
|
|
$ |
3,020 |
|
|
$ |
(162 |
) |
|
$ |
2,858 |
|
|
$ |
3,020 |
|
|
$ |
(243 |
) |
|
$ |
2,777 |
|
Total assets |
|
$ |
91,399 |
|
|
$ |
(81 |
) |
|
$ |
91,318 |
|
|
$ |
78,558 |
|
|
$ |
(162 |
) |
|
$ |
78,396 |
|
|
$ |
93,899 |
|
|
$ |
(243 |
) |
|
$ |
93,656 |
|
Additional paid-in capital |
|
$ |
488,623 |
|
|
$ |
(4,032 |
) |
|
$ |
484,591 |
|
|
$ |
491,032 |
|
|
$ |
(4,606 |
) |
|
$ |
486,426 |
|
|
$ |
511,477 |
|
|
$ |
(5,324 |
) |
|
$ |
506,153 |
|
Accumulated deficit |
|
$ |
(455,746 |
) |
|
$ |
3,951 |
|
|
$ |
(451,795 |
) |
|
$ |
(469,501 |
) |
|
$ |
4,444 |
|
|
$ |
(465,057 |
) |
|
$ |
(481,326 |
) |
|
$ |
5,081 |
|
|
$ |
(476,245 |
) |
Total stockholders' equity |
|
$ |
32,882 |
|
|
$ |
(81 |
) |
|
$ |
32,801 |
|
|
$ |
21,535 |
|
|
$ |
(162 |
) |
|
$ |
21,373 |
|
|
$ |
30,156 |
|
|
$ |
(243 |
) |
|
$ |
29,913 |
|
Total liabilities and stockholders' equity |
|
$ |
91,399 |
|
|
$ |
(81 |
) |
|
$ |
91,318 |
|
|
$ |
78,558 |
|
|
$ |
(162 |
) |
|
$ |
78,396 |
|
|
$ |
93,899 |
|
|
$ |
(243 |
) |
|
$ |
93,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2024 |
|
|
June 30, 2024 |
|
|
September 30, 2024 |
|
|
December 31, 2024 |
|
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
|
(In thousands) |
|
|
(In thousands) |
|
|
(In thousands) |
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional paid-in capital |
|
$ |
430,843 |
|
|
$ |
(791 |
) |
|
$ |
430,052 |
|
|
$ |
437,642 |
|
|
$ |
(1,898 |
) |
|
$ |
435,744 |
|
|
$ |
443,066 |
|
|
$ |
(3,143 |
) |
|
$ |
439,923 |
|
|
$ |
469,994 |
|
|
$ |
(3,553 |
) |
|
$ |
466,441 |
|
Accumulated deficit |
|
$ |
(385,351 |
) |
|
$ |
791 |
|
|
$ |
(384,560 |
) |
|
$ |
(385,523 |
) |
|
$ |
1,898 |
|
|
$ |
(383,625 |
) |
|
$ |
(408,648 |
) |
|
$ |
3,143 |
|
|
$ |
(405,505 |
) |
|
$ |
(430,334 |
) |
|
$ |
3,553 |
|
|
$ |
(426,781 |
) |
The following table reflects the revisions to the previously issued Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the three months ended March 31, 2025 and 2024, three and six months ended June 30, 2025 and 2024, three and nine months ended September 30, 2025 and 2024 and Consolidated Statement of Operations and Comprehensive Income (Loss) for the year ended December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2025 |
|
|
For the three months ended March 31, 2024 |
|
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
|
(In thousands) |
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
2,275 |
|
|
$ |
(216 |
) |
|
$ |
2,059 |
|
|
$ |
5,043 |
|
|
$ |
(371 |
) |
|
$ |
4,672 |
|
Selling and marketing |
|
$ |
1,212 |
|
|
$ |
(126 |
) |
|
$ |
1,086 |
|
|
$ |
4,809 |
|
|
$ |
(207 |
) |
|
$ |
4,602 |
|
General and administrative |
|
$ |
9,131 |
|
|
$ |
(55 |
) |
|
$ |
9,076 |
|
|
$ |
8,783 |
|
|
$ |
(213 |
) |
|
$ |
8,570 |
|
Total operating expenses |
|
$ |
12,618 |
|
|
$ |
(397 |
) |
|
$ |
12,221 |
|
|
$ |
18,635 |
|
|
$ |
(791 |
) |
|
$ |
17,844 |
|
Loss from operations |
|
$ |
(11,921 |
) |
|
$ |
397 |
|
|
$ |
(11,524 |
) |
|
$ |
(21,450 |
) |
|
$ |
791 |
|
|
$ |
(20,659 |
) |
Loss before provision for income taxes |
|
$ |
(25,403 |
) |
|
$ |
397 |
|
|
$ |
(25,006 |
) |
|
$ |
(28,310 |
) |
|
$ |
791 |
|
|
$ |
(27,519 |
) |
Net loss |
|
$ |
(25,411 |
) |
|
$ |
397 |
|
|
$ |
(25,014 |
) |
|
$ |
(28,314 |
) |
|
$ |
791 |
|
|
$ |
(27,523 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(1.90 |
) |
|
$ |
0.03 |
|
|
$ |
(1.87 |
) |
|
$ |
(57.11 |
) |
|
$ |
1.60 |
|
|
$ |
(55.51 |
) |
Diluted |
|
$ |
(1.90 |
) |
|
$ |
0.03 |
|
|
$ |
(1.87 |
) |
|
$ |
(57.11 |
) |
|
$ |
1.60 |
|
|
$ |
(55.51 |
) |
Net loss |
|
$ |
(25,411 |
) |
|
$ |
397 |
|
|
$ |
(25,014 |
) |
|
$ |
(28,314 |
) |
|
$ |
791 |
|
|
$ |
(27,523 |
) |
Total comprehensive loss |
|
$ |
(25,411 |
) |
|
$ |
397 |
|
|
$ |
(25,014 |
) |
|
$ |
(28,262 |
) |
|
$ |
791 |
|
|
$ |
(27,471 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended June 30, 2025 |
|
|
For the six months ended June 30, 2025 |
|
|
For the three months ended June 30, 2024 |
|
|
For the six months ended June 30, 2024 |
|
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
|
(In thousands) |
|
|
(In thousands) |
|
|
(In thousands) |
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
2,845 |
|
|
$ |
(257 |
) |
|
$ |
2,588 |
|
|
$ |
5,120 |
|
|
$ |
(473 |
) |
|
$ |
4,647 |
|
|
$ |
4,545 |
|
|
$ |
(506 |
) |
|
$ |
4,039 |
|
|
$ |
9,588 |
|
|
$ |
(877 |
) |
|
$ |
8,711 |
|
Selling and marketing |
|
$ |
1,619 |
|
|
$ |
(151 |
) |
|
$ |
1,468 |
|
|
$ |
2,831 |
|
|
$ |
(277 |
) |
|
$ |
2,554 |
|
|
$ |
4,273 |
|
|
$ |
(297 |
) |
|
$ |
3,976 |
|
|
$ |
9,082 |
|
|
$ |
(504 |
) |
|
$ |
8,578 |
|
General and administrative |
|
$ |
6,037 |
|
|
$ |
(85 |
) |
|
$ |
5,952 |
|
|
$ |
15,168 |
|
|
$ |
(140 |
) |
|
$ |
15,028 |
|
|
$ |
8,805 |
|
|
$ |
(304 |
) |
|
$ |
8,501 |
|
|
$ |
17,588 |
|
|
$ |
(517 |
) |
|
$ |
17,071 |
|
Total operating expenses |
|
$ |
10,501 |
|
|
$ |
(493 |
) |
|
$ |
10,008 |
|
|
$ |
23,119 |
|
|
$ |
(890 |
) |
|
$ |
22,229 |
|
|
$ |
17,623 |
|
|
$ |
(1,107 |
) |
|
$ |
16,516 |
|
|
$ |
36,258 |
|
|
$ |
(1,898 |
) |
|
$ |
34,360 |
|
Loss from operations |
|
$ |
(12,089 |
) |
|
$ |
493 |
|
|
$ |
(11,596 |
) |
|
$ |
(24,010 |
) |
|
$ |
890 |
|
|
$ |
(23,120 |
) |
|
$ |
(20,520 |
) |
|
$ |
1,107 |
|
|
$ |
(19,413 |
) |
|
$ |
(41,970 |
) |
|
$ |
1,898 |
|
|
$ |
(40,072 |
) |
Income (loss) before provision for income taxes |
|
$ |
(13,667 |
) |
|
$ |
493 |
|
|
$ |
(13,174 |
) |
|
$ |
(39,070 |
) |
|
$ |
890 |
|
|
$ |
(38,180 |
) |
|
$ |
(176 |
) |
|
$ |
1,107 |
|
|
$ |
931 |
|
|
$ |
(28,486 |
) |
|
$ |
1,898 |
|
|
$ |
(26,588 |
) |
Net income (loss) |
|
$ |
(13,756 |
) |
|
$ |
493 |
|
|
$ |
(13,263 |
) |
|
$ |
(39,167 |
) |
|
$ |
890 |
|
|
$ |
(38,277 |
) |
|
$ |
(172 |
) |
|
$ |
1,107 |
|
|
$ |
935 |
|
|
$ |
(28,486 |
) |
|
$ |
1,898 |
|
|
$ |
(26,588 |
) |
Net income (loss) per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.98 |
) |
|
$ |
0.04 |
|
|
$ |
(0.94 |
) |
|
$ |
(2.85 |
) |
|
$ |
0.06 |
|
|
$ |
(2.79 |
) |
|
$ |
(0.30 |
) |
|
$ |
1.96 |
|
|
$ |
1.65 |
|
|
$ |
(53.31 |
) |
|
$ |
3.55 |
|
|
$ |
(49.75 |
) |
Diluted |
|
$ |
(0.98 |
) |
|
$ |
0.04 |
|
|
$ |
(0.94 |
) |
|
$ |
(2.85 |
) |
|
$ |
0.06 |
|
|
$ |
(2.79 |
) |
|
$ |
(0.30 |
) |
|
$ |
1.96 |
|
|
$ |
1.65 |
|
|
$ |
(53.31 |
) |
|
$ |
3.55 |
|
|
$ |
(49.75 |
) |
Net income (loss) |
|
$ |
(13,756 |
) |
|
$ |
493 |
|
|
$ |
(13,263 |
) |
|
$ |
(39,167 |
) |
|
$ |
890 |
|
|
$ |
(38,277 |
) |
|
$ |
(172 |
) |
|
$ |
1,107 |
|
|
$ |
935 |
|
|
$ |
(28,486 |
) |
|
$ |
1,898 |
|
|
$ |
(26,588 |
) |
Total comprehensive income (loss) |
|
$ |
(13,756 |
) |
|
$ |
493 |
|
|
$ |
(13,263 |
) |
|
$ |
(39,167 |
) |
|
$ |
890 |
|
|
$ |
(38,277 |
) |
|
$ |
(130 |
) |
|
$ |
1,107 |
|
|
$ |
977 |
|
|
$ |
(28,392 |
) |
|
$ |
1,898 |
|
|
$ |
(26,494 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended September 30, 2025 |
|
|
For the nine months ended September 30, 2025 |
|
|
For the three months ended September 30, 2024 |
|
|
For the nine months ended September 30, 2024 |
|
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
|
(In thousands) |
|
|
(In thousands) |
|
|
(In thousands) |
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
3,042 |
|
|
$ |
(320 |
) |
|
$ |
2,722 |
|
|
$ |
8,162 |
|
|
$ |
(793 |
) |
|
$ |
7,369 |
|
|
$ |
4,438 |
|
|
$ |
(562 |
) |
|
$ |
3,876 |
|
|
$ |
14,026 |
|
|
$ |
(1,439 |
) |
|
$ |
12,587 |
|
Selling and marketing |
|
$ |
1,984 |
|
|
$ |
(187 |
) |
|
$ |
1,797 |
|
|
$ |
4,815 |
|
|
$ |
(464 |
) |
|
$ |
4,351 |
|
|
$ |
3,099 |
|
|
$ |
(337 |
) |
|
$ |
2,762 |
|
|
$ |
12,181 |
|
|
$ |
(841 |
) |
|
$ |
11,340 |
|
General and administrative |
|
$ |
6,037 |
|
|
$ |
(130 |
) |
|
$ |
5,907 |
|
|
$ |
21,205 |
|
|
$ |
(271 |
) |
|
$ |
20,934 |
|
|
$ |
15,410 |
|
|
$ |
(346 |
) |
|
$ |
15,064 |
|
|
$ |
32,998 |
|
|
$ |
(863 |
) |
|
$ |
32,135 |
|
Total operating expenses |
|
$ |
11,063 |
|
|
$ |
(637 |
) |
|
$ |
10,426 |
|
|
$ |
34,182 |
|
|
$ |
(1,528 |
) |
|
$ |
32,654 |
|
|
$ |
22,947 |
|
|
$ |
(1,245 |
) |
|
$ |
21,702 |
|
|
$ |
59,205 |
|
|
$ |
(3,143 |
) |
|
$ |
56,062 |
|
Loss from operations |
|
$ |
(10,630 |
) |
|
$ |
637 |
|
|
$ |
(9,993 |
) |
|
$ |
(34,641 |
) |
|
$ |
1,528 |
|
|
$ |
(33,113 |
) |
|
$ |
(18,876 |
) |
|
$ |
1,245 |
|
|
$ |
(17,631 |
) |
|
$ |
(60,846 |
) |
|
$ |
3,143 |
|
|
$ |
(57,703 |
) |
Loss before provision for income taxes |
|
$ |
(11,839 |
) |
|
$ |
637 |
|
|
$ |
(11,202 |
) |
|
$ |
(50,910 |
) |
|
$ |
1,528 |
|
|
$ |
(49,382 |
) |
|
$ |
(23,125 |
) |
|
$ |
1,245 |
|
|
$ |
(21,880 |
) |
|
$ |
(51,611 |
) |
|
$ |
3,143 |
|
|
$ |
(48,468 |
) |
Net loss |
|
$ |
(11,825 |
) |
|
$ |
637 |
|
|
$ |
(11,188 |
) |
|
$ |
(50,993 |
) |
|
$ |
1,528 |
|
|
$ |
(49,465 |
) |
|
$ |
(23,125 |
) |
|
$ |
1,245 |
|
|
$ |
(21,880 |
) |
|
$ |
(51,611 |
) |
|
$ |
3,143 |
|
|
$ |
(48,468 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.69 |
) |
|
$ |
0.04 |
|
|
$ |
(0.65 |
) |
|
$ |
(3.43 |
) |
|
$ |
0.10 |
|
|
$ |
(3.33 |
) |
|
$ |
(37.54 |
) |
|
$ |
2.02 |
|
|
$ |
(35.52 |
) |
|
$ |
(91.82 |
) |
|
$ |
5.59 |
|
|
$ |
(86.23 |
) |
Diluted |
|
$ |
(0.69 |
) |
|
$ |
0.04 |
|
|
$ |
(0.65 |
) |
|
$ |
(3.43 |
) |
|
$ |
0.10 |
|
|
$ |
(3.33 |
) |
|
$ |
(37.54 |
) |
|
$ |
2.02 |
|
|
$ |
(35.52 |
) |
|
$ |
(91.82 |
) |
|
$ |
5.59 |
|
|
$ |
(86.23 |
) |
Net loss |
|
$ |
(11,825 |
) |
|
$ |
637 |
|
|
$ |
(11,188 |
) |
|
$ |
(50,993 |
) |
|
$ |
1,528 |
|
|
$ |
(49,465 |
) |
|
$ |
(23,125 |
) |
|
$ |
1,245 |
|
|
$ |
(21,880 |
) |
|
$ |
(51,611 |
) |
|
$ |
3,143 |
|
|
$ |
(48,468 |
) |
Total comprehensive loss |
|
$ |
(11,825 |
) |
|
$ |
637 |
|
|
$ |
(11,188 |
) |
|
$ |
(50,993 |
) |
|
$ |
1,528 |
|
|
$ |
(49,465 |
) |
|
$ |
(23,123 |
) |
|
$ |
1,245 |
|
|
$ |
(21,878 |
) |
|
$ |
(51,515 |
) |
|
$ |
3,143 |
|
|
$ |
(48,372 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve months ended December 31, 2024 |
|
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
$ |
17,108 |
|
|
$ |
(1,626 |
) |
|
$ |
15,482 |
|
Selling and marketing |
|
$ |
13,808 |
|
|
$ |
(950 |
) |
|
$ |
12,858 |
|
General and administrative |
|
$ |
49,346 |
|
|
$ |
(977 |
) |
|
$ |
48,369 |
|
Total operating expenses |
|
$ |
80,262 |
|
|
$ |
(3,553 |
) |
|
$ |
76,709 |
|
Loss from operations |
|
$ |
(82,347 |
) |
|
$ |
3,553 |
|
|
$ |
(78,794 |
) |
Loss before provision for income taxes |
|
$ |
(73,317 |
) |
|
$ |
3,553 |
|
|
$ |
(69,764 |
) |
Net loss |
|
$ |
(73,297 |
) |
|
$ |
3,553 |
|
|
$ |
(69,744 |
) |
Net loss per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(86.51 |
) |
|
$ |
4.19 |
|
|
$ |
(82.32 |
) |
Diluted |
|
$ |
(86.51 |
) |
|
$ |
4.19 |
|
|
$ |
(82.32 |
) |
Net loss |
|
$ |
(73,297 |
) |
|
$ |
3,553 |
|
|
$ |
(69,744 |
) |
Total comprehensive loss |
|
$ |
(73,201 |
) |
|
$ |
3,553 |
|
|
$ |
(69,648 |
) |
The following table reflects the revisions to the previously issued Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024, six months ended June 30, 2025 and 2024, nine months ended September 30, 2025 and 2024 and Consolidated Statement of Cash Flows for the year ended December 31, 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2025 |
|
|
For the six months ended June 30, 2025 |
|
|
For the nine months ended September 30, 2025 |
|
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
|
(In thousands) |
|
|
(In thousands) |
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(25,411 |
) |
|
$ |
397 |
|
|
$ |
(25,014 |
) |
|
$ |
(39,167 |
) |
|
$ |
890 |
|
|
$ |
(38,277 |
) |
|
$ |
(50,993 |
) |
|
$ |
1,528 |
|
|
$ |
(49,465 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
942 |
|
|
$ |
81 |
|
|
$ |
1,023 |
|
|
$ |
1,725 |
|
|
$ |
162 |
|
|
$ |
1,887 |
|
|
$ |
2,492 |
|
|
$ |
243 |
|
|
$ |
2,735 |
|
Stock-based compensation |
|
$ |
4,074 |
|
|
$ |
(478 |
) |
|
$ |
3,596 |
|
|
$ |
6,483 |
|
|
$ |
(1,052 |
) |
|
$ |
5,431 |
|
|
$ |
9,106 |
|
|
$ |
(1,771 |
) |
|
$ |
7,335 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2024 |
|
|
For the six months ended June 30, 2024 |
|
|
For the nine months ended September 30, 2024 |
|
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
|
(In thousands) |
|
|
(In thousands) |
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(28,314 |
) |
|
$ |
791 |
|
|
$ |
(27,523 |
) |
|
$ |
(28,486 |
) |
|
$ |
1,898 |
|
|
$ |
(26,588 |
) |
|
$ |
(51,611 |
) |
|
$ |
3,143 |
|
|
$ |
(48,468 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
$ |
5,087 |
|
|
$ |
(791 |
) |
|
$ |
4,296 |
|
|
$ |
9,334 |
|
|
$ |
(1,898 |
) |
|
$ |
7,436 |
|
|
$ |
13,041 |
|
|
$ |
(3,143 |
) |
|
$ |
9,898 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the twelve months ended December 31, 2024 |
|
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Net Loss |
|
$ |
(73,297 |
) |
|
$ |
3,553 |
|
|
$ |
(69,744 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
$ |
4,912 |
|
|
$ |
(134 |
) |
|
$ |
4,778 |
|
Stock-based compensation |
|
$ |
15,363 |
|
|
$ |
(3,553 |
) |
|
$ |
11,810 |
|
Reserve for excess and obsolete inventory |
|
$ |
- |
|
|
$ |
7,179 |
|
|
$ |
7,179 |
|
Provision for credit loss related to trade accounts receivable |
|
$ |
- |
|
|
$ |
2,786 |
|
|
$ |
2,786 |
|
Non-cash lease expense |
|
$ |
- |
|
|
$ |
134 |
|
|
$ |
134 |
|
Changes in assets and liabilities |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
$ |
5,860 |
|
|
$ |
(2,786 |
) |
|
$ |
3,074 |
|
Inventories |
|
$ |
13,300 |
|
|
$ |
(7,179 |
) |
|
$ |
6,121 |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
Gross proceeds from BEPO Offering |
|
$ |
10,700 |
|
|
$ |
1,300 |
|
|
$ |
12,000 |
|
Payments for issuance costs related to the BEPO offering |
|
$ |
- |
|
|
$ |
(1,300 |
) |
|
$ |
(1,300 |
) |
The following table sets forth the components of the Company’s year ended December 31, 2024 Income Tax Provision as restated from the previously issued Note 12. Income Taxes, in the 2024 Form 10-K to reflect the cumulative impact of the stock-based compensation misstatement as described above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
December 31, 2024 |
|
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
|
(In thousands, except percentages) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tax at federal statutory rate |
|
$ |
(15,432 |
) |
|
$ |
746 |
|
|
$ |
(14,686 |
) |
|
|
(21.0 |
)% |
|
|
(0.1 |
)% |
|
|
(21.1 |
)% |
State, net of federal benefit |
|
$ |
12,779 |
|
|
$ |
168 |
|
|
$ |
12,947 |
|
|
|
17.4 |
% |
|
|
1.2 |
% |
|
|
18.6 |
% |
Change in valuation allowance |
|
$ |
(6,939 |
) |
|
$ |
(914 |
) |
|
$ |
(7,853 |
) |
|
|
(9.4 |
)% |
|
|
(1.3 |
)% |
|
|
(11.2 |
)% |
The following table sets forth the components of the Company’s year ended December 31, 2024 Deferred Tax Assets as restated to from the previously issued Note 12. Income Taxes, 2024 Form 10-K reflect the cumulative impact of the stock-based compensation misstatement as described above:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
As Previously Reported |
|
|
Adjusted |
|
|
As Revised |
|
|
|
(In thousands) |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation |
|
$ |
5,866 |
|
|
$ |
(914 |
) |
|
$ |
4,952 |
|
Total deferred tax assets |
|
$ |
121,835 |
|
|
$ |
(914 |
) |
|
$ |
120,921 |
|
Valuation allowance |
|
$ |
(118,783 |
) |
|
$ |
914 |
|
|
$ |
(117,869 |
) |
The gross impact to the deferred tax asset of $0.9 million, is fully offset by a corresponding decrease in the valuation allowance. Accordingly, there was no impact to income tax expense. |