Restatement of Previously Issued Financial Statements (Tables)

12 Months Ended

Dec. 31, 2022

Restatement of Previously Issued Financial Statements

Schedule of impact of the restatement on the balance sheets, operations and comprehensive loss, equity and cash flow statements for the affected periods

The following tables represent the restated balance sheet, restated statements of operations and comprehensive loss, statements of changes in stockholders’ equity and statement of cash flows for the year ended December 31, 2021. These tables also present a reconciliation from the prior period as previously reported to the restated amounts. The amounts as previously reported for fiscal year 2021 was derived from the Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed on March 30, 2022.

Balance Sheet

	December 31, 2021
	As Previously
	Reported		Adjustment		As Restated
Assets
Current assets:
Cash and cash equivalents	$	19,143	$	—	$	19,143
Accounts receivable, net		1,533		—		1,533
Inventory, net		966		—		966
Prepaid expenses and other current assets		2,283		—		2,283
Total current assets		23,925		—		23,925
Property and equipment, net		12,447		—		12,447
Right of use asset		949		—		949
Other non-current assets		2,012		—		2,012
Total assets	$	39,333	$	—	$	39,333
Liabilities and stockholders’ equity
Current liabilities:
Long-term debt, current portion	$	16,833		—	$	16,833
Accounts payable		8,707		—		8,707
Accrued expenses		3,563		—		3,563
Lease liability, current portion		175		—		175
Total current liabilities		29,278		—		29,278
Lease liabilities, long-term		784		—		784
Warrant liability		—		5,356		5,356
Total liabilities		30,062		5,356		35,418
Commitments and contingencies (Note 13)
Stockholders’ equity
Preferred stock, $.0001 par value, 10,000,000 shares authorized, 4,850 issued and no shares outstanding at December 31, 2022 and no shares issued and outstanding at December 31, 2021		—		—		—
Common stock, $.0001 par value, 300,000,000 shares authorized, 42,970,134 and 3,034,901 issued and outstanding at December 31, 2022 and December 31, 2021, respectively *		—		—		—
Additional paid-in capital *		396,388		(9,183)		387,205
Accumulated deficit		(387,117)		3,827		(383,290)
Total stockholders’ equity		9,271		(5,356)		3,915
Total liabilities and stockholders’ equity	$	39,333	$	—	$	39,333

* Adjustment reflected as a result of the 1-for-40 reverse stock split effectuated on April 26, 2022.

Statement of Operations and Comprehensive Loss

	Year Ended December 31, 2021
	As Previously Reported		Adjustment		As Restated
Revenues, net	$	4,101	$	—	$	4,101
Cost of product revenues		10,718		—		10,718
Gross profit (loss)		(6,617)		—		(6,617)
Operating expenses:
Research and development	$	6,246	$	—	$	6,246
Selling and marketing		43,444		—		43,444
General and administrative		14,698		—		14,698
Loss on disposition of assets		—		—		—
Total operating expenses		64,388		—		64,388
Loss from operations		(71,005)		—		(71,005)
Other income (expense)
Interest income		25		—		25
Interest expense		(3,914)		—		(3,914)
Unrealized gain on warrant liability		—		3,827		3,827
Total other income (expense), net		(3,889)		3,827		(62)
Loss before benefit from income taxes		(74,894)		3,827		(71,067)
Benefit from income taxes		—		—		—
Net loss	$	(74,894)	$	3,827	$	(71,067)
Net loss per share (basic and diluted)*	$	(30.86)	$	1.58	$	(29.28)
Weighted-average common shares (basic and diluted)		2,426,821		2,426,821		2,426,821
Comprehensive loss:
Net loss	$	(74,894)	$	3,827	$	(71,067)
Other comprehensive income:
Unrealized (loss) gain on marketable securities		(3)		—		(3)
Comprehensive loss	$	(74,897)	$	3,827	$	(71,070)
* Adjustment reflected as a result of the 1-for-40 reverse stock split effectuated on April 26, 2022.

Statement of Changes in Stockholders’ Equity

	Common Stock			Additional		Accumulated				Net
	Number of			Paid-in		Other Comprehensive		Accumulated		Stockholders'
	Shares *	Amount		Capital *		Income		Deficit		Equity
As Previously Reported
Balance December 31, 2020	2,189,100	$	—	$	361,548	$	3	$	(312,223)	$	49,328
Share-based compensation - stock options and RSUs	—		—		3,338		—		—		3,338
Issuance of common stock pursuant to at‑the‑market stock sales, net of expenses	172,879		—		9,266		—		—		9,266
Issuance of common stock in public offering, net of expenses	666,666		—		21,081		—		—		21,081
Issuance of common stock upon exercise of stock options	3,160		—		75		—		—		75
Vesting of RSUs	3,096		—		—		—		—		—
Warrants issued in connection with long-term debt	—		—		1,080		—		—		1,080
Unrealized net gain on marketable securities	—		—		—		(3)		—		(3)
Net loss	—		—		—		—		(74,894)		(74,894)
Balance December 31, 2021	3,034,901	$	—	$	396,388	$	—	$	(387,117)	$	9,271
Adjustment
Balance December 31, 2020	—		—		—		—		—		—
Share-based compensation - stock options and RSUs	—		—		—		—		—		—
Issuance of common stock pursuant to at‑the‑market stock sales, net of expenses	—		—		—		—		—		—
Issuance of common stock in public offering, net of expenses	—		—		(9,183)		—		—		(9,183)
Issuance of common stock upon exercise of stock options	—		—		—		—		—		—
Vesting of RSUs	—		—		—		—		—		—
Warrants issued in connection with long-term debt	—		—		—		—		—		—
Unrealized net gain on marketable securities	—		—		—		—		—		—
Net loss	—		—		—		—		3,827		3,827
Total adjustment December 31, 2021	—	$	—	$	(9,183)	$	—	$	3,827	$	(5,356)
As Restated
Balance December 31, 2020	2,189,100	$	—	$	361,548	$	3	$	(312,223)	$	49,328
Share-based compensation - stock options and RSUs	—		—		3,338		—		—		3,338
Issuance of common stock pursuant to at‑the‑market stock sales, net of expenses	172,879		—		9,266		—		—		9,266
Issuance of common stock in public offering, net of expenses	666,666		—		11,898		—		—		11,898
Issuance of common stock upon exercise of stock options	3,160		—		75		—		—		75
Vesting of RSUs	3,096		—		—		—		—		—
Warrants issued in connection with long-term debt	—		—		1,080		—		—		1,080
Unrealized net gain on marketable securities	—		—		—		(3)		—		(3)
Net loss	—		—		—		—		(71,067)		(71,067)
Balance December 31, 2021 (Restated)	3,034,901	$	—	$	387,205	$	—	$	(383,290)	$	3,915
* Adjustment reflected as a result of the 1-for-40 reverse stock split effectuated on April 26, 2022.

Statement of Cash Flows

	Year Ended
	December 31, 2021
	As Previously Reported		Adjustment		As Restated
Cash flows from operating activities:
Net loss	$	(74,894)	$	3,827	$	(71,067)
Adjustments to reconcile net loss to net cash used in operating activities:
Noncash inventory reserve		5,323		—		5,323
Depreciation		2,064		—		2,064
Amortization		159		—		159
Noncash stock-based compensation		3,338		—		3,338
Noncash amortization of deferred financing costs		1,661		—		1,661
Unrealized gain on warrants		—		(3,827)		(3,827)
Changes in operating assets and liabilities:
Accounts receivable		(668)		—		(668)
Inventory		(6,289)		—		(6,289)
Prepaid expenses and other assets		(967)		—		(967)
Accounts payable and accrued expenses		5,202		—		5,202
Lease liability		(131)		—		(131)
Net cash used in operating activities		(65,202)		—		(65,202)
Cash flows from investing activities:
Purchases of marketable securities		—		—		—
Sales and maturities of marketable securities		39,729		—		39,729
Acquisition of property and equipment		(269)		—		(269)
Net cash provided by investing activities		39,460		—		39,460
Cash flows from financing activities:
Proceeds from issuance of preferred stock in registered direct offering, net of offering costs		—		—		—
Proceeds from issuance of common stock in public offering, net of offering costs		21,081		—		21,081
Proceeds from At-the-Market sales of common stock, net of offering costs		9,266		—		9,266
Proceeds from exercise of stock options		75		—		75
Net cash provided by financing activities		30,422		—		30,422
Net (decrease) increase in cash and cash equivalents		4,680		—		4,680
Cash and cash equivalents, beginning of period		14,463		—		14,463
Cash and cash equivalents, end of period	$	19,143	$	—	$	19,143
Supplemental disclosure of noncash financing activities
Warrants issued in connection with long-term debt	$	1,080	$	—	$	1,080
Operating right-of-use assets obtained in exchange for new operating lease liabilities		969		—		969
Supplemental cash flow information
Interest paid	$	2,383	$	—	$	2,383