Revision of Previously Reported Consolidated Financial Statements as of and for the year ended December 31, 2020 (Tables)

6 Months Ended

Jun. 30, 2021

Accounting Changes and Error Corrections [Abstract]

Impact of Restatement Adjustments and Revision to Previously Reported Consolidated Financial Statements

The following tables reflect the impact of the correction of all the above errors on the Company’s previously reported consolidated financial statements as of and for the year ended December 31, 2020 (in thousands, except per share amounts):

	As of December 31, 2020
	As Originally Reported	Warrants adjustments	Other Immaterial adjustments	As Revised
Consolidated Balance Sheet
Current liabilities
Accounts payable and accrued expenses	8,861	—	(390)	8,471
Long term debt, current portion	1,071	—	(147)	924
Total current liabilities	14,122	—	(537)	13,585
Long term liabilities
Long term debt	280	—	147	427
Warrants liability	—	2,701	—	2,701
Total long term liabilities	1,046	2,701	147	3,894
Total liabilities	15,168	2,701	(390)	17,479
Shareholders' equity
Contingently Issuable Common Stock	17,944	—	(344)	17,600
Additional paid in capital	395,913	(559)	137	395,491
Accumulated deficit	(290,766)	(2,142)	597	(292,311)
Total shareholders' equity	123,096	(2,701)	390	120,785
Total liabilities, contingently redeemable preferred units, and shareholders’ equity	138,264	—	—	138,264

	For the six months ended June 30, 2021
	As Originally Reported	Warrants adjustments	Other Immaterial adjustments	As Revised
Condensed Consolidated Statements of Shareholders' Equity (Deficit)
Balance, December 31, 2020
Additional Paid in Capital	395,913	(559)	137	395,491
Contingently Issuable Common Stock	17,944	—	(344)	17,600
Accumulated Deficit	(290,766)	(2,142)	597	(292,311)
Total	123,096	(2,701)	390	120,785

	For the year ended December 31, 2020
	As Originally Reported		Warrants adjustments		Other Immaterial adjustments		As Revised
Consolidated Statement of Operations
Costs and expenses
Research and development expenses	13,983		—		(390)		$	13,593
Total costs and expenses	39,288		—		(390)		$	38,898
Operating loss	(39,069)		—		390		$	(38,679)
Other income (expense)
Change in fair value, Sponsor Earnout Shares	(8,083)		—		(137)		$	(8,220)
Change in fair value, warrants liability	—		(2,142)		—		$	(2,142)
Net loss	(68,754)		(2,142)		253		$	(70,643)
Basic and diluted loss per share attributable to common shareholders
Basic	$	(7.31)	$	(0.23)	$	0.03	$	(7.51)
Diluted	$	(7.31)	$	(0.23)	$	0.03	$	(7.51)

	For the year ended December 31, 2020
	As Originally Reported	Warrants adjustments	Other Immaterial adjustments	As Revised
Consolidated Statements of Shareholders' Equity (Deficit)
Additional Paid in Capital
Net equity infusion from the Merger	126,024	(559)	215	125,680
Reclassification of Block B Sponsor earnout shares	11,760	—	(78)	11,682
Balance, December 31, 2020	395,913	(559)	137	395,491
Contingently Issuable Common Stock
Contingently Issuable Common Stock	17,944	—	(344)	17,600
Balance, December 31, 2020	17,944	—	(344)	17,600
Accumulated Deficit
Contingently Issuable Common Stock	(17,944)	—	344	(17,600)
Net loss	(68,754)	(2,142)	253	(70,643)
Balance, December 31, 2020	(290,766)	(2,142)	597	(292,311)
Total Shareholders' Equity (Deficit)
Net equity infusion from the Merger	126,026	(559)	215	125,682
Reclassification of Block B Sponsor earnout shares	11,760	—	(78)	11,682
Net loss	(68,754)	(2,142)	253	(70,643)
Balance, December 31, 2020	123,096	(2,701)	390	120,785

	For the year ended December 31, 2020
	As Originally Reported	Warrants adjustments	Other Immaterial adjustments	As Revised
Consolidated Statements of Cash Flows
Cash flows from operating activities
Net loss	(68,754)	(2,142)	253	(70,643)
Adjustment to reconcile net loss to net cash used in operating activities
Change in fair value, Sponsor Earnout Shares	8,083	—	137	8,220
Change in fair value, warrants liability	—	2,142	—	2,142
Changes in operating assets and liabilities:
Accounts payable and accrued expenses	1,709	—	(390)	1,319
Net cash used in operating activities	(26,559)	—	—	(26,559)