REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2024

Accounting Changes and Error Corrections [Abstract]

REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS

During the period ended September 30, 2023, the Company identified immaterial prior period errors related to the following: 1) accounting for the ELOC as a derivative instrument; 2) classification of Lender Fees and allocation of the warrants in connection with the Term Loan; and 3) the incorrect recording of in-kind dividends associated with the Company’s Series A Preferred Stock. The identified errors were included in the Company's previously issued annual consolidated financial statements as of and for the year ended December 31, 2022.

In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements;” the Company evaluated the errors and determined that the related impacts were not material to its consolidated financial statements for the prior year periods when they occurred, but the Company determined it would be appropriate to correct the errors in the current period in the Company’s consolidated statements of operations and comprehensive loss, consolidated balance sheets, consolidated statements of cash flows or consolidated statements of redeemable convertible preferred stock and stockholders’ deficit for any periods impacted.

The Company revised the previously issued consolidated statements of operations and comprehensive loss and consolidated statements of cash flows, and consolidated statements of redeemable convertible preferred stock and stockholders’ deficit tables as of and for the year ended December 31, 2022 to correct for such errors. All relevant prior period amounts affected by these revisions have been corrected in the notes in this Form 10-K.

The following tables reflect the impact of these revisions on the Company’s consolidated financial statements as of and for the year ended December 31, 2022 (dollars in thousands, except per share amounts):


	Year Ended December 31, 2022
Consolidated Statements of Operations And Comprehensive Loss	As Previously Reported		Adjustment		As Revised
General and administrative	$	30,178	$	265	$	30,443
Loss from operations	(105,407)		(265)		(105,672)
Other income (expense), net	(184)		(1,075)		(1,259)
Total other expense, net	(7,077)		(1,075)		(8,152)
Loss before provision for income taxes	(112,484)		(1,340)		(113,824)
Net loss	$	(115,373)	$	(1,340)	$	(116,713)
Net loss per share:
Basic and diluted	$	(0.73)	$	(0.01)	$	(0.74)


	Year Ended December 31, 2022
Consolidated Statement of Stockholders' Equity (Deficit)	As Previously Reported		Adjustment		As Revised
Accumulated deficit	$	(502,102)	$	(1,340)	$	(503,442)


	Year Ended December 31, 2022
Consolidated Statements of Cash Flows	As Previously Reported		Adjustment		As Revised
Net loss	$	(115,373)	$	(1,340)	$	(116,713)
Adjustments to reconcile net loss to net cash used in operating activities:
Loss on change in fair value of ELOC program	—		1,075		1,075
Changes in operating assets and liabilities
Other non-current assets	(539)		265		(274)
Net cash used in operating activities	$	(94,019)	$	—	$	(94,019)