REVISION OF PRIOR YEAR INTERIM FINANCIAL STATEMENTS

3 Months Ended

Mar. 31, 2023

Accounting Changes and Error Corrections [Abstract]

REVISION OF PRIOR YEAR INTERIM FINANCIAL STATEMENTS

REVISION OF PRIOR YEAR INTERIM FINANCIAL STATEMENTSDuring the course of preparing the Company's consolidated financial statements for the year ended December 31, 2022, we identified that stock-based compensation expense related to the PSU awards with market conditions was erroneously reversed when those PSUs were forfeited during the quarter ended March 31, 2022. Due to the error, general and administrative expense was understated by $1.6 million in the first quarter of 2022. Although the Company has determined that the error did not have a material impact on its previously issued interim consolidated financial statements, it revised the previously reported interim financial information in conjunction with the issuance of its quarterly filings on Form 10-Q for the quarter ended March 31, 2023. The errors had no net impact on cash flows from operating, investing or financing activities in the consolidated statement of cash flows.

The following tables set forth the effects of the revisions of previously issued unaudited quarterly consolidated financial statements to correct for prior period error.

Table 20.1: Impact of the Correction to the Unaudited Consolidated Statement of Operations
	For the Three Months Ended March 31, 2022
	As Previously Reported		Adjustment		As Revised
	(in thousands, except per share data)
General and administrative	$	22,923	$	1,633	$	24,556
Total selling, general and administrative expenses	33,605		1,633		35,238
Operating loss	(14,734)		(1,633)		(16,367)
Loss before income taxes	(14,912)		(1,633)		(16,545)
Net loss	(14,983)		(1,633)		(16,616)
Net loss per share, basic	$	(0.22)	$	(0.03)	$	(0.25)
Net loss per share, diluted	$	(0.22)	$	(0.03)	$	(0.25)

Table 20.2: Impact of the Correction to the Unaudited Consolidated Statement of Comprehensive Loss
	For the Three Months Ended March 31, 2022
	As Previously Reported		Adjustment		As Revised
	(in thousands)
Net loss	$	(14,983)	$	(1,633)	$	(16,616)
Comprehensive loss	(14,954)		(1,633)		(16,587)

Table 20.3: Impact of the Correction to the Unaudited Consolidated Statement of Changes in Stockholders' Equity
	For the Three Months Ended March 31, 2022
	As Previously Reported		Adjustment		As Revised
	(in thousands)
Stock-based compensation	$	12,647	$	1,633	$	14,280
Additional paid-in capital, end	376,913		1,633		378,546
Net loss	$	(14,983)	$	(1,633)	$	(16,616)
Accumulated deficit, end	(201,960)		(1,633)		(203,593)