Correction of immaterial errors

12 Months Ended

Dec. 31, 2024

Accounting Changes and Error Corrections [Abstract]

During the three months ended March 31, 2024, we determined that an error existed in our previously issued consolidated financial statements. Specifically, we identified that we had not properly accelerated stock compensation expense related to unvested shares of market-based awards of certain employees upon their termination during the fourth quarter of 2023. The error was evaluated under the U.S. SEC's Staff Accounting Bulletin ("SAB") Topic 1M, "Materiality," and SEC SAB Topic 1N, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements" to determine the materiality of prior period misstatements to the Company’s financial statements. We evaluated the error and concluded that it was not material to the previously issued consolidated financial statements. Although the error was not material to any period, we corrected the accompanying historical consolidated financial statements for the year ended December 31, 2023 to reflect the additional stock compensation expense incurred within each period for comparative purposes.

As noted in our Basis of presentation and consolidation, the Company is presenting Global Cooling, SciSafe, and CBS as discontinued operations for all periods presented within the Consolidated Balance Sheets and Consolidated Statements of Operations. The Consolidated Statements Of Comprehensive Loss, Consolidated Statements of Shareholders' Equity, and Consolidated Statements of Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. For purposes of comparability to the Company's presented Consolidated Balance Sheet and Consolidated Statements of Operations previously filed in the Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 29, 2024, the Company is presenting the impact of the adjustments on a consolidated basis rather than presenting the divested companies as discontinued operations in the below tables.

The following table represents the adjustments to our Consolidated Balance Sheet as of December 31, 2023 in accordance with ASC 250. The adjustments to our Consolidated Statement of Comprehensive Loss and Consolidated Statement of Shareholders’ Equity was limited to the adjustments outlined below.

The effect of the adjustments to our Consolidated Balance Sheet as of December 31, 2023 was as follows:


	December 31, 2023
(In thousands)	As reported	Adjustment	As corrected
Additional paid-in-capital	651,305	1,575	652,880
Accumulated deficit	(313,342)	(1,575)	(314,917)

The effect of the adjustments to our Consolidated Statement of Operations for the year ended December 31, 2023 was as follows:


	December 31, 2023
(In thousands, except share and earnings per share data)	As reported	Adjustment	As corrected
General and administrative	55,725	1,414	57,139
Research and development	24,583	161	24,744
Total operating expenses	214,096	1,575	215,671
Operating loss	(70,825)	(1,575)	(72,400)
Loss from continuing operations before income tax benefit	(66,258)	(1,575)	(67,833)
Loss from continuing operations	(66,427)	(1,575)	(68,002)
Net loss per basic and diluted share from continuing operations	(1.52)	(0.04)	(1.56)

The effect of the adjustments to our Consolidated Statement of Cash Flows for the year ended December 31, 2023 was as follows:


	December 31, 2023
(In thousands, except share and earnings per share data)	As reported	Adjustment	As corrected
Net loss	(66,427)	(1,575)	(68,002)
Stock-based compensation	31,670	1,575	33,245