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Restatement of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2023
Accounting Changes and Error Corrections [Abstract] |
Summary of Impact of Correction of the Misstatements | The impact of the correction of the misstatements is summarized below (in thousands):
|  | As of December 31, 2023 |
Corrected Consolidated Balance Sheets |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
Warrant liabilities |  |  | — |  |  |  | 76,211 |  |  |  | 76,211 |
Total liabilities |  |  | 5,647 |  |  |  | 76,211 |  |  |  | 81,858 |
Common stock |  |  | 24 |  |  |  | — |  |  |  | 24 |
Additional paid-in capital |  |  | 326,586 |  |  |  | — |  |  |  | 326,586 |
Accumulated deficit |  |  | (243,191 | ) |  |  | (76,211 | ) |  |  | (319,402 | )
Total Stockholders' Equity |  | $ | 83,419 |  |  | $ | (76,211 | ) |  | $ | 7,208 |
|  | For the Fiscal Year Ended December 31, 2023 |
Corrected Consolidated Statements of Operations and Comprehensive Loss |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds |  |  | — |  |  | $ | (76,211 | ) |  |  | (76,211 | )
Net loss and comprehensive loss |  | $ | (40,326 | ) |  | $ | (76,211 | ) |  | $ | (116,537 | )
Net loss per share, basic and diluted |  | $ | (1.64 | ) |  | $ | (3.09 | ) |  | $ | (4.73 | )
|  | For the Fiscal Year Ended December 31, 2023 |
|  | Accumulated Deficit |  |  | Total Stockholders' Equity |
Corrected Consolidated Statements of Stockholders' Equity |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |  |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
Balance as of December 31, 2022 |  | $ | (202,865 | ) |  | $ | — |  |  | $ | (202,865 | ) |  | $ | 84,183 |  |  | $ | — |  |  | $ | 84,183 |
Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 33,017 |  |  |  | — |  |  |  | 33,017 |
Issuance of common stock in connection with conversion of X 1 non-voting convertible preferred stock |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | (1 | )
Issuance of common stock in connection with exercise of pre-funded warrants |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | 1 |
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,545 |  |  |  | — |  |  |  | 6,545 |
Net loss and comprehensive loss |  |  | (40,326 | ) |  |  | (76,211 | ) |  |  | (116,537 | ) |  |  | (40,326 | ) |  |  | (76,211 | ) |  |  | (116,537 | )
Balance as of December 31, 2023 |  | $ | (243,191 | ) |  | $ | (76,211 | ) |  | $ | (319,402 | ) |  | $ | 83,419 |  |  | $ | (76,211 | ) |  | $ | 7,208 |
|  | For the Fiscal Year Ended December 31, 2023 |
Corrected Consolidated Statements of Cash Flows |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
Net loss |  | $ | (40,326 | ) |  | $ | (76,211 | ) |  | $ | (116,537 | )
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds |  |  | — |  |  |  | 76,211 |  |  |  | 76,211 |
Net cash used in operating activities |  | $ | (39,527 | ) |  | $ | - |  |  | $ | (39,527 | )
The restated impact of the correction of the misstatements is summarized below (in thousands):
|  | As of September 30, 2023 |
Corrected Condensed Consolidated Balance Sheets (Unaudited) |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
Warrant liabilities |  |  | — |  |  |  | 55,738 |  |  |  | 55,738 |
Total liabilities |  |  | 4,734 |  |  |  | 55,738 |  |  |  | 60,472 |
Common stock |  |  | 24 |  |  |  | — |  |  |  | 24 |
Additional paid-in capital |  |  | 324,876 |  |  |  | — |  |  |  | 324,876 |
Accumulated deficit |  |  | (233,565 | ) |  |  | (55,738 | ) |  |  | (289,303 | )
Total Stockholders' Equity |  | $ | 91,335 |  |  | $ | (55,738 | ) |  | $ | 35,597 |
|  | For the Three Months Ended September 30, 2023 |  |  | For the Nine Months Ended September 30, 2023 |
Corrected Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |  |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds |  |  | — |  |  |  | 443 |  |  |  | 443 |  |  |  | — |  |  |  | (55,738 | ) |  |  | (55,738 | )
Net loss and comprehensive loss |  | $ | (10,349 | ) |  | $ | 443 |  |  | $ | (9,906 | ) |  | $ | (30,700 | ) |  | $ | (55,738 | ) |  | $ | (86,438 | )
Net loss per share, basic and diluted |  | $ | (0.35 | ) |  | $ | 0.02 |  |  | $ | (0.33 | ) |  | $ | (1.35 | ) |  | $ | (2.44 | ) |  | $ | (3.79 | )
|  | For the Nine Months Ended September 30, 2023 |
|  | Accumulated Deficit |  |  | Total Stockholders' Equity |
Corrected Condensed Consolidated Statements of Stockholders' Equity (Unaudited) |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |  |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
Balance as of December 31, 2022 |  | $ | (202,865 | ) |  | $ | — |  |  | $ | (202,865 | ) |  | $ | 84,183 |  |  | $ | — |  |  | $ | 84,183 |
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,381 |  |  |  | — |  |  |  | 1,381 |
Net loss and comprehensive loss |  |  | (10,772 | ) |  |  | — |  |  |  | (10,772 | ) |  |  | (10,772 | ) |  |  | — |  |  |  | (10,772 | )
Balance as of March 31, 2023 |  | $ | (213,637 | ) |  | $ | — |  |  | $ | (213,637 | ) |  | $ | 74,792 |  |  | $ | — |  |  | $ | 74,792 |
Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 33,017 |  |  |  | — |  |  |  | 33,017 |
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,720 |  |  |  | — |  |  |  | 1,720 |
Net loss and comprehensive loss |  |  | (9,579 | ) |  |  | (56,181 | ) |  |  | (65,760 | ) |  |  | (9,579 | ) |  |  | (56,181 | ) |  |  | (65,760 | )
Balance as of June 30, 2023 |  | $ | (223,216 | ) |  | $ | (56,181 | ) |  | $ | (279,397 | ) |  | $ | 99,949 |  |  | $ | (56,181 | ) |  | $ | 43,768 |
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,734 |  |  |  | — |  |  |  | 1,734 |
Net loss and comprehensive loss |  |  | (10,349 | ) |  |  | 443 |  |  |  | (9,906 | ) |  |  | (10,349 | ) |  |  | 443 |  |  |  | (9,906 | )
Balance as of September 30, 2023 |  | $ | (233,565 | ) |  | $ | (55,738 | ) |  | $ | (289,303 | ) |  | $ | 91,335 |  |  | $ | (55,738 | ) |  | $ | 35,597 |
|  | For the Nine Months September 30, 2023 |
Corrected Condensed Consolidated Statements of Cash Flows (Unaudited) |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
Net loss |  | $ | (30,700 | ) |  | $ | (55,738 | ) |  | $ | (86,438 | )
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds |  |  | — |  |  |  | 55,738 |  |  |  | 55,738 |
Net cash used in operating activities |  | $ | (30,396 | ) |  | $ | — |  |  | $ | (30,396 | )
|  | As of June 30, 2023 |
Corrected Condensed Consolidated Balance Sheets (Unaudited) |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
Warrant liabilities |  |  | — |  |  |  | 56,181 |  |  |  | 56,181 |
Total liabilities |  |  | 6,836 |  |  |  | 56,181 |  |  |  | 63,017 |
Common stock |  |  | 23 |  |  |  | — |  |  |  | 23 |
Additional paid-in capital |  |  | 323,142 |  |  |  | — |  |  |  | 323,142 |
Accumulated deficit |  |  | (223,216 | ) |  |  | (56,181 | ) |  |  | (279,397 | )
Total Stockholders' Equity |  | $ | 99,949 |  |  | $ | (56,181 | ) |  | $ | 43,768 |
|  | For the Three Months Ended June 30, 2023 |  |  | For the Six Months Ended June 30, 2023 |
Corrected Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |  |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds |  |  | — |  |  |  | (56,181 | ) |  |  | (56,181 | ) |  |  | — |  |  |  | (56,181 | ) |  |  | (56,181 | )
Net loss and comprehensive loss |  | $ | (9,579 | ) |  | $ | (56,181 | ) |  | $ | (65,760 | ) |  | $ | (20,351 | ) |  | $ | (56,181 | ) |  | $ | (76,532 | )
Net loss per share, basic and diluted |  | $ | (0.40 | ) |  | $ | (2.34 | ) |  | $ | (2.74 | ) |  | $ | (1.06 | ) |  | $ | (2.93 | ) |  | $ | (3.99 | )
|  | For the Six Months Ended June 30, 2023 |
|  | Accumulated Deficit |  |  | Total Stockholders' Equity |
Corrected Condensed Consolidated Statements of Stockholders' Equity (Unaudited) |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |  |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
Balance as of December 31, 2022 |  | $ | (202,865 | ) |  | $ | — |  |  | $ | (202,865 | ) |  | $ | 84,183 |  |  | $ | — |  |  | $ | 84,183 |
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,381 |  |  |  | — |  |  |  | 1,381 |
Net loss and comprehensive loss |  |  | (10,772 | ) |  |  | — |  |  |  | (10,772 | ) |  |  | (10,772 | ) |  |  | — |  |  |  | (10,772 | )
Balance as of March 31, 2023 |  | $ | (213,637 | ) |  | $ | — |  |  | $ | (213,637 | ) |  | $ | 74,792 |  |  | $ | — |  |  | $ | 74,792 |
Issuance of common stock and pre-funded warrants in connection with Securities Purchase Agreement, net of issuance costs |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 33,017 |  |  |  | — |  |  |  | 33,017 |
Stock-based compensation |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,720 |  |  |  | — |  |  |  | 1,720 |
Net loss and comprehensive loss |  |  | (9,579 | ) |  |  | (56,181 | ) |  |  | (65,760 | ) |  |  | (9,579 | ) |  |  | (56,181 | ) |  |  | (65,760 | )
Balance as of June 30, 2023 |  | $ | (223,216 | ) |  | $ | (56,181 | ) |  | $ | (279,397 | ) |  | $ | 99,949 |  |  | $ | (56,181 | ) |  | $ | 43,768 |
|  | For the Six Months Ended June 30, 2023 |
Corrected Condensed Consolidated Statements of Cash Flows (Unaudited) |  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
Net loss |  | $ | (20,351 | ) |  | $ | (56,181 | ) |  | $ | (76,532 | )
Change in fair value of warrant liabilities and fair value of financial instruments issued in excess of proceeds |  |  | — |  |  |  | 56,181 |  |  |  | 56,181 |
Net cash used in operating activities |  | $ | (18,145 | ) |  | $ | — |  |  | $ | (18,145 | )

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