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Restatement of Previously Issued Consolidated Financial Statements (Tables)

12 Months Ended

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 X1 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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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

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