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Restatement of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2024
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 |
|  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) |  |  |  |  |  |  |  |  |
Convertible preferred stock, 5,000,000 shares authorized at December 31, 2023 and 2022: |  |  |  |  |  |  |  |  |
Series X 1 non-voting convertible preferred stock, $0.001 par value, 515,000 shares designated; 110,086 and 117,970 shares issued and outstanding at December 31, 2023 and 2022, respectively |  | $ | — |  |  | $ | 53,543 |  |  | $ | 53,543 |
Series X non-voting convertible preferred stock, $0.001 par value, 10,000 shares designated; 4,422 and 6,204 shares issued and outstanding at December 31, 2023 and 2022 |  |  | — |  |  |  | 2,151 |  |  |  | 2,151 |
Stockholders’ equity (deficit): |  |  |  |  |  |  |  |  |
Convertible preferred stock, 5,000,000 shares authorized at December 31, 2023 and 2022: |  |  |  |  |  |  |  |  |
Series X 1 non-voting convertible preferred stock, $0.001 par value, 515,000 shares designated; 110,086 and 117,970 shares issued and outstanding at December 31, 2023 and 2022, respectively |  |  | — |  |  |  | — |  |  |  | — |
Series X non-voting convertible preferred stock, $0.001 par value, 10,000 shares designated; 4,422 and 6,204 shares issued and outstanding at December 31, 2023 and 2022 |  |  | — |  |  |  | — |  |  |  | — |
Additional paid-in capital |  |  | 326,586 |  |  |  | (55,694 | ) |  |  | 270,892 |
Total stockholders’ equity (deficit) |  | $ | 7,208 |  |  | $ | (55,694 | ) |  | $ | (48,486 | )
|  | As of December 31, 2024 |
|  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Convertible preferred stock, 5,000,000 shares authorized at December 31, 2024 and 2023: |  |  |  |  |  |  |  |  |
Series X 1 non-voting convertible preferred stock, $0.001 par value, 515,000 shares designated; 110,086 shares issued and outstanding at December 31, 2024 and 2023 |  | $ | — |  |  | $ | 53,543 |  |  | $ | 53,543 |
Series X non-voting convertible preferred stock, $0.001 par value, 10,000 shares designated; 4,422 shares issued and outstanding at December 31, 2024 and 2023 |  |  | — |  |  |  | 2,151 |  |  |  | 2,151 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |
Convertible preferred stock, 5,000,000 shares authorized at December 31, 2024 and 2023: |  |  |  |  |  |  |  |  |
Series X 1 non-voting convertible preferred stock, $0.001 par value, 515,000 shares designated; 110,086 shares issued and outstanding at December 31, 2024 and 2023 |  |  | — |  |  |  | — |  |  |  | — |
Series X non-voting convertible preferred stock, $0.001 par value, 10,000 shares designated; 4,422 shares issued and outstanding at December 31, 2024 and 2023 |  |  | — |  |  |  | — |  |  |  | — |
Additional paid-in capital |  |  | 473,640 |  |  |  | (55,694 | ) |  |  | 417,946 |
Total stockholders’ equity |  | $ | 118,140 |  |  | $ | (55,694 | ) |  | $ | 62,446 |
|  | For the Fiscal Year Ended December 31, 2023 |
|  | As Previously Reported |  |  | As Restated |
Basic and diluted earnings per share of common stock |  | $ | (4.73 | ) |  | $ | (3.74 | )
Basic and diluted earnings per share of Series X and Series X 1 non-voting convertible preferred stock |  | $ | — |  |  | $ | (207.58 | )
Weighted-average shares outstanding of Series X and Series X 1 non-voting convertible preferred stock, basic and diluted |  |  | — |  |  |  | 118,268 |
|  | For the Fiscal Year Ended December 31, 2024 |
|  | As Previously Reported |  |  | As Restated |
Basic and diluted earnings per share of common stock |  | $ | (0.75 | ) |  | $ | (0.66 | )
Basic and diluted earnings per share of Series X and Series X 1 non-voting convertible preferred stock |  | $ | — |  |  | $ | (36.61 | )
Weighted-average shares outstanding of Series X and Series X 1 non-voting convertible preferred stock, basic and diluted |  |  | — |  |  |  | 114,508 |
The restated impact of the correction of the misstatements is summarized below (in thousands):
|  | As of March 31, 2024 |
|  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) |  |  |  |  |  |  |  |  |
Convertible preferred stock, 5,000,000 shares authorized at March 31, 2024 and December 31, 2023: |  |  |  |  |  |  |  |  |
Series X 1 non-voting convertible preferred stock, $0.001 par value, 515,000 shares designated; 110,086 shares issued and outstanding at March 31, 2024 and December 31, 2023 |  | $ | — |  |  | $ | 53,543 |  |  | $ | 53,543 |
Series X non-voting convertible preferred stock, $0.001 par value, 10,000 shares designated; 4,422 shares issued and outstanding at March 31, 2024 and December 31, 2023 |  |  | — |  |  |  | 2,151 |  |  |  | 2,151 |
Stockholders’ equity (deficit): |  |  |  |  |  |  |  |  |
Convertible preferred stock, 5,000,000 shares authorized at March 31, 2024 and December 31, 2023: |  |  |  |  |  |  |  |  |
Series X 1 non-voting convertible preferred stock, $0.001 par value, 515,000 shares designated; 110,086 shares issued and outstanding at March 31, 2024 and December 31, 2023 |  |  | — |  |  |  | — |  |  |  | — |
Series X non-voting convertible preferred stock, $0.001 par value, 10,000 shares designated; 4,422 shares issued and outstanding at March 31, 2024 and December 31, 2023 |  |  | — |  |  |  | — |  |  |  | — |
Additional paid-in capital |  |  | 328,280 |  |  |  | (55,694 | ) |  |  | 272,586 |
Total stockholders’ equity (deficit) |  | $ | (14,728 | ) |  | $ | (55,694 | ) |  | $ | (70,422 | )
|  | For the Three Months Ended March 31, 2024 |
|  | As Previously Reported |  |  | As Restated |
Basic and diluted earnings per share of common stock |  | $ | (0.79 | ) |  | $ | (0.65 | )
Basic and diluted earnings per share of Series X and Series X 1 non-voting convertible preferred stock |  | $ | — |  |  | $ | (36.12 | )
Weighted-average shares outstanding of Series X and Series X 1 non-voting convertible preferred stock, basic and diluted |  |  | — |  |  |  | 114,508 |
|  | As of June 30, 2024 |
|  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) |  |  |  |  |  |  |  |  |
Convertible preferred stock, 5,000,000 shares authorized at June 30, 2024 and December 31, 2023: |  |  |  |  |  |  |  |  |
Series X 1 non-voting convertible preferred stock, $0.001 par value, 515,000 shares designated; 110,086 shares issued and outstanding at June 30, 2024 and December 31, 2023 |  | $ | — |  |  | $ | 53,543 |  |  | $ | 53,543 |
Series X non-voting convertible preferred stock, $0.001 par value, 10,000 shares designated; 4,422 shares issued and outstanding at June 30, 2024 and December 31, 2023 |  |  | — |  |  |  | 2,151 |  |  |  | 2,151 |
Stockholders’ equity (deficit): |  |  |  |  |  |  |  |  |
Convertible preferred stock, 5,000,000 shares authorized at June 30, 2024 and December 31, 2023: |  |  |  |  |  |  |  |  |
Series X 1 non-voting convertible preferred stock, $0.001 par value, 515,000 shares designated; 110,086 shares issued and outstanding at June 30, 2024 and December 31, 2023 |  |  | — |  |  |  | — |  |  |  | — |
Series X non-voting convertible preferred stock, $0.001 par value, 10,000 shares designated; 4,422 shares issued and outstanding at June 30, 2024 and December 31, 2023 |  |  | — |  |  |  | — |  |  |  | — |
Additional paid-in capital |  |  | 379,400 |  |  |  | (55,694 | ) |  |  | 323,706 |
Total stockholders’ equity (deficit) |  | $ | (8,501 | ) |  | $ | (55,694 | ) |  | $ | (64,195 | )
|  | For the Three Months Ended June 30, 2024 |  |  | For the Six Months Ended June 30, 2024 |
|  | As Previously Reported |  |  | As Restated |  |  | As Previously Reported |  |  | As Restated |
Basic and diluted earnings per share of common stock |  | $ | (1.06 | ) |  | $ | (0.92 | ) |  | $ | (1.90 | ) |  | $ | (1.61 | )
Basic and diluted earnings per share of Series X and Series X 1 non-voting convertible preferred stock |  | $ | — |  |  | $ | (51.29 | ) |  | $ | — |  |  | $ | (89.60 | )
Weighted-average shares outstanding of Series X and Series X 1 non-voting convertible preferred stock, basic and diluted |  |  | — |  |  |  | 114,508 |  |  |  | — |  |  |  | 114,508 |
|  | As of September 30, 2024 |
|  | As Previously Reported |  |  | Restatement Impact |  |  | As Restated |
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |
Convertible preferred stock, 5,000,000 shares authorized at September 30, 2024 and December 31, 2023: |  |  |  |  |  |  |  |  |
Series X 1 non-voting convertible preferred stock, $0.001 par value, 515,000 shares designated; 110,086 shares issued and outstanding at September 30, 2024 and December 31, 2023 |  | $ | — |  |  | $ | 53,543 |  |  | $ | 53,543 |
Series X non-voting convertible preferred stock, $0.001 par value, 10,000 shares designated; 4,422 shares issued and outstanding at September 30, 2024 and December 31, 2023 |  |  | — |  |  |  | 2,151 |  |  |  | 2,151 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |
Convertible preferred stock, 5,000,000 shares authorized at September 30, 2024 and December 31, 2023: |  |  |  |  |  |  |  |  |
Series X 1 non-voting convertible preferred stock, $0.001 par value, 515,000 shares designated; 110,086 shares issued and outstanding at September 30, 2024 and December 31, 2023 |  |  | — |  |  |  | — |  |  |  | — |
Series X non-voting convertible preferred stock, $0.001 par value, 10,000 shares designated; 4,422 shares issued and outstanding at September 30, 2024 and December 31, 2023 |  |  | — |  |  |  | — |  |  |  | — |
Additional paid-in capital |  |  | 386,884 |  |  |  | (55,694 | ) |  |  | 331,190 |
Total stockholders’ equity |  | $ | 76,058 |  |  | $ | (55,694 | ) |  | $ | 20,364 |
|  | For the Three Months Ended September 30, 2024 |  |  | For the Nine Months Ended September 30, 2024 |
(In thousands, except share and per share data) |  | As Previously Reported |  |  | As Restated |  |  | As Previously Reported |  |  | As Restated |
Net loss attributable to common shares - diluted |  | $ | (17,504 | ) |  | $ | (15,703 | ) |  | $ | (61,086 | ) |  | $ | (53,230 | )
Diluted earnings per share of common stock |  | $ | (0.32 | ) |  | $ | (0.28 | ) |  | $ | (1.42 | ) |  | $ | (1.23 | )
Net income attributable to Series X and Series X 1 non-voting convertible preferred stocks - basic |  | $ | — |  |  | $ | 6,666 |  |  | $ | — |  |  | $ | 852 |
Basic earnings per share of Series X and Series X 1 non-voting convertible preferred stock |  | $ | — |  |  | $ | 58.21 |  |  | $ | — |  |  | $ | 7.44 |
Weighted-average shares outstanding of Series X and Series X 1 non-voting convertible preferred stock, basic |  |  | — |  |  |  | 114,508 |  |  |  | — |  |  |  | 114,508 |
Net loss attributable to Series X and Series X 1 non-voting convertible preferred stocks - diluted |  | $ | — |  |  | $ | (1,801 | ) |  | $ | — |  |  | $ | (7,856 | )
Diluted earnings per share of Series X and Series X 1 non-voting convertible preferred stock |  | $ | — |  |  | $ | (15.73 | ) |  | $ | — |  |  | $ | (68.60 | )
Weighted-average shares outstanding of Series X and Series X 1 non-voting convertible preferred stock, diluted |  |  | — |  |  |  | 114,508 |  |  |  | — |  |  |  | 114,508 |

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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 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 Reference 2: 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 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 + Details
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