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Restatement of Previously Issued Consolidated Financial Statements (Tables)

12 Months Ended

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 X1 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 X1 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 X1 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 X1 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 X1 non-voting convertible preferred stock		$	—			$	(207.58	)
Weighted-average shares outstanding of Series X and Series X1 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 X1 non-voting convertible preferred stock		$	—			$	(36.61	)
Weighted-average shares outstanding of Series X and Series X1 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 X1 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 X1 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 X1 non-voting convertible preferred stock		$	—			$	(36.12	)
Weighted-average shares outstanding of Series X and Series X1 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 X1 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 X1 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 X1 non-voting convertible preferred stock		$	—			$	(51.29	)		$	—			$	(89.60	)
Weighted-average shares outstanding of Series X and Series X1 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 X1 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 X1 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 X1 non-voting convertible preferred stocks - basic		$	—			$	6,666			$	—			$	852
Basic earnings per share of Series X and Series X1 non-voting convertible preferred stock		$	—			$	58.21			$	—			$	7.44
Weighted-average shares outstanding of Series X and Series X1 non-voting convertible preferred stock, basic			—				114,508				—				114,508
Net loss attributable to Series X and Series X1 non-voting convertible preferred stocks - diluted		$	—			$	(1,801	)		$	—			$	(7,856	)
Diluted earnings per share of Series X and Series X1 non-voting convertible preferred stock		$	—			$	(15.73	)		$	—			$	(68.60	)
Weighted-average shares outstanding of Series X and Series X1 non-voting convertible preferred stock, diluted			—				114,508				—				114,508

X

- References

No definition available.

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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

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