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Restatement of Previously Issued Audited Financial Statements

12 Months Ended

Dec. 31, 2025

Restatement of Previously Issued Audited Financial Statements [Abstract]

Restatement of Previously Issued Audited Financial Statements

15. Restatement of Previously Issued Audited Financial Statements

The Company restated its previously reported financial statements for each of the period ended December 31, 2024. The adjustment resulted in an increase to warrant liability by $12.7 million, a decrease in equity balance by $12.7 million and an adjustment from operating activities to financing activities on the statement of cash flow as of December 31, 2024. The Company recognized a loss on the issuance of the Warrants of approximately $2.3 million and offering-related issuance costs of approximately $1.7 million as of December 31, 2024.

The tables below set forth the effect on the various financial statement captions including the balances originally reported and the restated balances as of December 31, 2024.

Balance Sheet	As Previously Reported			Adjustments			As Restated
Warrant liability		15,012,361			12,691,566			27,703,927
Total liabilities		18,501,699			12,641,566			31,143,265
Additional paid-in capital		200,863,551			(8,558,271	)		192,305,280
Accumulated deficits		(189,269,903	)		(4,083,295	)		(193,353,198	)
Total stockholders’ equity (deficit)		11,593,650			(12,641,566	)		(1,047,916	)

Statement of Operations	As Previously Reported			Adjustments			As Restated
Warrant liability issuance costs		0			(1,739,148	)		(1,739,148	)
Loss on issuance of warrants		0			(2,344,147	)		(2,344,147	)
Total other income (expenses), net		(6,424,209	)		(4,083,295	)		(10,507,504	)
Net loss		(29,252,284	)		(4,083,295	)		(33,335,579	)
Net loss per share attributable to common stockholders, basic and diluted		(2,212.56	)		(308.85	)		(2,521.41	)

Statement of Stockholders’ Equity (Deficit)	As Previously Reported			Adjustments			As Restated
Issuance of common stock and pre-funded warrants and exercise of pre-funded warrants in connection with the private and public offerings		20,972,722			(8,558,270	)		12,414,453
Net loss		(29,252,284	)		(4,083,295	)		(33,335,579	)

Statement of Cash Flows	As Previously Reported			Adjustments			As Restated
Net loss		(29,252,284	)		(4,083,295	)		(33,335,579	)
Loss on issuance of warrants		0			2,344,147			2,344,147
Warrant issuance costs		0			1,739,148			1,739,148
Accrued expenses, lease liabilities, and other current liabilities		10,642,938			(9,652,581	)		990,357
Net cash used in operating activities		9,493,500			9,702,581			19,196,081
Proceeds from public issuance of common stock and pre-funded warrants and exercise of pre-funded warrants		22,369,285			(8,558,271	)		13,811,014
Proceeds from issuance of warrants		0			18,260,852			18,260,852
Net cash provided by financing activities		26,584,380			9,702,581			36,286,961

Following this review, the Company completed a comprehensive review of its previously issued financial statements. The Company is adjusting for certain out-of-period errors that were not material, individually or in the aggregate, and are being corrected as part of the restatement. The Company corrected a duplicate bill of $50,000 for issuance costs on an equity transaction, resulting in a decrease in accounts payable and an increase in additional paid-in-capital. The Company also corrected for an immaterial reallocation of proceeds from equity issuances among common stock, common warrants, and pre-funded warrants, related to a previous issuance in 2022, resulting in a reclassification within additional paid-in-capital sub-accounts of $88,024. This correction has no impact on total additional paid-in-capital, net loss, or total stockholders’ equity. The Company believes the adjustments were not material to any prior period, individually or in the aggregate.

Balance Sheet		As Previously Reported				Adjustments				As Restated
Accounts Payable			297,778				(50,000	)			247,778

Statement of Cash Flows		As Previously Reported				Adjustments				As Restated
Accounts Payable			100,815				(50,000	)			50,815