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Restatement of Previously Issued Unaudited Condensed Financial Statements (Tables)

9 Months Ended

Sep. 30, 2023

Restatement of Previously Issued Unaudited Condensed Financial Statements

Schedule of Restatement of Previously Issued Unaudited Condensed Financial Statements

​

​	​	​	​	​	​	​	​	​	​
​	​	As of September 30, 2022
​	​	(unaudited)
​		As			Restatement			As
​	​	Reported		​	Impacts		​	Restated
Assets	​	​	​	​	​	​	​	​	​
Current assets:		​			​			​
Cash and cash equivalents	​	$	31,987,091	​	$	​	​	$	31,987,091
Prepaid expenses and other current assets	​		499,947	​		4,631,390	​		5,131,337
Deferred clinical materials	​		—	​		—	​		—
Total current assets	​		32,487,038	​		4,631,390	​		37,118,428
Total assets	​	$	32,487,038	​	$	4,631,390	​	$	37,118,428
Liabilities and Stockholders' Equity	​		​	​		​	​		​
Current liabilities:	​		​	​		​	​		​
Accounts payable	​	$	1,845,705	​	$	​	​	$	1,845,705
Accrued expenses	​		680,830	​		​	​		680,830
Total current liabilities	​		2,526,535	​		—	​		2,526,535
Total liabilities	​	$	2,526,535	​	$	—	​	$	2,526,535
Commitments and contingencies (Note 7)	​		​	​		​	​		​
Stockholders' equity:	​		​	​		​	​		​
Preferred stock - $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding	​		—	​		​	​		—
Common stock - $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively	​		816	​		​	​		816
Additional paid-in capital	​		80,919,684	​		​	​		80,919,684
Accumulated deficit	​		(50,959,997)	​		4,631,390	​		(46,328,607)
Total stockholders' equity	​		29,960,503	​		4,631,390	​		34,591,893
Total liabilities and stockholders' equity	​	$	32,487,038	​	$	4,631,390	​	$	37,118,428

​

​

​	​	​	​	​	​	​	​	​	​
​	​	Three Months Ended September 30, 2022
​	​	As		​	Restatement		​	As
​		Reported			Impacts			Restated
Operating expenses:		​			​			​
Research and development	​	$	5,313,033	​	$	(1,189,495)	​	$	4,123,538
General and administrative	​		2,361,299	​		—	​		2,361,299
Total operating expenses	​		7,674,332	​		(1,189,495)	​		6,484,837
​	​	​	​	​	​	​	​	​	​
Operating loss	​		(7,674,332)	​		1,189,495	​		(6,484,837)
Other income:	​		​	​		​	​		​
Interest income	​		52,886	​		—	​		52,886
Grant Income	​		​	​		​	​		​
Total other income	​		52,886	​		—	​		52,886
​	​	​	​	​	​	​	​	​	​
Loss before income taxes	​		(7,621,446)	​		1,189,495	​		(6,431,951)
Income tax expense (benefit)	​		—	​		—	​		—
Net loss	​	$	(7,621,446)	​	$	1,189,495	​	$	(6,431,951)
Basic and diluted loss per common share	​	$	(0.93)	​		—	​	$	(0.79)
Weighted average number of common shares outstanding, basic and diluted	​		8,163,923	​		—	​		8,163,923

​

​

​	​	​	​	​	​	​	​	​	​
​	​	Nine Months Ended September 30, 2022
​	​	As		​	Restatement		​	As
​		Reported			Impacts			Restated
Operating expenses:		​			​			​
Research and development	​	$	14,938,532	​	$	(4,631,390)	​	$	10,307,142
General and administrative	​		7,403,817	​		—	​		7,403,817
Total operating expenses	​		22,342,349	​		(4,631,390)	​		17,710,959
​	​	​	​	​	​	​	​	​	​
Operating loss	​		(22,342,349)	​		4,631,390	​		(17,710,959)
Other income:	​		​	​		​	​		​
Interest income	​		108,559	​		—	​		108,559
Grant Income	​		​	​		​	​		​
Total other income	​		108,559	​		—	​		108,559
​	​	​	​	​	​	​	​	​	​
Loss before income taxes	​		(22,233,790)	​		4,631,390	​		(17,602,400)
Income tax expense (benefit)	​		—	​		—	​		—
Net loss	​	$	(22,233,790)	​	$	4,631,390	​	$	(17,602,400)
Basic and diluted loss per common share	​	$	(2.72)	​		—	​	$	(2.16)
Weighted average number of common shares outstanding, basic and diluted	​		8,161,787	​		—	​		8,161,787

​

​	​	​	​	​	​	​	​	​
​	​	Nine Months Ended September 30, 2022
​	​	As		​	Restatement	​	As
​	​	Reported		​	Impacts	​	Restated
Cash flows from operating activities:		​					​
Net loss	​	$	(22,233,790)		4,631,390	​	$	(17,602,400)
Adjustments to reconcile net loss to net cash used in operating activities:	​					​
Stock-based compensation expense	​	​	7,694,716		—	​	​	7,694,716
Changes in operating assets and liabilities:	​	​				​	​
Prepaid expenses and other current assets	​	​	(184,483)		(4,631,390)	​	​	(4,815,873)
Accounts payable	​	​	1,157,631		—	​	​	1,157,631
Accrued expenses	​	​	(137,610)		—	​	​	(137,610)
Net cash used in operating activities	​	​	(13,703,536)		—	​	​	(13,703,536)
Cash flows from financing activities:	​	​				​	​
Proceeds from exercise of stock options	​	​	4,613		—	​	​	4,613
Net cash used in financing activities	​	​	4,613		—	​	​	4,613
Net (decrease) increase in cash and cash equivalents	​	​	(13,698,923)		—	​	​	(13,698,923)
Cash and cash equivalents, beginning of period	​	​	45,686,014		—	​	​	45,686,014
Cash and cash equivalents, end of period	​	$	31,987,091		—	​	$	31,987,091

​

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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
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