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v3.25.2

Restatement of Previously Issued Consolidated Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2024
Accounting Changes and Error Corrections [Abstract] |
Schedule of Restatement of Previously Issued Consolidated Financial Statements and Quarterly Financial Information | The effects of the restatements on the consolidated financial statements as of and for the years ended December 31, 2024 and 2023, are as follows: As of and for the Year Ended December 31, 2024 Restated Consolidated Balance Sheet (dollars in thousands)
| As of December 31, 2024 |
| As Reported |  |  | Adjustment |  |  | As Restated |
Assets |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 15,379 |  |  | $ | — |  |  | $ | 15,379 |
Accounts receivable, net of allowance of doubtful accounts |  | 7,134 |  |  |  | — |  |  |  | 7,134 |
Inventory, net |  | 3,400 |  |  |  | — |  |  |  | 3,400 |
Prepaid expenses and other current assets |  | 1,243 |  |  |  | — |  |  |  | 1,243 |
Total current assets |  | 27,156 |  |  |  | — |  |  |  | 27,156 |
Property and equipment, net |  | 2,469 |  |  |  | — |  |  |  | 2,469 |
Right-of-use asset |  | 2,079 |  |  |  | — |  |  |  | 2,079 |
Other long-term assets |  | 1,109 |  |  |  | — |  |  |  | 1,109 |
Total assets | $ | 32,813 |  |  | $ | — |  |  | $ | 32,813 |
Liabilities and Stockholders’ Deficit |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable | $ | 6,572 |  |  | $ | — |  |  | $ | 6,572 |
Current portion of lease liabilities |  | 869 |  |  |  | — |  |  |  | 869 |
Accrued expenses and other current liabilities |  | 11,422 |  |  |  | — |  |  |  | 11,422 |
Total current liabilities |  | 18,863 |  |  |  | — |  |  |  | 18,863 |
Convertible notes payable |  | 35,710 |  |  |  | — |  |  |  | 35,710 |
Warrant liabilities |  | 4,567 |  |  |  | — |  |  |  | 4,567 |
Revenue Interest Financing liability |  | 49,200 |  |  |  | — |  |  |  | 49,200 |
Earn-out liabilities |  | 1,090 |  |  |  | — |  |  |  | 1,090 |
Lease liabilities, net of current portion |  | 1,344 |  |  |  | — |  |  |  | 1,344 |
Other liabilities |  | 17 |  |  |  | — |  |  |  | 17 |
Total liabilities |  | 110,791 |  |  |  | — |  |  |  | 110,791 |
Commitments and Contingencies |  |  |  |  |  |  |  |
Stockholders’ deficit: |  |  |  |  |  |  |  |
Preferred stock, $0.0001 par value — 100,000,000 shares authorized as of December 31, 2024; and no shares issued and outstanding as of December 31, 2024 |  | — |  |  |  | — |  |  |  | — |
Common stock, $0.0001 par value - 1,000,000,000 shares authorized as of December 31, 2024; 2,710,607 shares issued and outstanding as of December 31, 2024 |  | 3 |  |  |  | — |  |  |  | 3 |
Additional paid-in capital |  | 152,596 |  |  |  | — |  |  |  | 152,596 |
Accumulated other comprehensive income (loss) |  | 8,370 |  |  |  | (16,740 | ) |  |  | (8,370 | )
Accumulated deficit |  | (238,947 | ) |  |  | 16,740 |  |  |  | (222,207 | )
Total stockholders’ deficit |  | (77,978 | ) |  |  | — |  |  |  | (77,978 | )
Total liabilities and stockholders’ deficit | $ | 32,813 |  |  | $ | — |  |  | $ | 32,813 |
Restated Consolidated Statement of Operations (dollars in thousands)
|  | Year Ended December 31, 2024 |
|  | Originally Reported |  |  | Adjustment |  |  | As Restated |
Revenue |  | $ | 32,110 |  |  | $ | — |  |  | $ | 32,110 |
Cost of revenue |  |  | 10,607 |  |  |  | — |  |  |  | 10,607 |
Gross profit |  |  | 21,503 |  |  |  | — |  |  |  | 21,503 |
Operating expenses: |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | 25,933 |  |  |  | — |  |  |  | 25,933 |
Research and development |  |  | 17,369 |  |  |  | — |  |  |  | 17,369 |
General and administrative |  |  | 28,399 |  |  |  | — |  |  |  | 28,399 |
Total operating expenses: |  |  | 71,701 |  |  |  | — |  |  |  | 71,701 |
Loss from operations |  |  | (50,198 | ) |  |  | — |  |  |  | (50,198 | )
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense |  |  | (2,264 | ) |  |  | — |  |  |  | (2,264 | )
Changes in fair value of warrants |  |  | 17,024 |  |  |  | — |  |  |  | 17,024 |
Changes in fair value of debt |  |  | 8,690 |  |  |  | 9,400 |  |  |  | 18,090 |
Changes in fair value of Revenue Interest Financing and PIPE Conversion Option |  |  | (14,321 | ) |  |  | 9,550 |  |  |  | (4,771 | )
Changes in fair value of earn-out liabilities |  |  | 22,900 |  |  |  | — |  |  |  | 22,900 |
Termination on convertible note side letters |  |  | — |  |  |  | — |  |  |  | — |
Loss on extinguishment of debt |  |  | (8,713 | ) |  |  | — |  |  |  | (8,713 | )
Other income (expense), net |  |  | 1,452 |  |  |  | — |  |  |  | 1,452 |
Total other income (expense): |  |  | 24,768 |  |  |  | 18,950 |  |  |  | 43,718 |
Income (loss) before income taxes |  |  | (25,430 | ) |  |  | 18,950 |  |  |  | (6,480 | )
Provision for income taxes |  |  | (718 | ) |  |  | — |  |  |  | (718 | )
Net Income (loss) |  | $ | (26,148 | ) |  | $ | 18,950 |  |  | $ | (7,198 | )
Net income (loss) per share |  |  |  |  |  |  |  |  |
Basic and diluted |  | $ | (11.64 | ) |  | $ | 8.44 |  |  | $ | (3.20 | )
Weighted-average shares outstanding |  |  |  |  |  |  |  |  |
Basic and diluted |  |  | 2,247,164 |  |  |  | — |  |  |  | 2,247,164 |
Restated Consolidated Statement of Comprehensive Loss (dollars in thousands)
|  | Year Ended December 31, 2024 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Net Income (loss) |  | $ | (26,148 | ) |  | $ | 18,950 |  |  | $ | (7,198 | )
Other comprehensive loss: |  |  |  |  |  |  |  |  |
Change in fair value of Revenue Interest Financing due to change in credit risk |  |  | 4,370 |  |  |  | (8,740 | ) |  |  | (4,370 | )
Change in fair value of RTW Convertible Notes due to change in credit risk |  |  | 4,700 |  |  |  | (9,400 | ) |  |  | (4,700 | )
Comprehensive Income (loss) |  | $ | (17,078 | ) |  | $ | 810 |  |  | $ | (16,268 | )
Restated Consolidated Statement of Cash Flows (dollars in thousands)
|  | Year Ended December 31, 2024 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Operating Activities: |  |  |  |  |  |  |  |  |
Net loss |  | $ | (26,148 | ) |  | $ | 18,950 |  |  | $ | (7,198 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |
Non-cash lease expense |  |  | 765 |  |  |  | — |  |  |  | 765 |
Depreciation and amortization |  |  | 997 |  |  |  | — |  |  |  | 997 |
Stock-based compensation |  |  | 3,056 |  |  |  | — |  |  |  | 3,056 |
Provision for uncollectible accounts |  |  | 1,418 |  |  |  | — |  |  |  | 1,418 |
Unrealized exchange gain (loss) |  |  | 594 |  |  |  | — |  |  |  | 594 |
Provision for inventory |  |  | 2,228 |  |  |  | — |  |  |  | 2,228 |
Change in fair value of warrant liabilities |  |  | (17,024 | ) |  |  | — |  |  |  | (17,024 | )
Change in fair value of derivative liabilities |  |  | (1,895 | ) |  |  | — |  |  |  | (1,895 | )
Change in fair value of debt |  |  | (8,690 | ) |  |  | (9,400 | ) |  |  | (18,090 | )
Change in fair value of Revenue Interest Financing and PIPE Conversion Option |  |  | 14,321 |  |  |  | (9,550 | ) |  |  | 4,771 |
Change in fair value of earn-out liabilities |  |  | (22,900 | ) |  |  | — |  |  |  | (22,900 | )
Interest paid on debt recorded at fair value |  |  | (3,098 | ) |  |  | — |  |  |  | (3,098 | )
Non-cash interest expense |  |  | 1,464 |  |  |  | — |  |  |  | 1,464 |
Non-cash termination of convertible note side letters |  |  | — |  |  |  | — |  |  |  | — |
Loss on extinguishment of debt |  |  | 8,713 |  |  |  | — |  |  |  | 8,713 |
Non-cash issuance of common stock for commitment shares |  |  | — |  |  |  | — |  |  |  | — |
Debt issuance costs associated with debt recorded at fair value |  |  | 1,357 |  |  |  | — |  |  |  | 1,357 |
Issuance costs associated with warrants recorded at fair value |  |  | 942 |  |  |  | — |  |  |  | 942 |
Changes in operating assets and liabilities: |  |  |  |  |  | — |  |  |  |
Accounts receivable |  |  | 8,977 |  |  |  | — |  |  |  | 8,977 |
Inventory |  |  | 543 |  |  |  | — |  |  |  | 543 |
Prepaid expenses, other current and long-term assets |  |  | 913 |  |  |  | — |  |  |  | 913 |
Lease liabilities |  |  | (836 | ) |  |  | — |  |  |  | (836 | )
Accounts payable |  |  | (3,924 | ) |  |  | — |  |  |  | (3,924 | )
Accrued expenses and other current liabilities |  |  | (4,073 | ) |  |  | — |  |  |  | (4,073 | )
Net cash used in operating activities |  | $ | (42,300 | ) |  | $ | — |  |  | $ | (42,300 | )
Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (611 | ) |  |  | — |  |  |  | (611 | )
Net cash used in investing activities |  | $ | (611 | ) |  | $ | — |  |  | $ | (611 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Proceeds from issue of convertible notes |  |  | 48,000 |  |  |  | — |  |  |  | 48,000 |
Proceeds from Private Placement, net of issuance costs |  |  | 2,592 |  |  |  | — |  |  |  | 2,592 |
Proceeds from Public Offering, net of issuance costs |  |  | 17,660 |  |  |  | — |  |  |  | 17,660 |
Proceeds from issuance of convertible notes - net |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from term loan - net |  |  | — |  |  |  | — |  |  |  | — |
Payment of debt issuance costs |  |  | (1,357 | ) |  |  | — |  |  |  | (1,357 | )
Proceeds from Business Combination, net of transaction costs |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from Revenue Interest Financing |  |  | — |  |  |  | — |  |  |  | — |
Repayment of 2021 Term Loan |  |  | — |  |  |  | — |  |  |  | — |
Repayment of Fortress Term Loan |  |  | (47,720 | ) |  |  | — |  |  |  | (47,720 | )
Repayment of promissory note assumed in Business Combination |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from option and warrant exercises |  |  | 26 |  |  |  | — |  |  |  | 26 |
Repayment of convertible notes |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from equity line financing |  |  | 1,007 |  |  |  | — |  |  |  | 1,007 |
Net cash provided by financing activities |  | $ | 20,208 |  |  | $ | — |  |  | $ | 20,208 |
Net increase (decrease) in cash and cash equivalents and restricted cash |  |  | (22,703 | ) |  |  | — |  |  |  | (22,703 | )
Cash and cash equivalents and restricted cash at beginning of period |  |  | 38,421 |  |  |  | — |  |  |  | 38,421 |
Cash and cash equivalents and restricted cash at end of period |  | $ | 15,718 |  |  | $ | — |  |  | $ | 15,718 |
Supplemental disclosure of cash flow information |  |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 2,672 |  |  | $ | — |  |  | $ | 2,672 |
Supplemental cash flow information on non-cash investing and financing activities |  |  |  |  |  |  |  |  |
Deferred financing costs in accounts payable and accrued expenses |  | $ | 323 |  |  | $ | — |  |  | $ | 323 |
Change in fair value of RTW Convertible Notes through OCI |  |  | 4,700 |  |  |  | (9,400 | ) |  |  | (4,700 | )
Change in fair value of Revenue Interest Financing through OCI |  |  | 4,370 |  |  |  | (8,740 | ) |  |  | (4,370 | )
Conversion of Series A Preferred Stock into Common Stock |  |  | (979 | ) |  |  | — |  |  |  | (979 | )
Exercise of PIPE Conversion Option |  |  | (547 | ) |  |  | — |  |  |  | (547 | )
As of and for the Year Ended December 31, 2023 Restated Consolidated Balance Sheet (dollars in thousands)
| As of December 31, 2023 |
| As Reported |  |  | Adjustment |  |  | As Restated |
Assets |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 38,037 |  |  | $ | — |  |  | $ | 38,037 |
Accounts receivable, net of allowance of doubtful accounts |  | 18,194 |  |  |  | — |  |  |  | 18,194 |
Inventory, net |  | 6,171 |  |  |  | — |  |  |  | 6,171 |
Prepaid expenses and other current assets |  | 2,414 |  |  |  | — |  |  |  | 2,414 |
Total current assets |  | 64,816 |  |  |  | — |  |  |  | 64,816 |
Property and equipment, net |  | 3,381 |  |  |  | — |  |  |  | 3,381 |
Right-of-use asset |  | 3,010 |  |  |  | — |  |  |  | 3,010 |
Other long-term assets |  | 505 |  |  |  | — |  |  |  | 505 |
Total assets | $ | 71,712 |  |  | $ | — |  |  | $ | 71,712 |
Liabilities and Stockholders’ Deficit |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable | $ | 10,379 |  |  | $ | — |  |  | $ | 10,379 |
Current portion of term loan |  | 38,643 |  |  |  | — |  |  |  | 38,643 |
Current portion of lease liabilities |  | 908 |  |  |  | — |  |  |  | 908 |
Accrued expenses and other current liabilities |  | 15,495 |  |  |  | — |  |  |  | 15,495 |
Total current liabilities |  | 65,425 |  |  |  | — |  |  |  | 65,425 |
Warrant liabilities |  | 6,765 |  |  |  | — |  |  |  | 6,765 |
Revenue Interest Financing liability |  | 36,200 |  |  |  | — |  |  |  | 36,200 |
Earn-out liabilities |  | 23,990 |  |  |  | — |  |  |  | 23,990 |
Lease liabilities, net of current portion |  | 2,306 |  |  |  | — |  |  |  | 2,306 |
Other liabilities |  | 7,513 |  |  |  | 810 |  |  |  | 8,323 |
Total liabilities |  | 142,199 |  |  |  | 810 |  |  |  | 143,009 |
Commitments and Contingencies |  |  |  |  |  |  |  |
Stockholders’ deficit: |  |  |  |  |  |  |  |
Preferred stock, $0.0001 par value — 100,000,000 shares authorized as of December 31, 2023; and no shares issued and outstanding as of December 31, 2023 |  | — |  |  |  | — |  |  |  | — |
Common stock, $0.0001 par value — 1,000,000,000 shares authorized as of December 31, 2023; and 1,907,529 shares issued and outstanding as of December 31, 2023 |  | 2 |  |  |  | — |  |  |  | 2 |
Additional paid-in capital |  | 143,010 |  |  |  | — |  |  |  | 143,010 |
Accumulated other comprehensive income (loss) |  | (700 | ) |  |  | 1,400 |  |  |  | 700 |
Accumulated deficit |  | (212,799 | ) |  |  | (2,210 | ) |  |  | (215,009 | )
Total stockholders’ deficit |  | (70,487 | ) |  |  | (810 | ) |  |  | (71,297 | )
Total liabilities and stockholders’ deficit | $ | 71,712 |  |  | $ | — |  |  | $ | 71,712 |
Restated Consolidated Statement of Operations (dollars in thousands)
|  | Year Ended December 31, 2023 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Revenue |  | $ | 53,467 |  |  | $ | — |  |  | $ | 53,467 |
Cost of revenue |  |  | 11,970 |  |  |  | — |  |  |  | 11,970 |
Gross profit |  |  | 41,497 |  |  |  | — |  |  |  | 41,497 |
Operating expenses: |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | 46,857 |  |  |  | — |  |  |  | 46,857 |
Research and development |  |  | 27,694 |  |  |  | — |  |  |  | 27,694 |
General and administrative |  |  | 46,024 |  |  |  | — |  |  |  | 46,024 |
Total operating expenses: |  |  | 120,575 |  |  |  | — |  |  |  | 120,575 |
Loss from operations |  |  | (79,078 | ) |  |  | — |  |  |  | (79,078 | )
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense |  |  | (10,566 | ) |  |  | — |  |  |  | (10,566 | )
Changes in fair value of warrants |  |  | 8,364 |  |  |  | — |  |  |  | 8,364 |
Changes in fair value of debt |  |  | (3,751 | ) |  |  | — |  |  |  | (3,751 | )
Changes in fair value of Revenue Interest Financing and PIPE Conversion Option |  |  | (2,192 | ) |  |  | (2,210 | ) |  |  | (4,402 | )
Changes in fair value of earn-out liabilities |  |  | 29,050 |  |  |  | — |  |  |  | 29,050 |
Termination of convertible note side letters |  |  | (17,598 | ) |  |  | — |  |  |  | (17,598 | )
Loss on extinguishment of debt |  |  | (3,929 | ) |  |  | — |  |  |  | (3,929 | )
Other income (expense), net |  |  | (643 | ) |  |  | — |  |  |  | (643 | )
Total other income (expense): |  |  | (1,265 | ) |  |  | (2,210 | ) |  |  | (3,475 | )
Income (loss) before income taxes |  |  | (80,343 | ) |  |  | (2,210 | ) |  |  | (82,553 | )
Provision for income taxes |  |  | (264 | ) |  |  | — |  |  |  | (264 | )
Net loss |  | $ | (80,607 | ) |  | $ | (2,210 | ) |  | $ | (82,817 | )
Cumulative undeclared preferred dividends |  |  | (1,697 | ) |  |  | — |  |  |  | (1,697 | )
Net loss attributable to common shareholders |  | $ | (82,304 | ) |  | $ | (2,210 | ) |  | $ | (84,514 | )
Net loss per share |  |  |  |  |  |  |  |  |
Basic and Diluted |  | $ | (57.83 | ) |  | $ | (1.55 | ) |  | $ | (59.38 | )
Weighted-average shares outstanding |  |  |  |  |  |  |  |  |
Basic and Diluted |  |  | 1,423,275 |  |  |  | — |  |  |  | 1,423,275 |
Restated Consolidated Statement of Comprehensive Loss (dollars in thousands)
|  | Year Ended December 31, 2023 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Net loss |  | $ | (80,607 | ) |  | $ | (2,210 | ) |  | $ | (82,817 | )
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Change in fair value of Revenue Interest Financing due to change in credit risk |  |  | (700 | ) |  |  | 1,400 |  |  |  | 700 |
Comprehensive loss |  | $ | (81,307 | ) |  | $ | (810 | ) |  | $ | (82,117 | )
Restated Consolidated Statement of Cash Flows (dollars in thousands)
|  | Year Ended December 31, 2023 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Operating Activities: |  |  |  |  |  |  |  |  |
Net loss |  | $ | (80,607 | ) |  | $ | (2,210 | ) |  | $ | (82,817 | )
Adjustments to reconcile net loss to net cash used in operating activities: |  |  |  |  |  |  |  |  |
Non-cash lease expense |  |  | 824 |  |  |  | — |  |  |  | 824 |
Depreciation and amortization |  |  | 746 |  |  |  | — |  |  |  | 746 |
Stock-based compensation |  |  | 8,357 |  |  |  | — |  |  |  | 8,357 |
Provision for uncollectible accounts |  |  | 12,675 |  |  |  | — |  |  |  | 12,675 |
Unrealized exchange gain (loss) |  |  | (180 | ) |  |  | — |  |  |  | (180 | )
Provision for inventory |  |  | 1,399 |  |  |  | — |  |  |  | 1,399 |
Change in fair value of warrant liabilities |  |  | (8,364 | ) |  |  | — |  |  |  | (8,364 | )
Change in fair value of derivative liabilities |  |  | 1,730 |  |  |  | — |  |  |  | 1,730 |
Change in fair value of debt |  |  | 3,751 |  |  |  | — |  |  |  | 3,751 |
Change in fair value of Revenue Interest Financing and PIPE Conversion Option |  |  | 2,192 |  |  |  | 2,210 |  |  |  | 4,402 |
Change in fair value of earn-out liabilities |  |  | (29,050 | ) |  |  | — |  |  |  | (29,050 | )
Interest paid on debt recorded at fair value |  |  | (1,092 | ) |  |  | — |  |  |  | (1,092 | )
Non-cash interest expense |  |  | 2,083 |  |  |  | — |  |  |  | 2,083 |
Non-cash termination of convertible note side letters |  |  | 16,098 |  |  |  | — |  |  |  | 16,098 |
Loss on extinguishment of debt |  |  | 3,929 |  |  |  | — |  |  |  | 3,929 |
Non-cash issuance of common stock for commitment shares |  |  | 123 |  |  |  | — |  |  |  | 123 |
Debt issuance costs associated with debt recorded at fair value |  |  | 1,210 |  |  |  | — |  |  |  | 1,210 |
Changes in operating assets and liabilities: |  |  |  |  |  | — |  |  |  |
Accounts receivable |  |  | (1,318 | ) |  |  | — |  |  |  | (1,318 | )
Inventory |  |  | (3,705 | ) |  |  | — |  |  |  | (3,705 | )
Prepaid expenses, other current and long-term assets |  |  | 285 |  |  |  | — |  |  |  | 285 |
Lease liabilities |  |  | (789 | ) |  |  | — |  |  |  | (789 | )
Accounts payable |  |  | 4,664 |  |  |  | — |  |  |  | 4,664 |
Accrued expenses and other current liabilities |  |  | 1,057 |  |  |  | — |  |  |  | 1,057 |
Net cash used in operating activities |  | $ | (63,982 | ) |  | $ | — |  |  | $ | (63,982 | )
Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (1,606 | ) |  |  | — |  |  |  | (1,606 | )
Net cash used in investing activities |  | $ | (1,606 | ) |  | $ | — |  |  | $ | (1,606 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Proceeds from issuance of convertible notes - net |  |  | 28,700 |  |  |  | — |  |  |  | 28,700 |
Proceeds from term loan - net |  |  | 59,780 |  |  |  | — |  |  |  | 59,780 |
Payment of debt issuance costs |  |  | (3,450 | ) |  |  | — |  |  |  | (3,450 | )
Proceeds from Business Combination, net of transaction costs |  |  | 61,652 |  |  |  | — |  |  |  | 61,652 |
Proceeds from Revenue Interest Financing |  |  | 40,000 |  |  |  | — |  |  |  | 40,000 |
Repayment of 2021 Term Loan |  |  | (57,659 | ) |  |  | — |  |  |  | (57,659 | )
Repayment of Fortress Term Loan |  |  | (20,000 | ) |  |  | — |  |  |  | (20,000 | )
Repayment of promissory note assumed in Business Combination |  |  | (2,500 | ) |  |  | — |  |  |  | (2,500 | )
Proceeds from option and warrant exercises |  |  | 213 |  |  |  | — |  |  |  | 213 |
Repayment of convertible notes |  |  | (10,750 | ) |  |  | — |  |  |  | (10,750 | )
Proceeds from equity line financing |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by financing activities |  | $ | 95,986 |  |  | $ | — |  |  | $ | 95,986 |
Net increase (decrease) in cash and cash equivalents and restricted cash |  |  | 30,398 |  |  |  | — |  |  |  | 30,398 |
Cash and cash equivalents and restricted cash at beginning of period |  |  | 8,023 |  |  |  | — |  |  |  | 8,023 |
Cash and cash equivalents and restricted cash at end of period |  | $ | 38,421 |  |  | $ | — |  |  | $ | 38,421 |
Supplemental disclosure of cash flow information |  |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 8,035 |  |  | $ | — |  |  | $ | 8,035 |
Supplemental cash flow information on non-cash investing and financing activities |  |  |  |  |  |  |  |  |
Purchase of property and equipment included in accounts payable |  | $ | 134 |  |  | $ | — |  |  | $ | 134 |
Deferred financing costs in accounts payable and accrued expenses |  |  | 580 |  |  |  | — |  |  |  | 580 |
Recognition of assumed warrant liability |  |  | 13,762 |  |  |  | — |  |  |  | 13,762 |
Recognition of earn-out liabilities |  |  | 53,040 |  |  |  | — |  |  |  | 53,040 |
Issuance of common stock upon conversion of convertible notes |  |  | 25,569 |  |  |  | — |  |  |  | 25,569 |
Change in fair value of Revenue Interest Financing through OCI |  |  | (700 | ) |  |  | 1,400 |  |  |  | 700 |
The impacts of the restatements have been reflected throughout these consolidated financial statements, including Notes 9, 10, 11, 12, 14, and 18. The following tables summarize the impacts of the results on the Company's previously reported condensed consolidated balance sheets, condensed consolidated statements of operations, condensed consolidated statements of comprehensive income (loss), condensed consolidated statements of cash flows, and condensed consolidated statements of stockholders' deficit included in the Company's Quarterly Reports on Form 10-Q for each respective period. As of and for the Three and Nine Months Ended September 30, 2024 Restated Condensed Consolidated Balance Sheet (dollars in thousands)
| As of September 30, 2024 |
| As Reported |  |  | Adjustment |  |  | As Restated |
Assets |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 28,654 |  |  | $ | — |  |  | $ | 28,654 |
Accounts receivable, net of allowance of doubtful accounts |  | 9,935 |  |  |  | — |  |  |  | 9,935 |
Inventory, net |  | 4,568 |  |  |  | — |  |  |  | 4,568 |
Prepaid expenses and other current assets |  | 1,672 |  |  |  | — |  |  |  | 1,672 |
Total current assets |  | 44,829 |  |  |  | — |  |  |  | 44,829 |
Property and equipment, net |  | 3,080 |  |  |  | — |  |  |  | 3,080 |
Right-of-use asset |  | 2,283 |  |  |  | — |  |  |  | 2,283 |
Other long-term assets |  | 507 |  |  |  | — |  |  |  | 507 |
Total assets | $ | 50,699 |  |  | $ | — |  |  | $ | 50,699 |
Liabilities and Stockholders’ Deficit |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable | $ | 10,393 |  |  | $ | — |  |  | $ | 10,393 |
Current portion of lease liabilities |  | 878 |  |  |  | — |  |  |  | 878 |
Accrued expenses and other current liabilities |  | 7,973 |  |  |  | — |  |  |  | 7,973 |
Total current liabilities |  | 19,244 |  |  |  | — |  |  |  | 19,244 |
Warrant liabilities |  | 7,381 |  |  |  | — |  |  |  | 7,381 |
Revenue Interest Financing liability |  | 38,500 |  |  |  | — |  |  |  | 38,500 |
Earn-out liabilities |  | 1,850 |  |  |  | — |  |  |  | 1,850 |
Convertible notes payable |  | 36,090 |  |  |  | — |  |  |  | 36,090 |
Lease liabilities, net of current portion |  | 1,578 |  |  |  | — |  |  |  | 1,578 |
Other liabilities |  | 9,867 |  |  |  | — |  |  |  | 9,867 |
Total liabilities |  | 114,510 |  |  | $ | — |  |  |  | 114,510 |
Commitments and Contingencies |  |  |  |  |  |  |  |
Redeemable convertible preferred stock |  |  |  |  |  |  |  |
Series A redeemable convertible preferred stock, $0.0001 par value — 100,000,000 shares authorized as of September 30, 2024; and 2,260,159 shares issued and outstanding as of September 30, 2024 |  | 979 |  |  |  | — |  |  |  | 979 |
Stockholders’ deficit: |  |  |  |  |  |  |  |
Common stock, $0.0001 par value — 1,000,000,000 shares authorized as of September 30, 2024; and 2,574,783 shares issued and outstanding as of September 30, 2024 |  | 3 |  |  |  | — |  |  |  | 3 |
Additional paid-in capital |  | 150,696 |  |  |  | — |  |  |  | 150,696 |
Accumulated other comprehensive income (loss) |  | 2,890 |  |  |  | (5,780 | ) |  |  | (2,890 | )
Accumulated deficit |  | (218,379 | ) |  |  | 5,780 |  |  |  | (212,599 | )
Total stockholders’ deficit |  | (64,790 | ) |  |  | — |  |  |  | (64,790 | )
Total liabilities and stockholders’ deficit | $ | 50,699 |  |  | $ | — |  |  | $ | 50,699 |
Restated Condensed Consolidated Statement of Operations (dollars in thousands)
|  | Three months ended September 30, 2024 |  |  | Nine months ended September 30, 2024 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Revenue |  | $ | 5,367 |  |  | $ | — |  |  | $ | 5,367 |  |  | $ | 26,519 |  |  | $ | — |  |  | $ | 26,519 |
Cost of revenue |  |  | 2,256 |  |  |  | — |  |  |  | 2,256 |  |  |  | 7,549 |  |  |  | — |  |  |  | 7,549 |
Gross profit |  |  | 3,111 |  |  |  | — |  |  |  | 3,111 |  |  |  | 18,970 |  |  |  | — |  |  |  | 18,970 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | 5,197 |  |  |  | — |  |  |  | 5,197 |  |  |  | 18,060 |  |  |  | — |  |  |  | 18,060 |
Research and development |  |  | 3,212 |  |  |  | — |  |  |  | 3,212 |  |  |  | 13,247 |  |  |  | — |  |  |  | 13,247 |
General and administrative |  |  | 7,043 |  |  |  | — |  |  |  | 7,043 |  |  |  | 20,746 |  |  |  | — |  |  |  | 20,746 |
Total operating expenses: |  |  | 15,452 |  |  |  | — |  |  |  | 15,452 |  |  |  | 52,053 |  |  |  | — |  |  |  | 52,053 |
Loss from operations |  |  | (12,341 | ) |  |  | — |  |  |  | (12,341 | ) |  |  | (33,083 | ) |  |  | — |  |  |  | (33,083 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,264 | ) |  |  | — |  |  |  | (2,264 | )
Changes in fair value of warrants |  |  | 9,703 |  |  |  | — |  |  |  | 9,703 |  |  |  | 14,210 |  |  |  | — |  |  |  | 14,210 |
Changes in fair value of debt |  |  | 1,790 |  |  |  | 6,140 |  |  |  | 7,930 |  |  |  | 10,020 |  |  |  | 5,980 |  |  |  | 16,000 |
Changes in fair value of Revenue Interest Financing and PIPE Conversion Option |  |  | (11,104 | ) |  |  | 11,600 |  |  |  | 496 |  |  |  | (9,608 | ) |  |  | 2,010 |  |  |  | (7,598 | )
Changes in fair value of earn-out liabilities |  |  | 2,260 |  |  |  | — |  |  |  | 2,260 |  |  |  | 22,140 |  |  |  | — |  |  |  | 22,140 |
Loss on extinguishment of debt |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,713 | ) |  |  | — |  |  |  | (8,713 | )
Termination of convertible note side letters |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other income (expense), net |  |  | 757 |  |  |  | — |  |  |  | 757 |  |  |  | 1,928 |  |  |  | — |  |  |  | 1,928 |
Total other income (expense): |  |  | 3,406 |  |  |  | 17,740 |  |  |  | 21,146 |  |  |  | 27,713 |  |  |  | 7,990 |  |  |  | 35,703 |
Income (loss) before income taxes |  |  | (8,935 | ) |  |  | 17,740 |  |  |  | 8,805 |  |  |  | (5,370 | ) |  |  | 7,990 |  |  |  | 2,620 |
Provision for income taxes |  |  | (69 | ) |  |  | — |  |  |  | (69 | ) |  |  | (210 | ) |  |  | — |  |  |  | (210 | )
Net Income (loss) |  | $ | (9,004 | ) |  | $ | 17,740 |  |  | $ | 8,736 |  |  | $ | (5,580 | ) |  | $ | 7,990 |  |  | $ | 2,410 |
Net income (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (3.51 | ) |  | $ | 6.92 |  |  | $ | 3.41 |  |  | $ | (2.62 | ) |  | $ | 3.75 |  |  | $ | 1.13 |
Diluted |  | $ | (3.51 | ) |  | $ | 6.91 |  |  | $ | 3.40 |  |  | $ | (2.62 | ) |  | $ | 0.20 |  |  | $ | (2.42 | )
Weighted-average shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 2,563,459 |  |  |  | — |  |  |  | 2,563,459 |  |  |  | 2,132,416 |  |  |  | — |  |  |  | 2,132,416 |
Diluted |  |  | 2,563,459 |  |  |  | 2,862 |  |  |  | 2,566,321 |  |  |  | 2,132,416 |  |  |  | 259,786 |  |  |  | 2,392,202 |
Restated Condensed Consolidated Statement of Comprehensive Loss (dollars in thousands)
|  | Three months ended September 30, 2024 |  |  | Nine months ended September 30, 2024 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Net Income (loss) |  | $ | (9,004 | ) |  | $ | 17,740 |  |  | $ | 8,736 |  |  | $ | (5,580 | ) |  | $ | 7,990 |  |  | $ | 2,410 |
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of Revenue Interest Financing due to change in credit risk |  |  | 5,800 |  |  |  | (11,600 | ) |  |  | (5,800 | ) |  |  | 600 |  |  |  | (1,200 | ) |  |  | (600 | )
Change in fair value of RTW Convertible Notes due to change in credit risk |  |  | 3,070 |  |  |  | (6,140 | ) |  |  | (3,070 | ) |  |  | 2,990 |  |  |  | (5,980 | ) |  |  | (2,990 | )
Comprehensive Income (loss) |  | $ | (134 | ) |  | $ | — |  |  | $ | (134 | ) |  | $ | (1,990 | ) |  | $ | 810 |  |  | $ | (1,180 | )
Restated Condensed Consolidated Statement of Cash Flows (dollars in thousands)
|  | Nine Months Ended September 30, 2024 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Operating Activities: |  |  |  |  |  |  |  |  |
Net loss |  | $ | (5,580 | ) |  | $ | 7,990 |  |  | $ | 2,410 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |  |  |  |  |  |  |
Non-cash lease expense |  |  | 561 |  |  |  | — |  |  | 561 |
Depreciation and amortization |  |  | 778 |  |  |  | — |  |  | 778 |
Stock-based compensation |  |  | 2,217 |  |  |  | — |  |  |  | 2,217 |
Provision for uncollectible accounts |  |  | 1,065 |  |  |  | — |  |  |  | 1,065 |
Unrealized exchange (gain) or loss |  |  | (29 | ) |  |  | — |  |  |  | (29 | )
Provision for inventory |  |  | 1,052 |  |  |  | — |  |  |  | 1,052 |
Change in fair value of warrant liabilities |  |  | (14,210 | ) |  |  | — |  |  |  | (14,210 | )
Change in fair value of derivative liabilities |  |  | (1,895 | ) |  |  | — |  |  |  | (1,895 | )
Change in fair value of Revenue Interest Financing and PIPE Conversion Option |  |  | 9,608 |  |  |  | (2,010 | ) |  |  | 7,598 |
Change in fair value of earn-out liabilities |  |  | (22,140 | ) |  |  | — |  |  |  | (22,140 | )
Interest paid on debt recorded at fair value |  |  | (2,458 | ) |  |  | — |  |  |  | (2,458 | )
Change in fair value of debt |  |  | (10,020 | ) |  |  | (5,980 | ) |  |  | (16,000 | )
Debt issuance costs associated with debt recorded at fair value |  |  | 1,357 |  |  |  | — |  |  |  | 1,357 |
Non-cash interest expense |  |  | 1,464 |  |  |  | — |  |  |  | 1,464 |
Loss on term loan extinguishment |  |  | 8,713 |  |  |  | — |  |  |  | 8,713 |
Issuance costs associated with warrants recorded at fair value |  |  | 942 |  |  |  | — |  |  |  | 942 |
Changes in operating assets and liabilities: |  |  |  |  |  | — |  |  |  |
Accounts receivable |  |  | 7,199 |  |  |  | — |  |  |  | 7,199 |
Inventory |  |  | 551 |  |  |  | — |  |  |  | 551 |
Prepaid expenses, other current and long-term assets |  |  | 747 |  |  |  | — |  |  |  | 747 |
Lease liabilities |  |  | (593 | ) |  |  | — |  |  |  | (593 | )
Accounts payable |  |  | (578 | ) |  |  | — |  |  |  | (578 | )
Accrued expenses and other current liabilities |  |  | (7,777 | ) |  |  | — |  |  |  | (7,777 | )
Net cash used in operating activities |  | $ | (29,026 | ) |  | $ | — |  |  | $ | (29,026 | )
Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (611 | ) |  |  | — |  |  |  | (611 | )
Net cash used in investing activities |  | $ | (611 | ) |  | $ | — |  |  | $ | (611 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Proceeds from issuance of convertible notes |  |  | 48,000 |  |  |  | — |  |  |  | 48,000 |
Proceeds from Fortress Term Loan - net |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from Business Combination, net of transaction costs |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from Revenue Interest Financing |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from option and warrant exercises |  |  | 26 |  |  |  | — |  |  |  | 26 |
Proceeds from equity line financing |  |  | 378 |  |  |  | — |  |  |  | 378 |
Repayment of convertible notes |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from Private Placement, net of issuance costs |  |  | 2,685 |  |  |  | — |  |  |  | 2,685 |
Proceeds from Public Offering, net of issuance costs |  |  | 18,249 |  |  |  | — |  |  |  | 18,249 |
Payment of debt issuance costs |  |  | (1,357 | ) |  |  | — |  |  |  | (1,357 | )
Repayment of 2021 Term Loan |  |  | — |  |  |  | — |  |  |  | — |
Repayment of promissory note assumed in Business Combination |  |  | — |  |  |  | — |  |  |  | — |
Repayment of Fortress term loan |  |  | (47,720 | ) |  |  | — |  |  |  | (47,720 | )
Net cash provided by financing activities |  | $ | 20,261 |  |  | $ | — |  |  | $ | 20,261 |
Net (decrease) increase in cash and cash equivalents and restricted cash |  | $ | (9,376 | ) |  |  |  |  | $ | (9,376 | )
Cash and cash equivalents and restricted cash at beginning of period |  |  | 38,421 |  |  |  | — |  |  |  | 38,421 |
Cash and cash equivalents and restricted cash at end of period |  | $ | 29,045 |  |  | $ | — |  |  | $ | 29,045 |
Supplemental disclosure of cash flow information |  |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 2,672 |  |  | $ | — |  |  | $ | 2,672 |
Supplemental cash flow information on non-cash investing and financing activities |  |  |  |  |  |  |  |  |
Purchase of property and equipment included in accounts payable |  | $ | — |  |  | $ | — |  |  | $ | — |
Deferred financing costs in accounts payable and accrued expenses |  |  | 1,004 |  |  |  | — |  |  |  | 1,004 |
Change in fair value of Revenue Interest Financing through other comprehensive income |  |  | 600 |  |  |  | (1,200 | ) |  |  | (600 | )
Change in fair value of RTW Convertible Notes through other comprehensive income |  |  | 2,990 |  |  |  | (5,980 | ) |  |  | (2,990 | )
As of and for the Three and Six Months Ended June 30, 2024 Restated Condensed Consolidated Balance Sheet (dollars in thousands)
| As of June 30, 2024 |
| As Reported |  |  | Adjustment |  |  | As Restated |
Assets |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 19,258 |  |  | $ | — |  |  | $ | 19,258 |
Accounts receivable, net of allowance of doubtful accounts |  | 13,357 |  |  |  | — |  |  |  | 13,357 |
Inventory, net |  | 4,788 |  |  |  | — |  |  |  | 4,788 |
Prepaid expenses and other current assets |  | 2,902 |  |  |  | — |  |  |  | 2,902 |
Total current assets |  | 40,305 |  |  |  | — |  |  |  | 40,305 |
Property and equipment, net |  | 3,254 |  |  |  | — |  |  |  | 3,254 |
Right-of-use asset |  | 2,481 |  |  |  | — |  |  |  | 2,481 |
Other long-term assets |  | 510 |  |  |  | — |  |  |  | 510 |
Total assets | $ | 46,550 |  |  | $ | — |  |  | $ | 46,550 |
Liabilities and Stockholders’ Deficit |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable | $ | 7,984 |  |  | $ | — |  |  | $ | 7,984 |
Current portion of lease liabilities |  | 850 |  |  |  | — |  |  |  | 850 |
Accrued expenses and other current liabilities |  | 14,724 |  |  |  | — |  |  |  | 14,724 |
Total current liabilities |  | 23,558 |  |  |  | — |  |  |  | 23,558 |
Public warrant liabilities |  | 2,113 |  |  |  | — |  |  |  | 2,113 |
Revenue Interest Financing liability |  | 39,000 |  |  |  | — |  |  |  | 39,000 |
Earn-out liabilities |  | 4,110 |  |  |  | — |  |  |  | 4,110 |
Convertible notes payable |  | 40,950 |  |  |  | — |  |  |  | 40,950 |
Lease liabilities, net of current portion |  | 1,788 |  |  |  | — |  |  |  | 1,788 |
Other liabilities |  | 5,613 |  |  |  | — |  |  |  | 5,613 |
Total liabilities |  | 117,132 |  |  |  | — |  |  |  | 117,132 |
Commitments and Contingencies |  |  |  |  |  |  |  |
Stockholders’ deficit: |  |  |  |  |  |  |  |
Preferred stock, $0.0001 par value — 100,000,000 shares authorized as of June 30, 2024; and no shares issued and outstanding as of June 30, 2024 |  | — |  |  |  | — |  |  |  | — |
Common stock, $0.0001 par value — 1,000,000,000 shares authorized as of June 30, 2024; and 1,918,927 shares issued and outstanding as of June 30, 2024 |  | 2 |  |  |  | — |  |  |  | 2 |
Additional paid-in capital |  | 144,771 |  |  |  | — |  |  |  | 144,771 |
Accumulated other comprehensive income (loss) |  | (5,980 | ) |  |  | 11,960 |  |  |  | 5,980 |
Accumulated deficit |  | (209,375 | ) |  |  | (11,960 | ) |  |  | (221,335 | )
Total stockholders’ deficit |  | (70,582 | ) |  |  | — |  |  |  | (70,582 | )
Total liabilities and stockholders’ deficit | $ | 46,550 |  |  | $ | — |  |  | $ | 46,550 |
Restated Condensed Consolidated Statement of Operations (dollars in thousands)
|  | Three months ended June 30, 2024 |  |  | Six months ended June 30, 2024 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Revenue |  | $ | 11,766 |  |  | $ | — |  |  | $ | 11,766 |  |  | $ | 21,152 |  |  | $ | — |  |  | $ | 21,152 |
Cost of revenue |  |  | 2,773 |  |  |  | — |  |  |  | 2,773 |  |  |  | 5,293 |  |  |  | — |  |  |  | 5,293 |
Gross profit |  |  | 8,993 |  |  |  | — |  |  |  | 8,993 |  |  |  | 15,859 |  |  |  | — |  |  |  | 15,859 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | 6,718 |  |  |  | — |  |  |  | 6,718 |  |  |  | 12,863 |  |  |  | — |  |  |  | 12,863 |
Research and development |  |  | 4,310 |  |  |  | — |  |  |  | 4,310 |  |  |  | 10,035 |  |  |  | — |  |  |  | 10,035 |
General and administrative |  |  | 7,311 |  |  |  | — |  |  |  | 7,311 |  |  |  | 13,697 |  |  |  | — |  |  |  | 13,697 |
Total operating expenses: |  |  | 18,339 |  |  |  | — |  |  |  | 18,339 |  |  |  | 36,595 |  |  |  | — |  |  |  | 36,595 |
Loss from operations |  |  | (9,346 | ) |  |  | — |  |  |  | (9,346 | ) |  |  | (20,736 | ) |  |  | — |  |  |  | (20,736 | )
Other income (expense): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense |  |  | (339 | ) |  |  | — |  |  |  | (339 | ) |  |  | (2,270 | ) |  |  | — |  |  |  | (2,270 | )
Changes in fair value of warrants |  |  | 1,376 |  |  |  | — |  |  |  | 1,376 |  |  |  | 4,507 |  |  |  | — |  |  |  | 4,507 |
Changes in fair value of debt |  |  | 8,230 |  |  |  | (160 | ) |  |  | 8,070 |  |  |  | 8,230 |  |  |  | (160 | ) |  |  | 8,070 |
Changes in fair value of Revenue Interest Financing and PIPE Conversion Option |  |  | 6 |  |  |  | (6,000 | ) |  |  | (5,994 | ) |  |  | 1,496 |  |  |  | (9,590 | ) |  |  | (8,094 | )
Changes in fair value of earn-out liabilities |  |  | 5,690 |  |  |  | — |  |  |  | 5,690 |  |  |  | 19,880 |  |  |  | — |  |  |  | 19,880 |
Loss on extinguishment of debt |  |  | (8,713 | ) |  |  | — |  |  |  | (8,713 | ) |  |  | (8,713 | ) |  |  | — |  |  |  | (8,713 | )
Other income (expense), net |  |  | 999 |  |  |  | — |  |  |  | 999 |  |  |  | 1,171 |  |  |  | — |  |  |  | 1,171 |
Total other income (expense): |  |  | 7,249 |  |  |  | (6,160 | ) |  |  | 1,089 |  |  |  | 24,301 |  |  |  | (9,750 | ) |  |  | 14,551 |
Income (loss) before income taxes |  |  | (2,097 | ) |  |  | (6,160 | ) |  |  | (8,257 | ) |  |  | 3,565 |  |  |  | (9,750 | ) |  |  | (6,185 | )
Provision for income taxes |  |  | (65 | ) |  |  | — |  |  |  | (65 | ) |  |  | (141 | ) |  |  | — |  |  |  | (141 | )
Net income (loss) |  | $ | (2,162 | ) |  | $ | (6,160 | ) |  | $ | (8,322 | ) |  | $ | 3,424 |  |  | $ | (9,750 | ) |  | $ | (6,326 | )
Net income (loss) per share |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (1.13 | ) |  | $ | (3.21 | ) |  | $ | (4.34 | ) |  | $ | 1.79 |  |  | $ | (5.09 | ) |  | $ | (3.30 | )
Diluted |  | $ | (1.13 | ) |  | $ | (3.21 | ) |  | $ | (4.34 | ) |  | $ | 1.67 |  |  | $ | (4.97 | ) |  | $ | (3.30 | )
Weighted-average shares outstanding |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 1,917,872 |  |  |  | — |  |  |  | 1,917,872 |  |  |  | 1,914,527 |  |  |  | — |  |  |  | 1,914,527 |
Diluted |  |  | 1,917,872 |  |  |  | — |  |  |  | 1,917,872 |  |  |  | 1,959,881 |  |  |  | (45,354 | ) |  |  | 1,914,527 |
Restated Condensed Consolidated Statement of Comprehensive Loss (dollars in thousands)
|  | Three months ended June 30, 2024 |  |  | Six months ended June 30, 2024 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Net income (loss) |  | $ | (2,162 | ) |  | $ | (6,160 | ) |  | $ | (8,322 | ) |  | $ | 3,424 |  |  | $ | (9,750 | ) |  | $ | (6,326 | )
Other comprehensive loss: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Change in fair value of Revenue Interest Financing due to change in credit risk |  |  | (3,000 | ) |  |  | 6,000 |  |  | $ | 3,000 |  |  |  | (5,200 | ) |  |  | 10,400 |  |  |  | 5,200 |
Change in fair value of RTW Convertible Notes due to change in credit risk |  |  | (80 | ) |  |  | 160 |  |  | $ | 80 |  |  |  | (80 | ) |  |  | 160 |  |  |  | 80 |
Comprehensive Income (loss) |  | $ | (5,242 | ) |  | $ | — |  |  | $ | (5,242 | ) |  | $ | (1,856 | ) |  | $ | 810 |  |  | $ | (1,046 | )
Restated Condensed Consolidated Statement of Cash Flows (dollars in thousands)
|  | Six Months Ended June 30, 2024 |
|  | Originally Reported |  |  | Adjustment |  |  | As Restated |
Operating Activities: |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 3,424 |  |  | $ | (9,750 | ) |  | $ | (6,326 | )
Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |  |  |  |  |  |  |
Non-cash lease expense |  |  | 362 |  |  |  | — |  |  | 362 |
Depreciation and amortization |  |  | 564 |  |  |  | — |  |  | 564 |
Stock-based compensation |  |  | 1,357 |  |  |  | — |  |  |  | 1,357 |
Unrealized exchange (gain) or loss |  |  | 373 |  |  |  | — |  |  |  | 373 |
Provision for inventory |  |  | 369 |  |  |  | — |  |  |  | 369 |
Change in fair value of warrant liabilities |  |  | (4,507 | ) |  |  | — |  |  |  | (4,507 | )
Change in fair value of derivative liabilities |  |  | (1,895 | ) |  |  | — |  |  |  | (1,895 | )
Change in fair value of Revenue Interest Financing and PIPE Conversion Option |  |  | (1,496 | ) |  |  | 9,590 |  |  |  | 8,094 |
Change in fair value of earn-out liabilities |  |  | (19,880 | ) |  |  | — |  |  |  | (19,880 | )
Interest paid on debt recorded at fair value |  |  | (1,054 | ) |  |  | — |  |  |  | (1,054 | )
Change in fair value of debt |  |  | (8,230 | ) |  |  | 160 |  |  |  | (8,070 | )
Debt issuance costs associated with debt recorded at fair value |  |  | 1,357 |  |  |  | — |  |  |  | 1,357 |
Non-cash interest expense |  |  | 1,464 |  |  |  | — |  |  |  | 1,464 |
Loss on term loan extinguishment |  |  | 8,713 |  |  |  | — |  |  |  | 8,713 |
Changes in operating assets and liabilities: |  |  |  |  |  | — |  |  |  |
Accounts receivable |  |  | 4,412 |  |  |  | — |  |  |  | 4,412 |
Inventory |  |  | 1,014 |  |  |  | — |  |  |  | 1,014 |
Prepaid expenses, other current and long-term assets |  |  | 718 |  |  |  | — |  |  |  | 718 |
Lease liabilities |  |  | (411 | ) |  |  | — |  |  |  | (411 | )
Accounts payable |  |  | (2,504 | ) |  |  | — |  |  |  | (2,504 | )
Accrued expenses and other current liabilities |  |  | (1,713 | ) |  |  | — |  |  |  | (1,713 | )
Net cash used in operating activities |  | $ | (17,563 | ) |  | $ | — |  |  | $ | (17,563 | )
Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (539 | ) |  |  | — |  |  |  | (539 | )
Net cash used in investing activities |  | $ | (539 | ) |  | $ | — |  |  | $ | (539 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Proceeds from issuance of convertible notes |  |  | 48,000 |  |  |  | — |  |  |  | 48,000 |
Proceeds from option and warrant exercises |  |  | 26 |  |  |  | — |  |  |  | 26 |
Proceeds from equity line financing |  |  | 378 |  |  |  | — |  |  |  | 378 |
Repayment of convertible notes |  |  | — |  |  |  | — |  |  |  | — |
Payment of deferred financing costs |  |  | — |  |  |  | — |  |  |  | — |
Payment of debt issuance costs |  |  | (1,357 | ) |  |  | — |  |  |  | (1,357 | )
Repayment of Fortress term loan |  |  | (47,720 | ) |  |  | — |  |  |  | (47,720 | )
Net cash provided by (used in) financing activities |  | $ | (673 | ) |  | $ | — |  |  | $ | (673 | )
Net decrease in cash and cash equivalents and restricted cash |  |  | (18,775 | ) |  |  | — |  |  |  | (18,775 | )
Cash and cash equivalents and restricted cash at beginning of period |  |  | 38,421 |  |  |  | — |  |  |  | 38,421 |
Cash and cash equivalents and restricted cash at end of period |  | $ | 19,646 |  |  | $ | — |  |  | $ | 19,646 |
Supplemental disclosure of cash flow information |  |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 2,672 |  |  | $ | — |  |  | $ | 2,672 |
Supplemental cash flow information on non-cash investing and financing activities |  |  |  |  |  |  |  | 0 |
Purchase of property and equipment included in accounts payable |  | $ | 31 |  |  | $ | — |  |  | $ | 31 |
Deferred financing costs in accounts payable and accrued expenses |  |  | 1,207 |  |  |  | — |  |  |  | 1,207 |
Change in fair value of RTW Convertible Notes through OCI |  |  | — |  |  |  | 80 |  |  |  | 80 |
Change in fair value of Revenue Interest Financing through OCI |  |  | (5,280 | ) |  |  | 10,480 |  |  |  | 5,200 |
As of and for the Three Months Ended March 31, 2024 Restated Condensed Consolidated Balance Sheet (dollars in thousands)
| As of March 31, 2024 |
| As Reported |  |  | Adjustment |  |  | As Restated |
Assets |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 29,682 |  |  | $ | — |  |  | $ | 29,682 |
Accounts receivable, net of allowance of doubtful accounts |  | 16,159 |  |  |  | — |  |  |  | 16,159 |
Inventory, net |  | 5,631 |  |  |  | — |  |  |  | 5,631 |
Prepaid expenses and other current assets |  | 2,167 |  |  |  | — |  |  |  | 2,167 |
Total current assets |  | 53,639 |  |  |  | — |  |  |  | 53,639 |
Property and equipment, net |  | 3,180 |  |  |  | — |  |  |  | 3,180 |
Right-of-use asset |  | 2,659 |  |  |  | — |  |  |  | 2,659 |
Other long-term assets |  | 510 |  |  |  | — |  |  |  | 510 |
Total assets | $ | 59,988 |  |  | $ | — |  |  | $ | 59,988 |
Liabilities and Stockholders’ Deficit |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |
Accounts payable | $ | 11,944 |  |  | $ | — |  |  | $ | 11,944 |
Current portion of term loan |  | 38,957 |  |  |  | — |  |  |  | 38,957 |
Current portion of lease liabilities |  | 814 |  |  |  | — |  |  |  | 814 |
Accrued expenses and other current liabilities |  | 14,506 |  |  |  | — |  |  |  | 14,506 |
Total current liabilities |  | 66,221 |  |  |  | — |  |  |  | 66,221 |
Public warrant liabilities |  | 3,329 |  |  |  | — |  |  |  | 3,329 |
Revenue Interest Financing liability |  | 35,000 |  |  |  | — |  |  |  | 35,000 |
Earn-out liabilities |  | 9,800 |  |  |  | — |  |  |  | 9,800 |
Lease liabilities, net of current portion |  | 2,011 |  |  |  | — |  |  |  | 2,011 |
Other liabilities |  | 9,789 |  |  |  | — |  |  |  | 9,789 |
Total liabilities |  | 126,150 |  |  |  | — |  |  |  | 126,150 |
Commitments and Contingencies |  |  |  |  |  |  |  |
Stockholders’ deficit: |  |  |  |  |  |  |  |
Preferred stock, $0.0001 par value — 100,000,000 shares authorized as of March 31, 2024; and no shares issued and outstanding as of March 31, 2024 |  | - |  |  |  | — |  |  |  | - |
Common stock, $0.0001 par value — 1,000,000,000 shares authorized as of March 31, 2024; and 1,915,956 shares issued and outstanding as of March 31, 2024 |  | 2 |  |  |  | — |  |  |  | 2 |
Additional paid-in capital |  | 143,949 |  |  |  | — |  |  |  | 143,949 |
Accumulated other comprehensive income (loss) |  | (2,900 | ) |  |  | 5,800 |  |  |  | 2,900 |
Accumulated deficit |  | (207,213 | ) |  |  | (5,800 | ) |  |  | (213,013 | )
Total stockholders’ deficit |  | (66,162 | ) |  |  | — |  |  |  | (66,162 | )
Total liabilities and stockholders’ deficit | $ | 59,988 |  |  | $ | — |  |  | $ | 59,988 |
Restated Condensed Consolidated Statement of Operations (dollars in thousands)
|  | Three months ended March 31, 2024 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Revenue |  | $ | 9,386 |  |  | $ | — |  |  | $ | 9,386 |
Cost of revenue |  |  | 2,520 |  |  |  | — |  |  |  | 2,520 |
Gross profit |  |  | 6,866 |  |  |  | — |  |  |  | 6,866 |
Operating expenses: |  |  |  |  |  |  |  |  |
Sales and marketing |  |  | 6,145 |  |  |  | — |  |  |  | 6,145 |
Research and development |  |  | 5,725 |  |  |  | — |  |  |  | 5,725 |
General and administrative |  |  | 6,386 |  |  |  | — |  |  |  | 6,386 |
Total operating expenses: |  |  | 18,256 |  |  |  | — |  |  |  | 18,256 |
Loss from operations |  |  | (11,390 | ) |  |  | — |  |  |  | (11,390 | )
Other income (expense): |  |  |  |  |  |  |  |  |
Interest expense |  |  | (1,931 | ) |  |  | — |  |  |  | (1,931 | )
Changes in fair value of warrants |  |  | 3,131 |  |  |  | — |  |  |  | 3,131 |
Changes in fair value of Revenue Interest Financing and PIPE Conversion Option |  |  | 1,490 |  |  |  | (3,590 | ) |  |  | (2,100 | )
Changes in fair value of earn-out liabilities |  |  | 14,190 |  |  |  | — |  |  |  | 14,190 |
Other income (expense), net |  |  | 172 |  |  |  | — |  |  |  | 172 |
Total other income (expense): |  |  | 17,052 |  |  |  | (3,590 | ) |  |  | 13,462 |
Income (loss) before income taxes |  |  | 5,662 |  |  |  | (3,590 | ) |  |  | 2,072 |
Provision for income taxes |  |  | (76 | ) |  |  | — |  |  |  | (76 | )
Net income (loss) |  | $ | 5,586 |  |  | $ | (3,590 | ) |  | $ | 1,996 |
Net income (loss) per share |  |  |  |  |  |  |  |  |
Basic |  | $ | 2.92 |  |  | $ | (1.88 | ) |  | $ | 1.04 |
Diluted |  | $ | 2.78 |  |  | $ | (1.82 | ) |  | $ | 0.96 |
Weighted-average shares outstanding |  |  |  |  |  |  |  |  |
Basic |  |  | 1,911,181 |  |  |  | — |  |  |  | 1,911,181 |
Diluted |  |  | 1,967,885 |  |  |  | — |  |  |  | 1,967,885 |
Restated Condensed Consolidated Statement of Comprehensive Income (dollars in thousands)
|  | Three months ended March 31, 2024 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Net income (loss) |  | $ | 5,586 |  |  | $ | (3,590 | ) |  | $ | 1,996 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |  |
Change in fair value of Revenue Interest Financing due to change in credit risk |  |  | (2,200 | ) |  |  | 4,400 |  |  |  | 2,200 |
Comprehensive income |  | $ | 3,386 |  |  | $ | 810 |  |  | $ | 4,196 |
Restated Condensed Consolidated Statement of Cash Flows (dollars in thousands)
|  | Three Months Ended March 31, 2024 |
|  | As Reported |  |  | Adjustment |  |  | As Restated |
Operating Activities: |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 5,586 |  |  | $ | (3,590 | ) |  | $ | 1,996 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |  |  |  |  |  |  |
Non-cash lease expense |  |  | 199 |  |  |  | — |  |  | 199 |
Depreciation and amortization |  |  | 367 |  |  |  | — |  |  | 367 |
Stock-based compensation |  |  | 552 |  |  |  | — |  |  | 552 |
Unrealized exchange (gain) or loss |  |  | 314 |  |  |  | — |  |  |  | 314 |
Provision for inventory |  |  | 209 |  |  |  | — |  |  |  | 209 |
Change in fair value of warrant liabilities |  |  | (3,131 | ) |  |  | — |  |  |  | (3,131 | )
Change in fair value of derivative liabilities |  |  | 62 |  |  |  | — |  |  | 62 |
Change in fair value of Revenue Interest Financing and PIPE Conversion Option |  |  | (1,490 | ) |  |  | 3,590 |  |  |  | 2,100 |
Change in fair value of earn-out liabilities |  |  | (14,190 | ) |  |  | — |  |  |  | (14,190 | )
Non-cash interest expense |  |  | 315 |  |  |  | — |  |  | 315 |
Changes in operating assets and liabilities: |  |  |  |  |  | — |  |  |  |
Accounts receivable |  |  | 1,673 |  |  |  | — |  |  |  | 1,673 |
Inventory |  |  | 330 |  |  |  | — |  |  |  | 330 |
Prepaid expenses, other current and long-term assets |  |  | 244 |  |  |  | — |  |  |  | 244 |
Lease liabilities |  |  | (238 | ) |  |  | — |  |  |  | (238 | )
Accounts payable |  |  | 1,551 |  |  |  | — |  |  |  | 1,551 |
Accrued expenses and other current liabilities |  |  | (989 | ) |  |  | — |  |  |  | (989 | )
Net cash used in operating activities |  | $ | (8,636 | ) |  | $ | — |  |  | $ | (8,636 | )
Investing Activities: |  |  |  |  |  |  |  |  |
Purchases of property and equipment |  |  | (104 | ) |  |  | — |  |  |  | (104 | )
Net cash used in investing activities |  | $ | (104 | ) |  | $ | — |  |  | $ | (104 | )
Financing Activities: |  |  |  |  |  |  |  |  |
Proceeds from issuance of convertible notes - net |  |  | — |  |  |  | — |  |  |  | — |
Proceeds from option and warrant exercises |  |  | 9 |  |  |  | — |  |  |  | 9 |
Proceeds from equity line financing |  |  | 378 |  |  |  | — |  |  |  | 378 |
Payment of deferred financing costs |  |  | — |  |  |  | — |  |  |  | — |
Net cash provided by financing activities |  | $ | 387 |  |  | $ | — |  |  | $ | 387 |
Net increase (decrease) in cash and cash equivalents and restricted cash |  |  | (8,353 | ) |  |  | — |  |  |  | (8,353 | )
Cash and cash equivalents and restricted cash at beginning of period |  |  | 38,421 |  |  |  | — |  |  |  | 38,421 |
Cash and cash equivalents and restricted cash at end of period |  | $ | 30,068 |  |  | $ | — |  |  | $ | 30,068 |
Supplemental disclosure of cash flow information |  |  |  |  |  |  |  |  |
Cash paid for interest |  | $ | 1,831 |  |  | $ | — |  |  | $ | 1,831 |
Supplemental cash flow information on non-cash investing and financing activities |  |  |  |  |  |  |  |  |
Purchase of property and equipment included in accounts payable |  | $ | 73 |  |  | $ | — |  |  | $ | 73 |
Change in fair value of Revenue Interest Financing through OCI |  |  | (2,200 | ) |  |  | 4,400 |  |  |  | 2,200 |
Restated Condensed Consolidated Statement of Stockholders' Deficit (dollars in thousands)
|  | Redeemable Preferred Stock |  |  |  | Common Stock |  |  | Additional Paid- |  |  | Accumulated Other |  |  | Accumulated |  |  | Stockholders’ |
|  | Shares |  |  | Amount |  |  |  | Shares |  |  | Amount |  |  | in Capital |  |  | Comprehensive Loss |  |  | Deficit |  |  | Deficit |
Balance as of January 1, 2024 (Restated) |  |  | — |  |  | $ | — |  |  |  |  | 1,907,529 |  |  | $ | 2 |  |  | $ | 143,010 |  |  | $ | 700 |  |  | $ | (215,009 | ) |  | $ | (71,297 | )
Exercise of stock options |  |  | — |  |  |  | — |  |  |  |  | 186 |  |  |  | — |  |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | 9 |
Issuance of common stock for the exercise of Public Warrants |  |  | — |  |  |  | — |  |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Issuance of common stock from equity line financing (Note 12) |  |  | — |  |  |  | — |  |  |  |  | 5,730 |  |  |  | — |  |  |  | 378 |  |  |  | — |  |  |  | — |  |  |  | 378 |
Issuance of common stock in connection with vesting of RSU awards |  |  | — |  |  |  | — |  |  |  |  | 2,505 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | 552 |  |  |  | — |  |  |  | — |  |  |  | 552 |
Other comprehensive income (Restated) |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,200 |  |  |  |  |  |  | 2,200 |
Net income (Restated) |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,996 |  |  |  | 1,996 |
Balance as of March 31, 2024 (Restated) |  |  | — |  |  |  | — |  |  |  |  | 1,915,956 |  |  |  | 2 |  |  |  | 143,949 |  |  |  | 2,900 |  |  |  | (213,013 | ) |  |  | (66,162 | )
Exercise of stock options |  |  | — |  |  |  | — |  |  |  |  | 460 |  |  |  | — |  |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | 16 |
Issuance of common stock in connection with vesting of RSU awards |  |  | — |  |  |  | — |  |  |  |  | 2,505 |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 1 |
Issuance of common stock for the exercise of Public Warrants |  |  | — |  |  |  | — |  |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | 805 |  |  |  | — |  |  |  | — |  |  |  | 805 |
Other comprehensive income (Restated) |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,080 |  |  |  | — |  |  |  | 3,080 |
Net loss (Restated) |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,322 | ) |  |  | (8,322 | )
Balance as of June 30, 2024 (Restated) |  |  | — |  |  |  | — |  |  |  |  | 1,918,927 |  |  | $ | 2 |  |  | $ | 144,771 |  |  | $ | 5,980 |  |  | $ | (221,335 | ) |  | $ | (70,582 | )
Exercise of stock options |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Issuance of common stock for the exercise of warrants |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Issuance of common stock in connection with vesting of RSU awards |  |  | — |  |  |  | — |  |  |  |  | 2,505 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Stock-based compensation expense |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | 860 |  |  |  | — |  |  |  | — |  |  |  | 860 |
Issuance of preferred stock in connection with Private Placement, net of issuance costs |  |  | 2,260,159 |  |  |  | 979 |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Issuance of common stock in connection with Public Offering, net of issuance costs |  |  | — |  |  |  | — |  |  |  |  | 653,351 |  |  |  | 1 |  |  |  | 5,065 |  |  |  | — |  |  |  | — |  |  |  | 5,066 |
Other comprehensive loss (Restated) |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8,870 | ) |  |  | — |  |  |  | (8,870 | )
Net income (Restated) |  |  | — |  |  |  | — |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,736 |  |  |  | 8,736 |
Balance as of September 30, 2024 (Restated) |  |  | 2,260,159 |  |  | $ | 979 |  |  |  |  | 2,574,783 |  |  | $ | 3 |  |  | $ | 150,696 |  |  | $ | (2,890 | ) |  | $ | (212,599 | ) |  | $ | (64,790 | )

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