Restatement of Quarterly Financial Information (Restated and Unaudited)

12 Months Ended

Dec. 31, 2022

Restatement of Quarterly Financial Information (Restated and Unaudited)

17. Restatement of Quarterly Financial Information (Restated and Unaudited)

In connection with the restatement explained in Note 1 — “Restatement of Prior Financial Information”, the Company has restated herein its consolidated financial statements at September 30, 2021, March 31, 2022, June 30, 2022, and September 30, 2022 and for each of the three months ended September 30, 2021, March 31, 2022, June 30, 2022, September 30, 2022, and for the six months ended June 30, 2022, and for each of the nine months ended September 30, 2021 and September 30, 2022, in accordance with ASC Topic 250, Accounting Changes and Error Corrections.

The effect of the error corrections are as follows (in thousands, except per share amounts):


	March 31,		(Unaudited)		March 31,
	2022				2022
CONSOLIDATED BALANCE SHEETS	As previously reported		Adjustments		As Restated

ASSETS
Non-current deposits	$	2,980	$	549	$	3,529
Total assets	$	39,629	$	549	$	40,178
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued and other current liabilities	$	3,354	$	119	$	3,473
Total current liabilities		6,204		119		6,323
Total liabilities	$	6,219	$	119	$	6,338
Accumulated deficit		(389,067)		430		(388,637)
Total stockholders’ equity		33,410		430		33,840
Total liabilities and stockholders’ equity	$	39,629	$	549	$	40,178


				(Unaudited)
	Three Months Ended March 31,
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY	2022				2022
	As previously reported		Adjustments		As Restated
Accumulated Deficit (Balances at March 31, 2022)	$	(389,067)	$	430	$	(388,637)
Total Stockholders' Equity (Balances at March 31, 2022)	$	33,410	$	430	$	33,840


				(Unaudited)
	June 30, 2022				June 30, 2022
CONSOLIDATED BALANCE SHEETS	As previously reported		Adjustments		As Restated

ASSETS
Non-current deposits	$	3,060	$	549	$	3,609
Total assets	$	35,346	$	549	$	35,895
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued and other current liabilities	$	2,821	$	119	$	2,940
Total current liabilities		5,026		119		5,145
Total liabilities	$	5,139	$	119	$	5,258
Temporary Equity		—		1,105		1,105
Common Stock		11		(1)		10
Additional paid-in capital		425,114		(1,104)		424,010
Accumulated deficit		(393,642)		430		(393,212)
Total stockholders’ equity		30,207		(675)		29,532
Total liabilities and stockholders’ equity	$	35,346	$	549	$	35,895


							(Unaudited)
	Three Months Ended June 30,								Six Months Ended June 30,
	2022				2022				2022			2022
CONSOLIDATED STATEMENTS OF INCOME	As previously reported		Adjustments		As Restated				As previously reported		Adjustments	As Restated

Net loss applicable to common shareholders	$	(4,625)	$	—		(4,625)		$	(8,784)		—	(8,784)
Basic and diluted earnings per common share:
Net Loss per share - basic and diluted (common shareholders)	$	(0.46)	$	—		(0.46)		$	(0.87)	$	(0.01)	(0.88)
Net Income (Loss) per share - basic and diluted (redeemable common shareholders)	$	—	$	0.78		0.78		$	—	$	1.59	1.59


				(Unaudited)
	Three Months And Six Months Ended June 30,
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY	2022				2022
	As previously reported		Adjustments		As Restated
Accumulated Deficit (Balances at December 31, 2021)	$	(384,959)	$	430	$	(384,529)
Total Stockholders' Equity (Balances at December 31, 2021)		37,263		430		37,693
Accumulated Deficit (Balances at March 31, 2022)	$	(389,067)	$	430	$	(388,637)
Total Stockholders' Equity (Balances at March 31, 2022)		33,410		430		33,840
Common Stock Par Value (Reclassification of redeemable common stock)		—		(1)		(1)
Common Stock (Balances at June 30, 2022)	$	11	$	(1)	$	10
Additional Paid-In Capital (Reclassification of redeemable common stock)		—		(1,071)		(1,071)
Additional Paid-In Capital (Accretion of redeemable common stock)		—		(33)		(33)
Additional Paid-In Capital (Balances at June 30, 2022)	$	425,114	$	(1,104)	$	424,010
Accumulated Deficit (Balances at June 30, 2022)	$	(393,642)	$	430	$	(393,212)
Total Stockholders' Equity (Balances at June 30, 2022)	$	30,207	$	(675)	$	29,532

Common Stock No. Shares (Reclassification of redeemable common stock)		—		(798,200)		(798,200)
Common Stock No. Shares (Balance at June 30, 2022)		11,350,289		(798,200)		10,552,089


	September 30,		(Unaudited)		September 30,
	2022				2022
CONSOLIDATED BALANCE SHEETS	As previously reported		Adjustments		As Restated

ASSETS
Non-current deposits	$	2,916	$	549	$	3,465
Total assets	$	31,021	$	549	$	31,570
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued and other current liabilities	$	3,370	$	119	$	3,489
Total current liabilities		4,353		119		4,472
Total liabilities	$	4,460	$	119	$	4,579
Accumulated deficit		(398,738)		430		(398,308)
Total stockholders’ equity		22,067		430		22,497
Total liabilities and stockholders’ equity	$	31,021	$	549	$	31,570


							(Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2022				2022				2022				2022
CONSOLIDATED STATEMENTS OF INCOME	As previously reported		Adjustments		As Restated				As previously reported		Adjustments		As Restated

Net loss applicable to common shareholders	$	(5,146)	$	—	$	(5,146)		$	(13,930)	$	—	$	(13,930)
Basic and diluted earnings per common share:
Net Loss per share - basic and diluted (common shareholders)	$	(0.42)	$	(0.01)	$	(0.43)		$	(1.29)	$	(0.01)	$	(1.30)
Net Loss per share - basic and diluted (redeemable common shareholders)	$	—	$	(0.38)	$	(0.38)		$	—	$	(1.10)	$	(1.10)


				(Unaudited)
	Three And Nine Months Ended September 30,
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY	2022				2022
	As previously reported		Adjustments		As Restated
Accumulated Deficit (Balances at December 31, 2021)	$	(384,959)	$	430	$	(384,529)
Total Stockholders' Equity (Balances at December 31, 2021)	$	37,263	$	430	$	37,693
Accumulated Deficit (Balances at March 31, 2022)		(389,067)		430		(388,637)
Total Stockholders' Equity (Balances at March 31, 2022)	$	33,410	$	430	$	33,840
Common Stock (Reclassification of redeemable common stock)		—		(1)		(1)
Common Stock (Balances at June 30, 2022)	$	11	$	(1)	$	10
Additional Paid-In Capital (Reclassification of redeemable common stock)		—		(1,071)		(1,071)
Additional Paid-In Capital (Accretion of redeemable common stock)		—		(33)		(33)
Additional Paid-In Capital (Balances at June 30, 2022)	$	425,114	$	(1,104)	$	424,010
Accumulated Deficit (Balances at June 30, 2022)	$	(393,642)	$	430	$	(393,212)
Total Stockholders' Equity (Balances at June 30, 2022)	$	30,207	$	(675)	$	29,532
Common Stock (Reclassification of redeemable common stock)		1		(1)		—
Common Stock (Reclassification of redeemable common stock)		(3)		2		(1)
Common Stock (Reclassification of redeemable common stock)		—		(1)		(1)
Common Stock (Balances at September 30, 2022)	$	9	$	—	$	9
Additional Paid-In Capital (Issue of common stock At Market, net of expenses)		1,581		(1,581)		—
Additional Paid-In Capital (Reclassification of redeemable common stock)		(4,491)		2,787		(1,704)
Additional Paid-In Capital (Accretion of redeemable common stock)		—		(102)		(102)
Additional Paid-In Capital (Balances at September 30, 2022)	$	422,542	$	1,104	$	422,542
Accumulated Deficit (Balances at September 30, 2022)	$	(398,738)	$	430	$	(398,308)
Total Stockholders' Equity (Balances at September 30, 2022)	$	22,067	$	430	$	22,497

Common Stock No. Shares (Reclassification of redeemable common stock)		—		(798,200)		(798,200)
Common Stock No. Shares (Issue of AT Market common stock)		1,188,900		(1,188,900)		—
Common Stock No. Shares (Reclassification of redeemable common stock)		(3,117,100)		1,987,100		(1,130,000)
Common Stock No. Shares (Balance at September 30, 2022)		9,422,089		—		9,422,089


	September 30,		(Unaudited)		September 30,
	2021				2021
CONSOLIDATED BALANCE SHEETS	As previously reported		Adjustments		As Restated

ASSETS
Non-current deposits	$	1,509	$	294	$	1,803
Total assets	$	44,999	$	294	$	45,293
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accrued and other current liabilities	$	2,076	$	64	$	2,140
Total current liabilities		3,591		64		3,655
Total liabilities	$	3,635	$	64	$	3,699
Accumulated deficit		(379,664)		230		(379,434)
Total stockholders’ equity		41,364		230		41,594
Total liabilities and stockholders’ equity	$	44,999	$	294	$	45,293


							(Unaudited)
	Three Months Ended September 30,								Nine Months Ended September 30,
	2021				2021				2021				2021
CONSOLIDATED STATEMENTS OF INCOME	As previously reported		Adjustments		As Restated				As previously reported		Adjustments		As Restated

Operating expenses:
Research and development	$	4,217	$	(294)	$	3,923		$	10,884	$	(294)	$	10,590
Total operating expenses		5,998		(294)		5,704			16,404		(294)		16,110
Operating loss		(5,998)		294		(5,704)			(16,404)		294		(16,110)
Loss before taxes		(5,985)		294		(5,691)			(16,243)		294		(15,949)
Income tax benefit		998		(64)		934			2,650		(64)		2,586
Net loss		(4,987)		230		(4,757)			(13,593)		230		(13,363)
Net loss applicable to common shareholders	$	(5,037)	$	230	$	(4,807)		$	(13,744)	$	230	$	(13,514)
Basic and diluted earnings per common share:
Net loss per share – basic and diluted	$	(0.54)	$	0.03	$	(0.51)		$	(1.60)	$	0.02	$	(1.58)


							(Unaudited)
	Three Months Ended September 30,							Nine Months Ended September 30,
	2021				2021			2021				2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS	As previously reported		Adjustments		As Restated			As previously reported		Adjustments		As Restated

Net loss	$	(4,987)	$	230	$	(4,757)		$	(13,593)	$	230	$	(13,363)
Comprehensive loss	$	(5,082)	$	230	$	(4,852)		$	(13,600)	$	230	$	(13,370)


				(Unaudited)
	Three Months Ended September 30,
CONSOLIDATED STATEMENTS OF STOCKHOLDERS EQUITY	2021				2021
	As previously reported		Adjustments		As Restated
Accumulated Deficit (Loss for the period)	$	(4,987)	$	230	$	(4,757)
Accumulated Deficit (Balances at September 30, 2021)	$	(379,664)	$	230	$	(379,434)
Total Stockholders' Equity (Balances at September 30, 2021)	$	41,364	$	230	$	41,594


				(Unaudited)
	Nine Months Ended September 30,
	2021				2021
CONSOLIDATED STATEMENTS OF CASH FLOWS	As previously reported		Adjustments		As Restated

Operating activities:
Net loss	$	(13,593)	$	230	$	(13,363)
Changes in operating assets and liabilities:
Prepaid expenses and other assets		(2,655)		294		(2,361)
Accounts payable, accrued and other current liabilities		1,195		64		1,259

With respect to the consolidated statements of cash flows for 2022 and 2021, all adjustments are to line items within operating cash flows and there was no impact to the subtotal of operating, investing or financing cash flows for such periods.