| Summary of Effect of Error Corrections |
The effect of the error corrections on the consolidated balance sheets are as follows:
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|
|
|
|
|
|
|
|
|
As of September 30, 2023 |
|
As Reported |
|
Adjustment |
|
As Restated |
Assets |
|
|
|
|
|
|
|
|
Prepaid research and development costs |
$ |
1,579,086 |
|
$ |
(572,834) |
|
$ |
1,006,252 |
Total current assets |
$ |
23,506,056 |
|
$ |
(572,834) |
|
$ |
22,933,222 |
Total assets |
$ |
50,595,925 |
|
$ |
(572,834) |
|
$ |
50,023,091 |
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Accounts payable |
$ |
14,576,624 |
|
$ |
(1,645,452) |
|
$ |
12,931,172 |
Accrued research and development costs |
$ |
853,987 |
|
$ |
(822,324) |
|
$ |
31,663 |
Total current liabilities |
$ |
20,278,508 |
|
$ |
(2,467,776) |
|
$ |
17,810,732 |
Total liabilities |
$ |
32,812,706 |
|
$ |
(2,467,776) |
|
$ |
30,344,930 |
Accumulated deficit |
$ |
(258,663,151) |
|
$ |
1,894,942 |
|
$ |
(256,768,209) |
Total stockholders' equity |
$ |
17,783,219 |
|
$ |
1,894,942 |
|
$ |
19,678,161 |
Total liabilities and stockholders' equity |
$ |
50,595,925 |
|
$ |
(572,834) |
|
$ |
50,023,091 |
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|
|
|
|
|
|
|
|
|
|
As of September 30, 2022 |
|
As Reported |
|
Adjustment |
|
As Restated |
Assets |
|
|
|
|
|
|
|
|
Prepaid research and development costs |
$ |
10,444,587 |
|
$ |
(767,567) |
|
$ |
9,677,020 |
Total current assets |
$ |
104,769,474 |
|
$ |
(767,567) |
|
$ |
104,001,907 |
Total assets |
$ |
136,126,017 |
|
$ |
(767,567) |
|
$ |
135,358,450 |
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|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
|
|
|
|
|
|
|
Accrued research and development costs |
$ |
9,071,503 |
|
$ |
(2,726,248) |
|
$ |
6,345,255 |
Total current liabilities |
$ |
41,437,629 |
|
$ |
(2,726,248) |
|
$ |
38,711,381 |
Total liabilities |
$ |
55,287,381 |
|
$ |
(2,726,248) |
|
$ |
52,561,133 |
Accumulated deficit |
$ |
(165,574,198) |
|
$ |
1,958,681 |
|
$ |
(163,615,517) |
Total stockholders' equity |
$ |
80,838,636 |
|
$ |
1,958,681 |
|
$ |
82,797,317 |
Total liabilities and stockholders' equity |
$ |
136,126,017 |
|
$ |
(767,567) |
|
$ |
135,358,450 |
The effect of the error corrections on the consolidated statements of operations are as follows:
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|
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|
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|
Year Ended September 30, 2023 |
|
As Reported |
|
Adjustment |
|
As Restated |
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|
|
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|
|
|
|
|
Research and development |
$ |
51,138,480 |
|
$ |
63,739 |
|
$ |
51,202,219 |
Total operating expenses |
$ |
107,008,028 |
|
$ |
63,739 |
|
$ |
107,071,767 |
Operating loss |
$ |
(93,718,477) |
|
$ |
(63,739) |
|
$ |
(93,782,216) |
Loss before income taxes |
$ |
(92,608,747) |
|
$ |
(63,739) |
|
$ |
(92,672,486) |
Net loss |
$ |
(93,088,953) |
|
$ |
(63,739) |
|
$ |
(93,152,692) |
Net loss per basic and diluted common shares outstanding |
$ |
(1.10) |
|
$ |
— |
|
$ |
(1.10) |
|
|
|
|
|
|
|
|
|
|
Year Ended September 30, 2022 |
|
As Reported |
|
Adjustment |
|
As Revised |
|
|
|
|
|
|
|
|
|
Research and development |
$ |
70,646,103 |
|
$ |
264,598 |
|
$ |
70,910,701 |
Total operating expenses |
$ |
113,814,948 |
|
$ |
264,598 |
|
$ |
114,079,546 |
Operating loss |
$ |
(83,223,560) |
|
$ |
(264,598) |
|
$ |
(83,488,158) |
Loss before income taxes |
$ |
(83,539,623) |
|
$ |
(264,598) |
|
$ |
(83,804,221) |
Net loss |
$ |
(83,776,020) |
|
$ |
(264,598) |
|
$ |
(84,040,618) |
Net loss per basic and diluted common shares outstanding |
$ |
(1.05) |
|
$ |
- |
|
$ |
(1.05) |
With respect to the consolidated statements of cash flows, all adjustments are to line items within operating cash flows and there was no impact to the subtotal of operating, investing, or financial cash flows for each period. The effect of the error corrections on the consolidated statements of cash flows are as follows:
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|
|
|
|
|
|
|
|
Year Ended September 30, 2023 |
|
As Reported |
|
Adjustment |
|
As Restated |
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net loss |
$ |
(93,088,953) |
|
$ |
(63,739) |
|
$ |
(93,152,692) |
Decrease (increase) in prepaid expenses and other assets |
$ |
10,004,978 |
|
$ |
(194,733) |
|
$ |
9,810,245 |
(Decrease) increase in accounts payable |
$ |
(7,426,770) |
|
$ |
(1,645,452) |
|
$ |
(9,072,222) |
(Decrease) increase in accrued expenses and other current liabilities |
$ |
(13,621,843) |
|
$ |
1,903,924 |
|
$ |
(11,717,919) |
|
|
|
|
|
|
|
|
|
|
Year Ended September 30, 2022 |
|
As Reported |
|
Adjustment |
|
As Revised |
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net loss |
$ |
(83,776,020) |
|
$ |
(264,598) |
|
$ |
(84,040,618) |
Decrease (increase) in prepaid expenses and other assets |
$ |
(2,352,547) |
|
$ |
767,567 |
|
$ |
(1,584,980) |
(Decrease) increase in accrued expenses and other current liabilities |
$ |
8,698,314 |
|
$ |
(502,969) |
|
$ |
8,195,345 |
|