| Summary of Impact of Error |
A summary of the impact of the error on the unaudited condensed consolidated balance sheet as of December 31, 2022 is as follows:
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As of December 31, 2022 |
|
As Reported |
|
Adjustment |
|
As Restated |
Assets |
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|
|
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|
|
Prepaid research and development costs |
$ |
10,416,934 |
|
$ |
(2,508,816) |
|
$ |
7,908,118 |
Total current assets |
$ |
73,008,645 |
|
$ |
(2,508,816) |
|
$ |
70,499,829 |
Total assets |
$ |
103,782,452 |
|
$ |
(2,508,816) |
|
$ |
101,273,636 |
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|
|
Liabilities and Stockholders' Equity |
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Accrued research and development costs |
$ |
12,678,176 |
|
$ |
(2,600,719) |
|
$ |
10,077,457 |
Total current liabilities |
$ |
40,080,447 |
|
$ |
(2,600,719) |
|
$ |
37,479,728 |
Total liabilities |
$ |
54,683,594 |
|
$ |
(2,600,719) |
|
$ |
52,082,875 |
Accumulated deficit |
$ |
(202,416,377) |
|
$ |
91,903 |
|
$ |
(202,324,474) |
Total stockholders' equity |
$ |
49,098,858 |
|
$ |
91,903 |
|
$ |
49,190,761 |
Total liabilities and stockholders' equity |
$ |
103,782,452 |
|
$ |
(2,508,816) |
|
$ |
101,273,636 |
A summary of the error of the impact of the error on the unaudited condensed consolidated statement of operations for the three months ended December 31, 2022 is as follows:
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Three Months Ended December 31, 2022 |
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As Reported |
|
Adjustment |
|
As Restated |
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|
|
|
|
Research and development |
$ |
18,744,349 |
|
$ |
1,866,778 |
|
$ |
20,611,127 |
Total operating expenses |
$ |
36,290,214 |
|
$ |
1,866,778 |
|
$ |
38,156,992 |
Operating loss |
$ |
(35,588,159) |
|
$ |
(1,866,778) |
|
$ |
(37,454,937) |
Loss before income taxes |
$ |
(36,910,457) |
|
$ |
(1,866,778) |
|
$ |
(38,777,235) |
Net loss |
$ |
(36,842,179) |
|
$ |
(1,866,778) |
|
$ |
(38,708,957) |
Net loss per basic and diluted common shares outstanding |
$ |
(0.46) |
|
$ |
(0.02) |
|
$ |
(0.48) |
With respect to the unaudited condensed consolidated statement 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 financing cash flows for each period. A summary of the impact of the error on the unaudited condensed consolidated statement of cash flows for the three months ended December 31, 2022 is as follows:
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Three Months Ended December 31, 2022 |
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As Reported |
|
Adjustment |
|
As Restated |
OPERATING ACTIVITIES |
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Net loss |
$ |
(36,842,179) |
|
$ |
(1,866,778) |
|
$ |
(38,708,957) |
(Increase) decrease in prepaid expenses and other assets |
$ |
(1,084,432) |
|
$ |
1,741,249 |
|
$ |
656,817 |
Increase in accrued expenses and other current liabilities |
$ |
8,241,691 |
|
$ |
125,529 |
|
$ |
8,367,220 |
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