| Summary of Impact of Error |
A summary of the impact of the error on the unaudited condensed consolidated balance sheet as of March 31, 2023 is as follows:
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|
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As of March 31, 2023 |
|
As Reported |
|
Adjustment |
|
As Restated |
Assets |
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|
|
|
|
|
|
|
Prepaid research and development costs |
$ |
5,787,224 |
|
$ |
83,781 |
|
$ |
5,871,005 |
Total current assets |
$ |
43,288,277 |
|
$ |
83,781 |
|
$ |
43,372,058 |
Total assets |
$ |
70,253,570 |
|
$ |
83,781 |
|
$ |
70,337,351 |
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|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
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|
|
|
|
|
|
Accrued research and development costs |
$ |
13,786,241 |
|
$ |
(5,012,054) |
|
$ |
8,774,187 |
Total current liabilities |
$ |
39,259,798 |
|
$ |
(5,012,054) |
|
$ |
34,247,744 |
Total liabilities |
$ |
53,537,668 |
|
$ |
(5,012,054) |
|
$ |
48,525,614 |
Accumulated deficit |
$ |
(241,209,283) |
|
$ |
5,095,835 |
|
$ |
(236,113,448) |
Total stockholders' equity |
$ |
16,715,902 |
|
$ |
5,095,835 |
|
$ |
21,811,737 |
Total liabilities and stockholders' equity |
$ |
70,253,570 |
|
$ |
83,781 |
|
$ |
70,337,351 |
A summary of the impact of the error on the unaudited condensed consolidated statements of operations for the three and six months ended March 31, 2023 is as follows:
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Three Months Ended March 31, 2023 |
|
As Reported |
|
Adjustment |
|
As Restated |
|
|
|
|
|
|
|
|
|
Research and development |
$ |
22,864,633 |
|
$ |
(5,003,932) |
|
$ |
17,860,701 |
Total operating expenses |
$ |
43,510,841 |
|
$ |
(5,003,932) |
|
$ |
38,506,909 |
Operating loss |
$ |
(39,418,766) |
|
$ |
5,003,932 |
|
$ |
(34,414,834) |
Loss before income taxes |
$ |
(38,859,465) |
|
$ |
5,003,932 |
|
$ |
(33,855,533) |
Net loss |
$ |
(38,792,906) |
|
$ |
5,003,932 |
|
$ |
(33,788,974) |
Net loss per basic and diluted common shares outstanding |
$ |
(0.48) |
|
$ |
0.06 |
|
$ |
(0.42) |
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|
|
|
|
|
|
|
|
|
Six Months Ended March 31, 2023 |
|
As Reported |
|
Adjustment |
|
As Restated |
|
|
|
|
|
|
|
|
|
Research and development |
$ |
41,608,982 |
|
$ |
(3,137,154) |
|
$ |
38,471,828 |
Total operating expenses |
$ |
79,801,055 |
|
$ |
(3,137,154) |
|
$ |
76,663,901 |
Operating loss |
$ |
(75,006,925) |
|
$ |
3,137,154 |
|
$ |
(71,869,771) |
Loss before income taxes |
$ |
(75,769,922) |
|
$ |
3,137,154 |
|
$ |
(72,632,768) |
Net loss |
$ |
(75,635,085) |
|
$ |
3,137,154 |
|
$ |
(72,497,931) |
Net loss per basic and diluted common shares outstanding |
$ |
(0.94) |
|
$ |
0.04 |
|
$ |
(0.90) |
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 six months ended March 31, 2023 is as follows:
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|
|
|
|
|
|
|
Six Months Ended March 31, 2023 |
|
As Reported |
|
Adjustment |
|
As Restated |
OPERATING ACTIVITIES |
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|
|
|
|
|
|
Net loss |
$ |
(75,635,085) |
|
$ |
3,137,154 |
|
$ |
(72,497,931) |
(Increase) decrease in prepaid expenses and other assets |
$ |
4,480,405 |
|
$ |
(851,348) |
|
$ |
3,629,057 |
Increase in accrued expenses and other current liabilities |
$ |
1,374,233 |
|
$ |
(2,285,806) |
|
$ |
(911,573) |
|