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Note C - Restatement of Previously Issued Consolidated Financial Statements

12 Months Ended

Dec. 31, 2023

C.	Restatement of Previously Issued Consolidated Financial Statements

In connection with the preparation of the Company's consolidated financial statements as of and for the fiscal year ended December 31, 2023, the Company discovered that in the prior years it had not appropriately accounted for the liability associated with warrants to purchase the Company's common stock. The error resulted in an understatement of accumulated deficit of approximately $59.5 million, additional paid in capital of approximately $34.5 million, derivative and warrant liabilities of $10.2 million, an understatement of the fair value adjustment of derivative and warrant liability of $14.8 million, and an understatement in total other income of approximately $14.8 million, respectively, for the year ended December 31, 2022.

The misstatements were material to the previously issued financial statements of the Company and as a result, the Company has restated its consolidated balance sheet, consolidated statement of operations, consolidated statement of stockholder's equity, and consolidated statement of cash flows as of and for the fiscal year ended December 31, 2022, presented herein. The restatement includes adjustments to additional paid-in capital, accumulated deficit, derivative and warrant liabilities, fair value adjustment related to derivative and warrant liability, loss before income taxes, net loss, and net loss per share. The adjustments did not impact other comprehensive income for the year ended December 31, 2022. Therefore, the impact of the adjustments results in a decrease to comprehensive loss of $14.8 million (equal to the impact of adjustments on net loss in the table below), and the restated comprehensive loss is $26.6 million (previously reported as $41.4 million). The impact of the correction of the misstatements is summarized below. The Company has also corrected other errors which impacted various financial statement line items for the year ended December 31, 2022, as summarized below. Such additional corrections were not material individually or in the aggregate.

	As of December 31, 2022
CORRECTED CONSOLIDATED BALANCE SHEET	As previously reported			Impact of Adjustments			As Restated
Prepaid expenses and other current assets	$	1,877		$	(189	)	$	1,688
Total current assets		93,023			(189	)		92,834
Total assets		115,529			(189	)		115,340
Other current liabilities		422			297			719
Total current liabilities		11,726			297			12,023
Derivative and warrant liability		1			10,201			10,202
Total liabilities		29,722			10,498			40,220
Additional paid-in capital		401,799			34,470			436,269
Accumulated deficit		(308,572	)		(45,157	)		(353,729	)
Total stockholder's equity		85,807			(10,687	)		75,120
Total liabilities and stockholder's equity		115,529			(189)			115,340

	For the Year Ended December 31, 2022
CORRECTED CONSOLIDATED STATEMENT OF OPERATIONS	As previously reported			Impact of Adjustments			As Restated
Revenue, net	$	10,458		$	(297	)	$	10,161
Operating expenses:
Cost of revenue		343			(121	)		222
Research and development		19,614			189			19,803
Selling, general and administrative		15,343			(305	)		15,038
Total operating expenses		52,963			(237	)		52,726
Loss from operations		(42,505	)		(60	)		(42,565	)
Fair value adjustment related to derivative and warrant liability		328			14,831			15,159
Interest and other income, net		760			753			1,513
Total other income		176			15,584			15,760
Loss before income taxes		(42,329	)		15,524			(26,805	)
Income tax (expense) benefit		786			(753	)		33
Net loss	$	(41,543	)	$	14,771		$	(26,772	)

Basic and diluted net loss per share of common stock:
Net loss	$	(1.20	)	$	0.42		$	(0.78	)

	For the Year Ended December 31, 2022
CORRECTED CONSOLIDATED STATEMENT OF CASH FLOWS	As previously reported			Impact of Adjustments			As Restated
Cash flows from operating activities:
Net (loss) income	$	(41,543	)	$	14,771		$	(26,772	)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of derivative and warrant liability		(328	)		(14,831	)		(15,159	)
Change in assets and liabilities:
Prepaid expenses and other current assets		(657	)		(237	)		(894	)
Other liabilities		(371	)		297			(74	)

	Additional Paid-In Capital						Accumulated Deficit
CORRECTED STATEMENT OF STOCKHOLDERS' EQUITY	As previously reported		Impact of Adjustments		As Restated		As previously reported			Impact of Adjustments			As Restated

Balance at December 31, 2021	$	396,957	$	34,470	$	431,427	$	(267,029	)	$	(59,928	)	$	(326,957	)
Net loss		—		—		—		(41,543	)		14,771			(26,772	)
Balance at December 31, 2022		401,799		34,470		436,269		(308,572	)		(45,157	)		(353,729	)

All referenced amounts for prior periods in these financial statements and the notes herein reflect the balances and amounts on a restated basis.

Restatement of Interim Financial Information (Unaudited)

Due to the misstatements described above, the Company has restated its unaudited condensed consolidated balance sheets, condensed consolidated statements of stockholder's equity, condensed consolidated statements of operations, and condensed consolidated statement of cash flows for the quarterly periods ended March 31, 2022, June 30, 2022, September 30, 2022, March 31, 2023, June 30, 2023, and September 30, 2023. The adjustments did not impact other comprehensive loss for any of the periods presented. Therefore, the impact of the adjustments on comprehensive loss equals the impact of adjustments on net loss for each period as detailed in the tables below.

	March 31, 2023									March 31, 2022
Corrected Condensed Consolidated Balance Sheets (UNAUDITED)	As previously reported			Impact of Adjustments			As Restated			As previously reported			Impact of Adjustments			As Restated
Assets
Current assets:
Cash and cash equivalents	$	40,181		$	—		$	40,181		$	100,242		$	—		$	100,242
Securities at fair value		34,403			—			34,403			—			—			—
Short-term investments - other		20,700			—			20,700			1,338			—			1,338
Accounts and other receivables		7,822			—			7,822			3,320			—			3,320
Prepaid expenses and other current assets		1,174			—			1,174			880			(426	)		454
Total current assets		104,280			—			104,280			105,780			(426	)		105,354
Inventories		620			—			620			—			—			—
Property and equipment, net		744			—			744			835			—			835
Operating lease right-of-use assets		898			—			898			1,090			—			1,090
Long-term investments - other		—			—			—			17,564			—			17,564
Other long-term assets		53			—			53			437			—			437
Total assets	$	106,595		$	—		$	106,595		$	125,706		$	(426	)	$	125,280

Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses	$	10,098		$	393		$	10,491		$	2,582		$	—		$	2,582
Current portion of operating lease liabilities		470			—			470			356			—			356
Current portion of discount and rebate liabilities		4,746			—			4,746			—			—			—
Other current liabilities		302			—			302			7			—			7
Total current liabilities		15,616			393			16,009			2,945			—			2,945
Line of credit payable		12,914			—			12,914			—			—			—
Derivative and warrant liability		3			11,744			11,747			89			12,682			12,771
Operating lease liabilities, less current portion		736			—			736			1,144			—			1,144
Discount and rebate liabilities, less current portion		5,764			—			5,764			—			—			—
Other long-term liabilities		158			—			158			29			—			29
Total liabilities		35,191			12,137			47,328			4,207			12,682			16,889

Commitments and contingencies (Note D)

Stockholders’ equity:
Preferred stock:
Undesignated preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of March 31, 2023 or December 31, 2022		—			—			—			—			—			—
Common stock, $0.0001 par value, 250,000,000 shares authorized, 35,457,496 shares issued and 33,881,804 shares outstanding as of March 31, 2023; 35,450,257 shares issued and 34,540,304 shares outstanding as of December 31, 2022		3			—			3			3			—			3
Additional paid-in capital		402,786			34,470			437,256			397,925			34,470			432,395
Treasury stock, at cost		(10,983	)		—			(10,983	)		(7,536	)		—			(7,536	)
Accumulated deficit		(320,339	)		(46,607	)		(366,946	)		(268,893	)		(47,578	)		(316,471	)
Accumulated other comprehensive (loss) income		(63	)		—			(63	)		—			—			—
Total stockholders' equity		71,404			(12,137	)		59,267			121,499			(13,108	)		108,391
Total liabilities and stockholders' equity	$	106,595		$	—		$	106,595		$	125,706		$	(426	)	$	125,280

	June 30, 2023									June 30, 2022
Corrected Condensed Consolidated Balance Sheets (UNAUDITED)	As previously reported			Impact of Adjustments			As Restated			As previously reported			Impact of Adjustments			As Restated
Assets
Current assets:
Cash and cash equivalents	$	66,196		$	—		$	66,196		$	76,779		$	—		$	76,779
Securities at fair value		20,696			—			20,696			—			—			—
Short-term investments - other		479			—			479			4,199			—			4,199
Accounts and other receivables		14,033			—			14,033			2,820			—			2,820
Prepaid expenses and other current assets		2,023			—			2,023			3,637			(426	)		3,211
Total current assets		103,427			—			103,427			87,435			(426	)		87,009
Inventories		546			—			546			779			—			779
Property and equipment, net		689			—			689			904			—			904
Operating lease right-of-use assets		803			—			803			1,165			—			1,165
Long-term investments - other		—			—			—			33,535			—			33,535
Other long-term assets		53			—			53			440			—			440
Total assets	$	105,518		$	—		$	105,518		$	124,258		$	(426	)	$	123,832

Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses	$	10,510		$	—		$	10,510		$	3,600		$	—		$	3,600
Current portion of capital lease obligation		—			—			—			469			—			469
Current portion of operating lease liabilities		456			—			456			—			—			—
Current portion of discount and rebate liabilities		6,965			—			6,965			1,796			—			1,796
Other current liabilities		321			—			321			1,294			48			1,342
Total current liabilities		18,252			—			18,252			7,159			48			7,207
Line of credit payable		12,709			—			12,709			12,800			—			12,800
Derivative and warrant liability		—			9,624			9,624			57			10,562			10,619
Operating lease liabilities, less current portion		627			—			627			1,082			—			1,082
Discount and rebate liabilities, less current portion		5,114			—			5,114			3,900			—			3,900
Other long-term liabilities		319			—			319			27			—			27
Total liabilities		37,021			9,624			46,645			25,025			10,610			35,635

Commitments and contingencies (Note D)

Stockholders’ equity:
Preferred stock:
Undesignated preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of June 30, 2023 or December 31, 2022		—			—			—			—			—			—
Common stock, $0.0001 par value, 250,000,000 shares authorized, 35,503,697 shares issued and 33,928,005 shares outstanding as of June 30, 2023; 35,450,257 shares issued and 34,540,304 shares outstanding as of December 31, 2022		3			—			3			3			—			3
Additional paid-in capital		405,127			34,470			439,597			399,701			34,470			434,171
Treasury stock, at cost		(10,983	)		—			(10,983	)		(7,536	)		—			(7,536	)
Accumulated deficit		(325,425	)		(44,094	)		(369,519	)		(292,935	)		(45,506	)		(338,441	)
Accumulated other comprehensive (loss) income		(225	)		—			(225	)		—			—			—
Total stockholders' equity		68,497			(9,624	)		58,873			99,233			(11,036	)		88,197
Total liabilities and stockholders' equity	$	105,518		$	—		$	105,518		$	124,258		$	(426	)	$	123,832

	September 30, 2023									September 30, 2022
Corrected Condensed Consolidated Balance Sheets (UNAUDITED)	As previously reported			Impact of Adjustments			As Restated			As previously reported			Impact of Adjustments			As Restated
Assets
Current assets:
Cash and cash equivalents	$	43,269		$	—		$	43,269		$	70,059		$	—		$	70,059
Securities at fair value		39,672			—			39,672			—			—			—
Secured corporate notes		41,999			—			41,999			—			—			—
Short-term investments - other		485			—			485			5,832			—			5,832
Accounts and other receivables		9,927			—			9,927			6,583			—			6,583
Prepaid expenses and other current assets		1,661			—			1,661			2,659			(426	)		2,233
Total current assets		137,013			—			137,013			85,133			(426	)		84,707
Inventories		481			—			481			596			—			596
Property and equipment, net		642			—			642			852			—			852
Operating lease right-of-use assets		698			—			698			1,068			—			1,068
Long-term investments - other		—			—			—			31,463			—			31,463
Other long-term assets		148			—			148			439			—			439
Total assets	$	138,982		$	—		$	138,982		$	119,551		$	(426	)	$	119,125

Liabilities and stockholders' equity
Current liabilities:
Accounts payable and accrued expenses	$	13,080		$	—		$	13,080		$	4,279		$	—		$	4,279
Current portion of operating lease liabilities		433			—			433			474			—			474
Current portion of discount and rebate liabilities		7,890			—			7,890			2,825			171			2,996
Other current liabilities		311			—			311			853			—			853
Total current liabilities		21,714			—			21,714			8,431			171			8,602
Line of credit payable		38,801			—			38,801			12,800			—			12,800
Derivative and warrant liability		—			5,948			5,948			35			16,139			16,174
Secured promissory note		5,073			—			5,073			—			—			—
Operating lease liabilities, less current portion		517			—			517			956			—			956
Discount and rebate liabilities, less current portion		4,987			—			4,987			3,509			—			3,509
Other long-term liabilities		420			—			420			26			—			26
Total liabilities		71,512			5,948			77,460			25,757			16,310			42,067

Commitments and contingencies (Note D)

Stockholders’ equity:
Preferred stock:
Undesignated preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of September 30, 2023 or December 31, 2022		—			—			—			—			—			—
Common stock, $0.0001 par value, 250,000,000 shares authorized, 37,787,402 shares issued and 36,211,710 shares outstanding as of September 30, 2023; 35,450,257 shares issued and 34,540,304 shares outstanding as of December 31, 2022		3			—			3			3			—			3
Additional paid-in capital		418,138			34,470			452,608			400,677			34,470			435,147
Treasury stock, at cost		(10,983	)		—			(10,983	)		(7,536	)		—			(7,536	)
Accumulated deficit		(339,468	)		(40,418	)		(379,886	)		(299,551	)		(51,206	)		(350,757	)
Accumulated other comprehensive (loss) income		(220	)		—			(220	)		201			—			201
Total stockholders' equity		67,470			(5,948	)		61,522			93,794			(16,736	)		77,058
Total liabilities and stockholders' equity	$	138,982		$	—		$	138,982		$	119,551		$	(426	)	$	119,125

	Three months ended March 31,
	2023			2023			2023			2022			2022		2022
Condensed consolidated statements of operations (UNAUDITED)	As previously reported			Impact of Adjustments			As Restated			As previously reported			Impact of Adjustments		As Restated
Revenue, net	$	2,879		$	297		$	3,176		$	3,965		$	—	$	3,965
Operating expenses:
Cost of revenue		125			—			125			8			—		8
Research and development		8,844			(189	)		8,655			3,082			—		3,082
Selling, general and administrative		6,834			393			7,227			2,734			—		2,734
Acquired In-process research and development		—			—			—			—			—		—
Severance expense		—			—			—			—			—		—
Total operating expenses		15,803			204			16,007			5,824			—		5,824
Loss from operations		(12,924	)		93			(12,831	)		(1,859	)		—		(1,859	)
Other (expense) income:
Interest expense		(182	)		—			(182	)		(5	)		—		(5	)
Fair value adjustment related to derivative and warrant liability		(2	)		(1,543	)		(1,545	)		241			12,350		12,591
Fair value adjustment related to investments		196			—			196			(352	)		—		(352	)
Interest and other income, net		1,042			—			1,042			107			—		107
Total other (expense) income		1,054			(1,543	)		(489	)		(9	)		12,350		12,341
Loss before income taxes		(11,870	)		(1,450	)		(13,320	)		(1,868	)		12,350		10,482
Income tax (expense) benefit		103			—			103			4			—		4
Net (loss) income	$	(11,767	)	$	(1,450	)	$	(13,217	)	$	(1,864	)	$	12,350	$	10,486

Basic and diluted net loss per share of common stock:
Net (loss) income	$	(0.34	)	$	(0.04)		$	(0.38	)	$	(0.05	)	$	0.35	$	0.30

Weighted average number of shares of common stock outstanding:
Basic and diluted		34,466,542						34,466,542			34,506,597					34,506,597

	Three months ended June 30,																		Six months ended June 30,
	2023			2023			2023			2022			2022			2022			2023			2023			2023			2022			2022			2022
	As previously reported			Impact of Adjustments			As Restated			As previously reported			Impact of Adjustments			As Restated			As previously reported			Impact of Adjustments			As Restated			As previously reported			Impact of Adjustments			As Restated
Revenue, net	$	8,470		$	—		$	8,470		$	1,300		$	(48	)	$	1,252		$	11,349		$	297		$	11,646		$	5,265		$	(48	)	$	5,217
Operating expenses:
Cost of revenue		677			—			677			51			(20	)		31			802			—			802			59			(20	)		39
Research and development		7,433			—			7,433			4,795			—			4,795			16,277			(189	)		16,088			7,877			—			7,877
Selling, general and administrative		7,005			(393	)		6,612			3,558			20			3,578			13,839			—			13,839			6,292			20			6,312
Acquired In-process research and development		—			—			—			17,663			—			17,663			—			—			—			17,663			—			17,663
Total operating expenses		15,115			(393)			14,722			26,067			—			26,067			30,918			(189	)		30,729			31,891			—			31,891
Loss from operations		(6,645	)		(393)			(6,252	)		(24,767	)		(48	)		(24,815	)		(19,569	)		486			(19,083	)		(26,626	)		(48	)		(26,674	)
Other (expense) income:
Interest expense		(197	)		—			(197	)		(36	)		—			(36	)		(379	)		—			(379	)		(41	)		—			(41	)
Fair value adjustment related to derivative and warrant liability		—			2,118			2,118			32			2,120			2,152			—			575			575			273			14,470			14,743
Fair value adjustment related to investments		131			—			131			(352	)		—			(352	)		327			—			327			(495	)		—			(495	)
Interest and other income, net		1,553			—			1,553			366			753			1,119			2,593			—			2,593			264			753			1,017
Total other (expense) income		1,487			2,118			3,605			10			2,873			2,883			2,541			575			3,116			1			15,223			15,224
Loss before income taxes		(5,158	)		2,511			(2,647	)		(24,757	)		2,825			(21,932	)		(17,028	)		1,061			(15,967	)		(26,625	)		15,175			(11,450	)
Income tax (expense) benefit		74						74			715			(753	)		(38	)		177			—			177			719			(753	)		(34	)
Net (loss) income	$	(5,084	)	$	2,511		$	(2,573	)	$	(24,042	)	$	2,072		$	(21,970	)	$	(16,851	)	$	1,061		$	(15,790	)	$	(25,906	)	$	14,422		$	(11,484	)

Basic and diluted net loss per share of common stock:
Net (loss) income	$	(0.15	)	$	0.07		$	(0.08	)	$	(0.70	)		0.06		$	(0.64	)	$	(0.49	)		0.03		$	(0.46	)	$	(0.75	)		0.42		$	(0.33	)

Weighted average number of shares of common stock outstanding:
Basic and diluted		33,898,233			—			33,898,233			34,447,206			—			34,447,206			34,180,818			—			34,180,818			34,476,737			—			34,476,737

	Three months ended September 30,																	Nine months ended September 30,
	2023			2023		2023			2022			2022			2022			2023			2023			2023			2022			2022			2022
	As previously reported			Impact of Adjustments		As Restated			As previously reported			Impact of Adjustments			As Restated			As previously reported			Impact of Adjustments			As Restated			As previously reported			Impact of Adjustments			As Restated
Revenue, net	$	2,895			—	$	2,895		$	2,874		$	(123	)	$	2,751		$	14,244		$	297		$	14,541		$	8,139		$	(171	)	$	7,968
Operating expenses:
Cost of revenue		144			—		144			141			(50	)		91			946			—			946			200			(70	)		130
Research and development		12,297			—		12,297			5,385			—			5,385			28,574			(189	)		28,385			13,262			—			13,262
Selling, general and administrative		5,818			—		5,818			3,974			50			4,024			19,657			—			19,657			10,266			70			10,336
Acquired in-process research and development		—			—		—			—			—			—			—			—			—			17,663			—			17,663
Total operating expenses		18,259			—		18,259			9,500			—			9,500			49,177			(189)			48,988			41,391			—			41,391
Loss from operations		(15,364	)		—		(15,364	)		(6,626	)		(123	)		(6,749	)		(34,933	)		486			(34,447	)		(33,252	)		(171	)		(33,423	)
Other income (expense):
Interest expense		(366	)		—		(366	)		(124	)		—			(124	)		(745	)		—			(745	)		(165	)		—			(165	)
Fair value adjustment related to derivative and warrant liability		—			3,678		3,678			22			(5,577	)		(5,555	)		—			4,253			4,253			295			8,893			9,188
Fair value adjustment related to investments		124			—		124			(139	)		—			(139	)		451			—			451			(634	)		—			(634	)
Interest and other income, net		1,738			—		1,738			218			—			218			4,331			—			4,331			482			753			1,235
Total other income (expense)		1,496			3,678		5,174			(23	)		(5,577	)		(5,600	)		4,037			4,253			8,290			(22	)		9,646			9,624
Loss before income taxes		(13,868	)		3,678		(10,190	)		(6,649	)		(5,700	)		(12,349	)		(30,896	)		4,739			(26,157	)		(33,274	)		9,475			(23,799	)
Income tax (expense) benefit		(177	)		—		(177	)		33			—			33			—						—			752			(753	)		(1	)
Net loss	$	(14,045	)	$	3,678	$	(10,367	)	$	(6,616	)	$	(5,700	)	$	(12,316	)	$	(30,896	)	$	4,739		$	(26,157	)	$	(32,522	)	$	8,722		$	(23,800	)

Basic and diluted net loss per share of common stock:
Net (loss) income	$	(0.40	)	$	0.10	$	(0.30	)	$	(0.19	)	$	(0.17)		$	(0.36	)	$	(0.90	)	$	0.14		$	(0.76	)	$	(0.94	)	$	0.25		$	(0.69	)

Weighted average number of shares of common stock outstanding:
Basic and diluted	34,724,614				—		34,724,614			34,494,702			—			34,494,702		34,364,075				—			34,364,075			34,482,791			—			34,482,791



Condensed Consolidated Statements of Changes in Stockholders' Equity (UNAUDITED)	Common Stock			Additional Paid-in Capital (As Restated)		Treasury Stock			Accumulated Deficit (As Restated)			Other Comprehensive Income (Loss)			Total Stockholders' (Deficit) Equity (As Restated)
Balance December 31, 2021 (As Reported)	$	4		$	396,957	$	(2,814	)	$	(267,029	)	$	—		$	127,118
Effect of Restatement		—			34,470		—			(59,928)			—			(25,458	)
Balance December 31, 2021 (As Restated)	$	4		$	431,427	$	(2,814	)	$	(326,957	)	$	—		$	101,660
Net loss (As Restated)		—			—		—			10,486			—			10,486
Stock-based compensation expense		—			918		—			—			—			918
Shares repurchased as part of the Share Repurchase Program		(1	)		—		(4,722	)		—			—			(4,723	)
Issuance of common stock in exchange for consulting services		—			50		—			—			—			50
Balance as of March 31, 2022 (As Restated)	$	3		$	432,395	$	(7,536	)	$	(316,471	)	$	—		$	108,391
Net loss (As Restated)		—			—		—			(21,970	)		—			(21,970	)
Stock-based compensation expense		—			1,510		—			—			—			1,510
Issuance of common stock in exchange for consulting services		—			50		—			—			—			50
Issuance of common stock as part of the Employee Stock Purchase Plan		—			216		—			—			—			216
Balance as of June 30, 2022 (As Restated)	$	3		$	434,171	$	(7,536	)	$	(338,441	)	$	—		$	88,197
Net loss (As Restated)		—			—		—			(12,316	)		—			(12,316	)
Stock-based compensation expense		—			911		—			—			—			911
Issuance of common stock in exchange for consulting services		—			65		—			—			—			65
Other comprehensive income		—			—		—			—			201			201
Balance as of September 30, 2022 (As Restated)	$	3		$	435,147	$	(7,536	)	$	(350,757	)	$	201		$	77,058


Balance December 31, 2022 (As Reported)	$	3		$	401,799	$	(7,536	)	$	(308,572	)	$	113		$	85,807
Effect of Restatement		—			34,470		—			(45,157	)		—			(10,687	)
Balance December 31, 2022 (As Restated)	$	3		$	436,269	$	(7,536	)	$	(353,729	)	$	113		$	75,120
Net loss (As Restated)		—			—		—			(13,217	)		—			(13,217	)
Stock-based compensation expense		—			591		—			—			—			591
Shares repurchased as part of the Share Repurchase Program		—			—		(3,447	)		—			—			(3,447	)
Issuance of common stock in exchange for consulting services		—			42		—			—			—			42
Severance expense		—			354		—			—			—			354
Other comprehensive loss		—			—		—			—			(176	)		(176	)
Balance as of March 31, 2023 (As Restated)	$	3		$	437,256	$	(10,983	)	$	(366,946	)	$	(63	)	$	59,267
Net loss (As Restated)		—			—		—			(2,573	)		—			(2,573	)
Stock-based compensation expense		—			1,103		—			—			—			1,103
Issuance of common stock in exchange for consulting services		—			25		—			—			—			25
Severance expense		—			1,048		—			—			—			1,048
Issuance of common stock as part of the Employee Stock Purchase Plan		—			165		—			—			—			165
Other comprehensive loss		—			—		—			—			(162	)		(162	)
Balance as of June 30, 2023 (As Restated)	$	3		$	439,597	$	(10,983	)	$	(369,519	)	$	(225	)	$	58,873
Net loss (As Restated)		—			—		—			(10,367	)		—			(10,365	)
Stock-based compensation expense		—			1,387		—			—			—			1,387
Issuance of common stock in connection with the Proposed Merger (Note K)		—			11,500		—			—			—			11,500
Issuance of common stock in exchange for consulting services		—			71		—			—			—			71
Severance expense		—			53		—			—			—			53
Other comprehensive loss		—			—		—			—			5			5
Balance as of September 30, 2023	$	3		$	452,608	$	(10,983	)	$	(379,886	)	$	(220	)	$	61,524

	Three Months Ended March 31,
	2023									2022
	As Reported			Impact of Adjustments			As Restated			As Reported			Impact of Adjustments			As Restated
Condensed Consolidated Statements of Cash Flows (UNAUDITED)
Cash flows from operating activities:
Net income (loss)	$	(11,767	)	$	(1,450	)	$	(13,217	)	$	(1,864	)	$	12,350		$	10,486
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense		591			—			591			918			—			918
Severance expense		354			—			354			—			—			—
Depreciation and amortization expense		79			—			79			65			—			65
Fair value adjustment related to derivative and warrant liability		2			1,543			1,545			(241	)		(12,350	)		(12,591	)
Fair value adjustment related to investments		(196	)		—			(196	)		352			—			352
Consulting fees paid in common stock		42			—			42			50			—			50
Gain on foreign currency exchange rates		(240	)		—			(240	)		—			—			—
Change in assets and liabilities:
Accounts and other receivables		477			—			477			(1,792	)		—			(1,792	)
Prepaid expenses and other current assets		703			—			703			303			—			303
Inventories		51			—			51			—			—			—
Operating lease right-of-use assets		80			—			80			51			—			51
Accounts payable and accrued expenses		3,929			(93)			3,836			(486	)		—			(486	)
Discount and rebate liabilities		1,528			—			1,528			—			—			—
Operating lease liabilities		(107	)		—			(107	)		(88	)		—			(88	)
Other liabilities		429			—			429			(821	)		—			(821	)
Net cash used in operating activities		(4,045	)		—			(4,045	)		(3,553	)		—			(3,553	)

Cash flows from investing activities:
Purchases of property and equipment		(29	)		—			(29	)		(16	)		—			(16	)
Purchases of investments		(17,526	)		—			(17,526	)		(3,832	)		—			(3,832	)
Net cash used in investing activities		(17,555	)		—			(17,555	)		(3,848	)		—			(3,848	)

Cash flows from financing activities:
Proceeds from issuance of debt		12,914			—			12,914			—			—			—
Payments of principal on insurance financing arrangements		(415	)		—			(415	)		—			—			—
Repayment of debt		(12,800	)		—			(12,800	)		—			—			—
Payment to repurchase shares as part of the Share Repurchase Program		(3,447	)		—			(3,447	)		(4,723	)		—			(4,723	)
Repayment of principal on finance lease liabilities		(2	)		—			(2	)		(10	)		—			(10	)
Net cash provided by financing activities		(3,750	)		—			(3,750	)		(4,733	)		—			(4,733	)
Effect of exchange rate changes on cash and cash equivalents		65			—			65			—			—			—
Net decrease in cash and cash equivalents		(25,285	)		—			(25,285	)		(12,134	)		—			(12,134	)
Cash and cash equivalents, beginning of period		65,466			—			65,466			112,346			—			112,346
Cash and cash equivalents, end of period	$	40,181			—		$	40,181		$	100,212			—		$	100,212

Supplemental cash flow information:
Cash paid for interest	$	68			—		$	68		$	5			—		$	5

	Six Months Ended June 30,
	2023									2022
	As Reported			Impact of Adjustments			As Restated			As Reported			Impact of Adjustments			As Restated
Condensed Consolidated Statements of Cash Flows (UNAUDITED)
Cash flows from operating activities:
Net loss	$	(16,851	)	$	1,061		$	(15,790	)	$	(25,906	)	$	14,422		$	(11,484	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense		1,694			—			1,694			2,428			—			2,428
Severance expense		1,402			—			1,402			—			—			—
Depreciation and amortization expense		157			—			157			246			—			246
Fair value adjustment related to derivative and warrant liability		—			(481	)		(481	)		(273	)		(14,470	)		(14,743	)
Fair value adjustment related to investments		(327	)		—			(327	)		495			—			495
Loss on sublease and disposal of property and equipment		—			—			—			9			—			9
Consulting fees paid in common stock		67			—			67			100			—			100
Acquired in-process research and development		—			—			—			17,663			—			17,663
Gain on foreign currency exchange rates		(138	)		—			(138	)		—			—			—
Change in assets and liabilities:
Accounts and other receivables		(5,734	)		—			(5,734	)		(1,292	)		—			(1,292	)
Prepaid expenses and other current assets		(146	)		(189	)		(335	)		(1,892	)		—			(1,892	)
Inventories		125			—			125			39			—			39
Operating lease right-of-use assets		161			—			161			(24	)		—			(24	)
Accounts payable and accrued expenses		3,338			(391	)		2,947			630			—			630
Discount and rebate liabilities		3,097			—			3,097			496			—			496
Operating lease liabilities		(216	)		—			(216	)		(37	)		—			(37	)
Other liabilities		622			—			622			(339	)		48			(291	)
Net cash used in operating activities		(12,749	)		—			(12,749	)		(7,657	)		—			(7,657	)

Cash flows from investing activities:
Acquisitions, net		—			—			—			(14,090	)		—			(14,090	)
Purchases of property and equipment		(52	)		—			(52	)		(31	)		—			(31	)
Purchases of investments		(17,467	)		—			(17,467	)		(23,832	)		—			(23,832	)
Maturities of long-term investments, net		34,000			—			34,000			1,025			—			1,025
Net cash used in investing activities		16,481			—			16,481			(36,928	)		—			(36,928	)

Cash flows from financing activities:
Proceeds from issuance of debt		12,800			—			12,800			12,800			—			12,800
Proceeds from insurance financing arrangements		1,256			—			1,256			1,273			—			1,273
Proceeds from Employee Stock Purchase Plan		166			—			166			216			—			216
Payments of principal on insurance financing arrangements		(564	)		—			(564	)		(469	)		—			(469	)
Repayment of debt		(13,007	)		—			(13,007	)		—			—			—
Payment of offering costs		—			—			—			(68	)		—			—
Payment to repurchase shares as part of the Share Repurchase Program		(3,447	)		—			(3,447	)		(4,723	)		—			(4,723	)
Repayment of principal on finance lease liabilities		(3	)		—			(3	)		(11	)		—			(11	)
Net cash provided by financing activities		(2,799	)		—			(2,799	)		9,018			—			9,086
Effect of exchange rate changes on cash and cash equivalents		(203	)		—			(203	)		—			—			—
Net decrease in cash and cash equivalents		730			—			730			(35,567	)		—			(35,499	)
Cash and cash equivalents, beginning of period		65,466			—			65,466			112,346			—			112,346
Cash and cash equivalents, end of period	$	66,196		$	—		$	66,196		$	76,779		$	—		$	76,847

Supplemental cash flow information:
Cash paid for interest	$	261			—			$261		$	41			—		$	41

	Nine Months Ended September 30,
	2023									2022
	As Reported			Impact of Adjustments			As Restated			As Reported			Impact of Adjustments			As Restated
Condensed Consolidated Statements of Cash Flows (UNAUDITED)
Cash flows from operating activities:
Net loss	$	(30,896	)	$	4,739		$	(26,157	)	$	(32,522	)	$	8,722		$	(23,800	)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense		3,081			—			3,081			3,339			—			3,339
Severance expense		1,401			—			1,401			—			—			—
Depreciation and amortization expense		219			—			219			644			—			644
Fair value adjustment related to derivative and warrant liability		—			(4,159	)		(4,159	)		(295	)		(8,893	)		(9,188	)
Fair value adjustment related to investments		(451	)		—			(451	)		634			—			634
Loss on sublease and disposal of property and equipment		157			—			157			9			—			9
Consulting fees paid in common stock		138			—			138			165			—			165
Acquired in-process research and development		—			—			—			17,663			—			17,663
Gain on foreign currency exchange rates		(30	)		—			(30	)		—			—			—
Change in assets and liabilities:
Accounts and other receivables		(1,628	)		—			(1,628	)		(4,646	)		—			(4,646	)
Prepaid expenses and other current assets		216			(189	)		27			(1,196	)		—			(1,196	)
Inventories		190			—			190			280			—			280
Operating lease right-of-use assets		243			—			243			82			—			82
Other long-term assets		(93	)		—			(93	)		-			—			—
Accounts payable and accrued expenses		5,791			(391	)		5,400			1,262			—			1,262
Discount and rebate liabilities		3,895			—			3,895			858			—			858
Operating lease liabilities		(326	)		—			(326	)		(160	)		—			(160	)
Other liabilities		716			—			716			(372	)		171			(201	)
Net cash used in operating activities		(17,377	)		—			(17,377	)		(14,255	)		—			(14,255	)

Cash flows from investing activities:
Acquisitions, net		—			—			—			(14,090	)		—			(14,090	)
Purchases of property and equipment		(224	)		—			(224	)		(59	)		—			(59	)
Purchases of investments		(45,821	)		—			(45,821	)		(23,832	)		—			(23,832	)
Purchases of Secured corporate notes		(25,426	)		—			(25,426	)		—			—			—
Maturities of long-term investments, net		43,496			—			43,496			1,325			—			1,325
Net cash used in investing activities		(27,975	)		—			(27,975	)		(36,656	)		—			(36,656	)

Cash flows from financing activities:
Proceeds from issuance of debt		38,801			—			38,801			12,800			—			12,800
Proceeds from insurance financing arrangements		1,256			—			1,256			1,273			—			1,273
Proceeds from Employee Stock Purchase Plan		219			—			219			216			—			216
Payments of principal on insurance financing arrangements		(564	)		—			(564	)		(876	)		—			(876	)
Repayment of debt		(12,800	)		—			(12,800	)		—			—			—
Payment of offering costs		—			—			—			(68	)		—			—
Payment to repurchase shares as part of the Share Repurchase Program		(3,447	)		—			(3,447	)		(4,723	)		—			(4,723	)
Repayment of principal on finance lease liabilities		(5	)		—			(5	)		(13	)		—			(13	)
Net cash provided by financing activities		23,460			—			23,460			8,609			—			8,677
Effect of exchange rate changes on cash and cash equivalents		(305	)		—			(305	)		15			—			15
Net decrease in cash and cash equivalents		(22,197	)		—			(22,197	)		(42,287	)		—-			(42,219	)
Cash and cash equivalents, beginning of period		65,466			—			65,466			112,346			—			112,346
Cash and cash equivalents, end of period	$	43,269		$	—		$	43,269		$	70,059		$	—		$	70,127

Supplemental cash flow information:
Cash paid for interest	$	456		$	—		$	456		$	165		$	—		$	165
Right-of-use assets obtained in exchange for lease liabilities		—			—			—			—			—			—
Supplemental disclosure of noncash investing activities:
Issuance of common stock in connection with the Merger (Note K)		(11,500	)		—			(11,500	)		—			—			—
Supplemental disclosure of noncash financing activities:
Issuance of secured promissory note for the Merger (Note K)		(5,073	)		—			(5,073	)		—			—			—