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REVISION OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables)
3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2021
Sep. 30, 2021
Jun. 30, 2021
Summary of the impact of the revision on the financial statements  

The financial statements as of September 30, 2021, including share and per share amounts, do not include the effects of the merger. The table below shows, on a pro forma basis, the impact of the merger on certain condensed balance sheet items as of September 30, 2021:

Balance Sheet Data:

    

Actual

    

Pro Forma

 

Cash and cash equivalents

$

7,996,362

$

242,991,191

Working capital

(5,566,182)

228,647,166

Total assets

39,746,217

273,843,757

Redeemable convertible preferred stock

143,086,271

Accumulated deficit

(136,979,761)

(136,979,761)

Total stockholders’ equity (deficit)

$

(132,209,608)

$

163,290,011

Share Data:

    

Actual

    

Pro Forma

 

Redeemable convertible preferred stock outstanding

41,587,368

Common stock outstanding

4,595,168

114,707,150

 
LifeSci Acquisition II Corp      
Summary of the impact of the revision on the financial statements

The impact of the revision on the Company’s financial statements is reflected in the following table.

As Previously

Balance Sheet as of June 30, 2021 (audited)

    

Reported

    

Adjustment

    

As Revised

Common stock subject to possible redemption

$

75,526,270

$

4,564,140

$

80,090,410

Common stock

$

246

$

(45)

$

201

Additional paid-in capital

$

5,562,205

$

(4,564,095)

$

998,110

Accumulated deficit

$

(562,449)

$

$

(562,449)

Total Stockholders’ Equity (Deficit)

$

5,000,002

$

(4,564,140)

$

435,862

 

    

As
Previously 
Reported

    

Adjustment

    

As Restated

Balance Sheet as of November 24, 2020

Common stock subject to possible redemption

$

76,087,640

$

4,002,770

$

80,090,410

Common stock

$

256

$

(40)

$

216

Additional paid-in capital

$

5,000,825

$

(4,002,730)

$

998,095

Accumulated deficit

$

(1,080)

$

$

(1,080)

Total Stockholders’ Equity

$

5,000,001

$

(4,002,770)

$

997,231

Number of shares of common stock subject to possible redemption

7,608,764

400,277

8,009,041

Balance Sheet as of December 31, 2020 (Unaudited)

Common stock subject to possible redemption

$

76,007,090

$

4,083,320

$

80,090,410

Common stock

$

256

$

(40)

$

216

Additional paid-in capital

$

5,081,375

$

(4,083,280)

$

998,095

Accumulated deficit

$

(81,623)

$

$

(81,623)

Total Stockholders’ Equity

$

5,000,008

$

(4,083,320)

$

916,688

Number of shares of common stock subject to possible redemption

7,600,709

408,332

8,009,041

Balance Sheet as of March 31, 2021 (Unaudited)

Common stock subject to possible redemption

$

75,901,950

$

4,188,460

$

80,090,410

Common stock

$

242

$

(41)

$

201

Additional paid-in capital

$

5,186,529

$

(4,188,419)

$

998,110

Accumulated deficit

$

(186,762)

$

$

(186,762)

Total Stockholders’ Equity

$

5,000,009

$

(4,188,460)

$

811,549

Number of shares of common stock subject to possible redemption

7,590,195

418,846

8,009,041

Balance Sheet as of June 30, 2021

Common stock subject to possible redemption

$

75,526,270

$

4,564,140

$

80,090,410

Common stock

$

246

$

(45)

$

201

Additional paid-in capital

$

5,562,205

$

(4,564,095)

$

998,110

Accumulated deficit

$

(562,449)

$

$

(562,449)

Total Stockholders’ Equity

$

5,000,002

$

(4,564,140)

$

435,862

Number of shares of common stock subject to possible redemption

7,552,627

456,414

8,009,041

Statement of Cash Flows for the six months ended December 31, 2020 (Unaudited)

Initial classification of common stock subject to possible redemption

$

76,087,640

(76,087,640)

$

Change in value of Common Stock subject to possible redemption

$

(80,550)

$

80,550

$

Statement of Cash Flows for the nine months ended March 31, 2021 (Unaudited)

Initial classification of common stock subject to possible redemption

$

76,087,640

(76,087,640)

$

Change in value of Common Stock subject to possible redemption

$

(105,140)

$

105,140

$

Statement of Cash Flows for the period ended June 30, 2021 (Unaudited)

Initial classification of common stock subject to possible redemption

$

76,087,640

(76,087,640)

$

Change in value of Common Stock subject to possible redemption

$

(375,680)

$

375,680

$

Condensed Statement of Changes in Stockholders’ Equity for three months ended December 31, 2020 (Unaudited)

Sale of 8,009,041 Units, net of underwriter discounts and offering expenses

$

78,231,912

$

(78,231,912)

$

Initial value of Common Stock subject to redemption

$

76,007,090

$

(76,007,090)

$

Accretion for Common Stock to redemption amount

$

$

(1,858,498)

$

(1,858,498)

Total Stockholders’ Equity

$

5,000,008

$

(4,083,320)

$

916,688

Condensed Statement of Changes in Stockholders’ Equity for three months ended March 31, 2021 (Unaudited)

Change in value of Common Stock subject to redemption

$

105,140

$

(105,140)

$

Total Stockholders’ Equity

$

5,000,009

$

(4,188,460)

$

811,549

Condensed Statement of Changes in Stockholders’ Equity for three months ended June 30, 2021 (Unaudited)

Change in value of Common Stock subject to redemption

$

375,680

$

(375,680)

$

Total Stockholders’ Equity

$

5,000,002

$

(4,564,140)

$

435,862

Statement of Operations for the three months ended December 31, 2020 (Unaudited)

Weighted average shares outstanding of redeemable common stock

8,009,041

(8,009,041)

Basic and diluted net loss per common stock

$

$

$

Weighted average shares outstanding of non-redeemable common stock

1,875,000

(1,875,000)

Basic and diluted net loss per common stock

$

(0.04)

$

0.04

$

Basic and diluted weighted average shares outstanding, common stock

5,112,023

5,112,023

Basic and diluted net loss (income) per share, common stock

$

$

(0.02)

$

(0.02)

Statement of Operations for the six months ended December 31, 2020 (Unaudited)

Weighted average shares outstanding of redeemable common stock

8,009,041

(8,009,041)

Basic and diluted net loss per common stock

$

$

$

Weighted average shares outstanding of non-redeemable common stock

1,875,000

(1,875,000)

Basic and diluted net loss per common stock

$

(0.04)

$

0.04

$

Basic and diluted weighted average shares outstanding, common stock

3,502,260

3,502,260

Basic and diluted net loss (income) per share, common stock

$

$

(0.02)

$

(0.02)

Statement of Operations for the three months ended March 31, 2021 (Unaudited)

Weighted average shares outstanding of redeemable common stock

8,009,041

(8,009,041)

Basic and diluted net loss per common stock

$

$

$

Weighted average shares outstanding of non-redeemable common stock

1,990,948

(1,990,948)

Basic and diluted net loss per common stock

$

(0.05)

$

0.05

$

Basic and diluted weighted average shares outstanding, common stock

10,011,301

10,011,301

Basic and diluted net loss (income) per share, common stock

$

$

(0.01)

$

(0.01)

Statement of Operations for the nine months ended March 31, 2021 (Unaudited)

Weighted average shares outstanding of redeemable common stock

8,009,041

(8,009,041)

Basic and diluted net loss per common stock

$

$

$

Weighted average shares outstanding of non-redeemable common stock

1,913,085

(1,913,085)

Basic and diluted net loss per common stock

$

(0.10)

$

0.10

$

Basic and diluted weighted average shares outstanding, common stock

5,646,205

5,646,205

Basic and diluted net loss (income) per share, common stock

$

$

(0.03)

$

(0.03)

Statement of Operations for the year ended June 30, 2021

Weighted average shares outstanding of redeemable common stock

8,009,041

(8,009,041)

Basic and diluted net loss per common stock

$

$

$

Weighted average shares outstanding of non-redeemable common stock

1,951,216

(1,951,216)

Basic and diluted net loss per common stock

$

(0.29)

$

0.29

$

Basic and diluted weighted average shares outstanding, common stock

6,734,489

6,734,489

Basic and diluted net loss (income) per share, common stock

$

$

(0.08)

$

(0.08)