REVISION OF PRIOR YEAR INTERIM FINANCIAL STATEMENTS

9 Months Ended

Sep. 30, 2023

Accounting Changes and Error Corrections [Abstract]

REVISION OF PRIOR YEAR INTERIM FINANCIAL STATEMENTS

During the course of preparing the Company's consolidated financial statements for the year ended December 31, 2022, we identified that stock-based compensation expense related to the PSU awards with market conditions was erroneously reversed when those PSUs were forfeited. Due to the error, general and administrative expense was understated by $1.1 million and $4.6 million for the three and nine months ended September 30, 2022. Although the Company has determined that the error did not have a material impact on its previously issued interim consolidated financial statements, it revised the previously reported interim financial information in conjunction with the issuance of its quarterly filings on Form 10-Q for the quarter ended September 30, 2023. The errors had no net impact on cash flows from operating, investing or financing activities in the consolidated statement of cash flows.

The following tables set forth the effects of the revisions of previously issued unaudited quarterly consolidated financial statements to correct for prior period errors.


Table 20.1: Impact of the Correction to the Unaudited Consolidated Statement of Operations
	For the Three Months Ended September 30, 2022						For the Nine Months Ended September 30, 2022
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised

	(in thousands, except per share data)
General and administrative	$	21,591	$	1,115	$	22,706	$	68,379	$	4,618	$	72,997
Total selling, general and administrative expenses	28,614		1,115		29,729		95,314		4,618		99,932
Operating loss	(7,669)		(1,115)		(8,784)		(34,569)		(4,618)		(39,187)
Loss before income taxes	(7,332)		(1,115)		(8,447)		(34,479)		(4,618)		(39,097)
Net loss	(7,340)		(1,115)		(8,455)		(34,612)		(4,618)		(39,230)

Net loss per share, basic	$	(0.11)	$	(0.02)	$	(0.13)	$	(0.51)	$	(0.07)	$	(0.58)
Net loss per share, diluted	(0.11)		(0.02)		(0.13)		(0.51)		(0.07)		(0.58)


Table 20.2: Impact of the Correction to the Unaudited Consolidated Statement of Comprehensive Loss
	For the Three Months Ended September 30, 2022						For the Nine Months Ended September 30, 2022
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised

	(in thousands)
Net loss	$	(7,340)	$	(1,115)	$	(8,455)	$	(34,612)	$	(4,618)	$	(39,230)
Comprehensive loss	(7,361)		(1,115)		(8,476)		(34,615)		(4,618)		(39,233)


Table 20.3: Impact of the Correction to the Unaudited Consolidated Statement of Changes in Stockholders' Equity
	For the Three Months Ended September 30, 2022						For the Nine Months Ended September 30, 2022
	As Previously Reported		Adjustment		As Revised		As Previously Reported		Adjustment		As Revised

	(in thousands)
Additional paid-in capital, beginning	$	388,464	$	3,503	$	391,967	$	367,153	$	—	$	367,153
Stock-based compensation	15,012		1,115		16,127		42,212		4,618		46,830
Additional paid-in capital, end	398,546		4,618		403,164		398,546		4,618		403,164

Accumulated deficit, beginning	$	(214,249)	$	(3,503)	$	(217,752)	$	(186,977)	$	—	$	(186,977)
Net loss	(7,340)		(1,115)		(8,455)		(34,612)		(4,618)		(39,230)
Accumulated deficit, end	(221,589)		(4,618)		(226,207)		(221,589)		(4,618)		(226,207)