Immaterial Restatement of Prior Period Financial Statements

3 Months Ended

Mar. 31, 2020

Accounting Changes and Error Corrections [Abstract]

Immaterial Restatement of Prior Period Financial Statements

IMMATERIAL RESTATEMENT OF PRIOR PERIOD FINANCIAL STATEMENTS

Subsequent to the issuance of our unaudited interim financial statements for the quarter ended March 31, 2019, and prior to the issuance of our Form 10-K for the year ended December 31, 2019, management identified certain immaterial errors aggregating $12.0 million that substantially relates to our ZEVALIN pricing to qualifying Public Health Service hospitals from 2009 through March 31, 2019. This accumulated value resulted from a mistaken one-time “market date” load into the Centers for Medicare and Medicaid Services system for this drug. We erroneously used the year we in-licensed this product of 2009, rather than its original sale year of 2002. We previously restated our Consolidated Financial Statements for the years ended December 2018 and 2017, respectively, to correct the error. The impact of this correction to the three months ended March 31, 2019 is presented below.

We have restated our accompanying Condensed Consolidated Financial Statements to correct for these immaterial errors for the prior-year interim period presented on each face financial statement (as summarized below), as well as the correction of "product sales, net" - presented within Note 10 for our discontinued operations.

Condensed Consolidated Statement of Operations for the three months ended March 31, 2019:

	As Previously Reported		Adjustments for Error Corrections		As Restated
Benefit for income taxes from continuing operations	$	8,242	$	(26)	$	8,216
Loss from continuing operations	(39,820)		(26)		(39,846)
Income from discontinued operations, net of income taxes (Note 10)	20,665		(78)		20,587
Net loss	(19,155)		(104)		(19,259)

Condensed Consolidated Statement of Comprehensive Loss for the three months ended March 31, 2019:

	As Previously Reported		Adjustments for Error Corrections		As Restated
Net loss	$	(19,155)	$	(104)	$	(19,259)
Total comprehensive loss	(19,545)		(104)		(19,649)

Condensed Consolidated Statement of Stockholders’ Equity and Cash Flow:

The Condensed Consolidated Statement of Stockholders’ Equity for the three months ended March 31, 2019, has also been restated to include the changes to “net loss” summarized above and to reflect the correction of accumulated deficit as of December 31, 2018 from $599,886 to $611,738.

These errors had no impact on our Condensed Consolidated Statement of Cash Flow, except for the offsetting corrections between "net loss" and changes in "accounts payable and other accrued liabilities" presented within "net cash used in operating activities."