Annual report [Section 13 and 15(d), not S-K Item 405]

Restatement of Quarterly Financial Statements (Unaudited) (Tables)

Restatement of Quarterly Financial Statements (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Changes and Error Corrections [Abstract]

Schedule of Restated Balance Sheet Line Items

The restated balance sheet line items for the second and third fiscal quarters of 2025 are as follows:


	June 30, 2025 (Unaudited)
	Originally Reported			Adjustment			Restated
Total Assets	$	7,124,000		$	—		$	7,124,000

Greenshoe Rights liability		—			28,736,000			28,736,000
Total Liabilities		2,307,000			28,736,000			31,043,000

Mezzanine Equity		1,956,000			—			1,956,000

Convertible Preferred stock		1,000			—			1,000
Common stock		3,000			—			3,000
Additional paid in capital		700,378,000			—			700,378,000
Accumulated deficit		(697,521,000	)		(28,736,000	)		(726,257,000	)
Total Stockholders’ Equity (Deficit)		2,861,000			(28,736,000	)		(25,875,000	)
Total Liabilities and Stockholders’ Equity (Deficit)	$	7,124,000		$	—		$	7,124,000


	September 30, 2025 (Unaudited)
	Originally Reported			Adjustment			Restated
Total Assets	$	4,321,000		$	—		$	4,321,000

Greenshoe Rights liability		—			—			—
Total Liabilities		1,321,000			—			1,321,000

Convertible Preferred stock		1,000			—			1,000
Common stock		3,000			—			3,000
Additional paid in capital		703,772,000			17,323,000			721,095,000
Accumulated deficit		(700,779,000	)		(17,323,000	)		(718,102,000	)
Total Stockholders’ Equity (Deficit)		3,000,000			—			3,000,000
Total Liabilities and Stockholders’ Equity (Deficit)	$	4,321,000		$	—		$	4,321,000

The restated line items of the statements of operations for the three months ended June 30, 2025, and September 30, 2025, are as follows:


	Three Months Ended June 30, 2025 (Unaudited)
	Originally Reported			Adjustment			Restated
Loss from Operations	$	(1,513,000	)	$	—		$	(1,513,000	)

Loss on initial recognition of Greenshoe Rights liability		—			(28,736,000	)		(28,736,000	)
Change in fair value of Greenshoe Rights liability
Total Other Income (Expense)		80,000			(28,736,000	)		(28,656,000	)
Net Loss		(1,433,000	)		(28,736,000	)		(30,169,000	)

Dividend on Series L Preferred Stock		(85,000	)		—			(85,000	)
Deemed dividend
Net Loss attributable to common stockholders’		(1,518,000	)		(28,736,000	)		(30,254,000	)
Net Loss Per Share - Basic and Diluted	$	(0.55	)	$	(10.37	)	$	(10.92	)
Weighted average common shares outstanding - basic and diluted		2,771,765			—			2,771,765


	Three Months Ended September 30, 2025 (Unaudited)
	Originally Reported			Adjustment			Restated
Loss from Operations	$	(3,382,000	)	$	—		$	(3,382,000	)
Change in fair value of Greenshoe Rights liability		—			11,413,000			11,413,000
Total Other Income (Expense)		268,000			11,413,000			11,681,000
Net Loss		(3,114,000	)		11,413,000			8,299,000

Dividend on Series L Preferred Stock		(144,000	)		—			(144,000	)
Deemed dividend		—			(4,058,000	)		(4,058,000	)
Net Loss attributable to common stockholders’		(3,258,000	)		7,355,000			4,097,000
Net Loss Per Share - Basic and Diluted	$	(0.83	)	$	1.87		$	1.04
Weighted average common shares outstanding - basic and diluted		3,940,714			—			3,940,714

The restated line items of the statements of operations for the six months ended June 30, 2025; and the nine months ended September 30, 2025, are as follows:


	Six Months Ended June 30, 2025 (Unaudited)
	Originally Reported			Adjustment			Restated
Loss from Operations	$	(3,445,000	)	$	—		$	(3,445,000	)
Loss on initial recognition of Greenshoe Rights liability		—			(28,736,000	)		(28,736,000	)
Total Other Income (Expense)		1,236,000			(28,736,000	)		(27,500,000	)
Net Loss		(2,209,000	)		(28,736,000	)		(30,945,000	)

Dividend on Series L Preferred Stock		(85,000	)		—			(85,000	)
Net Loss attributable to common stockholders’		(2,294,000	)		(28,736,000	)		(31,030,000	)
Net Loss Per Share - Basic and Diluted	$	(0.90	)	$	(11.22	)	$	(12.12	)
Weighted average common shares outstanding - basic and diluted		2,559,604			—			2,559,604


	Nine Months Ended September 30, 2025 (Unaudited)
	Originally Reported			Adjustment			Restated
Loss from Operations	$	(6,827,000	)	$	—		$	(6,827,000	)
Loss on initial recognition of Greenshoe Rights liability					(28,736,000	)		(28,736,000	)
Change in fair value of Greenshoe Rights liability		—			11,413,000			11,413,000
Total Other Income (Expense)		1,504,000			(17,323,000	)		(15,819,000	)
Net Loss		(5,323,000	)		(17,323,000	)		(22,646,000	)

Dividend on Series L Preferred Stock		(229,000	)		—			(229,000	)
Deemed dividend		—			(4,058,000	)		(4,058,000	)
Net Loss attributable to common stockholders’		(5,552,000	)		(21,381,000	)		(26,933,000	)
Net Loss Per Share - Basic and Diluted	$	(1.84	)	$	(7.06	)	$	(8.90	)
Weighted average common shares outstanding - basic and diluted		3,025,033			—			3,025,033

While the adjustments changed net loss and added a change in fair value of Greenshoe Rights in the statements of cash flow statements, they did not have an impact on total net cash provided by operating activities, net cash used in investing activities, or net cash provided by (used in) financing activities for any of the applicable periods.

The restated line items of the statements of cash flows for the six months ended June 30, 2025, and the nine months ended September 30, 2025, are as follows:


	Six Months Ended June 30, 2025 (Unaudited)
	Originally Reported			Adjustment			Restated
Net Loss	$	(2,209,000	)	$	(28,736,000	)	$	(30,945,000	)

Loss on initial recognition of Greenshoe Rights liability		—			28,736,000			28,736,000
Change in fair value of Greenshoe Rights liability
Net cash used in operating activities	$	(5,216,000	)	$	—		$	(5,216,000	)


	Nine Months Ended September 30, 2025 (Unaudited)
	Originally Reported			Adjustment			Restated
Net Loss	$	(5,323,000	)	$	(17,323,000	)	$	(22,646,000	)

Loss on initial recognition of Greenshoe Rights liability					28,736,000			28,736,000
Change in fair value of Greenshoe Rights liability		—			(11,413,000	)		(11,413,000	)
Net cash used in operating activities	$	(8,893,000	)	$	—		$	(8,893,000	)
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
Reclassification of Greenshoe Rights liability to equity		—		$	17,323,000		$	17,323,000