Restatement of Previously Issued Quarterly Financial Statements (Unaudited) (Tables)

9 Months Ended

Sep. 30, 2025

The restated balance sheet line items for the third fiscal quarter of 2025 is as follows:

Schedule of Restated Balance Sheet


	September 30, 2025 (Unaudited)
	As Previously Reported			Restatement Adjustment			As 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 statement of operations for the three months ended September 30, 2025, is as follows:


	Three Months Ended September 30, 2025 (Unaudited)
	As Previously Reported			Restatement Adjustment			As 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 statement of operations for the nine months ended September 30, 2025, is as follows:


	Nine Months Ended September 30, 2025 (Unaudited)
	As Previously Reported			Restatement Adjustment			As 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

The restated line items of the statement of cash flows for the nine months ended September 30, 2025, is as follows:


	Nine Months Ended September 30, 2025 (Unaudited)
	As Previously Reported			Restatement Adjustment			As 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