| Schedule of Restated Balance Sheet |
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 |
|
|
| Schedule of Restated Statement of Operations |
The
restated line items of the statement of operations for the three months ended September 30, 2025, is as follows:
Schedule
of Restated Statement of Operations
| |
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|
| Schedule of Restated Statement of Cash Flows |
The
restated line items of the statement of cash flows for the nine months ended September 30, 2025, is as follows:
Schedule
of Restated Statement of Cash Flows
| |
|
|
|
|
|
|
|
|
|
| |
|
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 |
|
|