v3.26.1
Restatement of Previously Issued Financial Statements (Tables)
 3 Months Ended
Dec. 31, 2025
Restatement of Previously Issued Financial Statements [Abstract]  
Schedule of Restated Consolidated Balance Sheet

Restated Audited Consolidated Balance Sheet – As of September 30, 2025

 

Line item   As
Previously
Reported on
10-Q		     Restatement
Adjustment		     ID     As
Restated		  
Assets                        
Current Assets                        
Cash and cash equivalents   $ 193,629     $ (8,055 )     10     $ 185,574  
Short-term investments     58,308       8,055       10       66,363  
Inventory     1,380       (256 )     7       1,124  
Total current assets     255,526       (256 )     *       255,270  
Non-current assets                                
Property and equipment, net     5,579       215       6       5,794  
Intangible assets, net     9,761       954       8       10,715  
Other assets, non-current     638       2       *       640  
Total assets   $ 272,758     $ 915       *     $ 273,673  
Liabilities                                
Current liabilities                                
Accrued expenses and other payable   $ 1,377     $ (1 )     *     $ 1,376  
Warrant liability     -       19,285       2,3       19,285  
Total current liabilities     2,378       19,284       *       21,662  
Total liabilities     2,925       19,284       *       22,209  
Mezzanine equity     -       634       1       634  
Stockholders’ equity                                
Additional paid-in capital     293,156       7,545       1,2,3       300,701  
Retained earnings     (23,693 )     (26,548 )     *       (50,241 )
Total stockholders’ equity     269,833       (19,003 )     *       250,830  
Total liabilities, mezzanine equity and stockholders’ equity   $ 272,758     $ 915       *     $ 273,673  

 

Restated Unaudited Consolidated Balance Sheet – As of December 31, 2025

 

Line item   As
Previously
Reported on
10-Q		     Restatement
Adjustment		     ID     As Restated  
Assets                        
Current Assets                        
Cash and cash equivalents   $ 271,811     $ (133,788 )     10     $ 138,023  
Short-term investments     56,683       133,788       10       190,471  
Inventory     1,878       (171 )     7       1,707  
Prepaid expenses and other current assets     322       2       *       324  
Total current assets     332,584       (169 )     *       332,415  
Non-current assets                                
Property and equipment, net     5,541       219       6       5,760  
Intangible assets, net     9,477       928       8       10,405  
Total assets   $ 349,384     $ 978       *     $ 350,362  
Liabilities                                
Current liabilities                                
Accrued expenses and other payable   $ 8,444     $ (6,590 )     9     $ 1,854  
Deferred revenue     358       76       11       434  
Warrant liability     -       4,134       2,3       4,134  
Total current liabilities     9,307       (2,380 )     *       6,927  
Total liabilities     9,745       (2,380 )     *       7,365  
Mezzanine equity     -       249       1       249  
Stockholders’ equity                                
Additional paid-in capital     371,403       31,400       1,2,3,9,12       402,803  
Retained earnings     (32,095 )     (28,291 )     *       (60,386 )
Total stockholders’ equity     339,639       3,109       *       342,748  
Total liabilities, mezzanine equity, and stockholders’ equity   $ 349,384     $ 978       *     $ 350,362  
Schedule of Restated Consolidated Statement of Operations

Restated Consolidated Statement of Operations – Three Months Ended December 31, 2025

 

Line item   As
Previously
Reported on
10-Q		     Restatement
Adjustment		     ID     As
Restated		  
Revenues, net   $ 1,147     $ (76 )     11     $ 1,071  
Cost of revenues     547       494       4,7       1,041  
Gross profit     600       (570 )     *       30  
Operating expenses                                
Research and development     448       683       6       1,131  
Sales and marketing     188       2,873       4,5       3,061  
General and administrative     11,773       (3,564 )     4,5,9,12       8,209  
Total operating expenses     12,409       (8 )     *       12,401  
Loss from operations     (11,809 )     (562 )     *       (12,371 )
Other expenses                                
Other income (loss)     -       (1,181 )     2,3       (1,181 )
Total other expenses     3,399       (1,181 )     *       2,218  
Loss before income tax expense     (8,410 )     (1,743 )     *       (10,153 )
Consolidated net loss     (8,410 )     (1,743 )     *       (10,153 )

Net loss attributable to common stockholders

   $ (8,402 )   $ (1,743 )     *     $ (10,145 )
Basic and diluted net loss per share of common stock   $ (0.04 )                   $ (0.05 )

 

Restated Consolidated Statement of Operations – Three Months Ended December 31, 2024

 

Line item   As
Previously
Reported on
10-Q		     Restatement
Adjustment		     ID     As
Restated		  
Cost of revenues   $ 123     $ 320       4,7     $ 443  
Gross profit     1,134       (320 )     *       814  
Operating expenses                                
General and administrative     4,303       (289 )     4,5,6,13       4,014  
Total operating expenses     5,032       (289 )     *       4,743  
Loss from operations     (3,898 )     (31 )     *       (3,929 )
Other expenses                                
Other income (loss)     -       (25,965 )     2       (25,965 )
Total other expenses     329       (25,965 )     *       (25,636 )
Loss before income tax expense     (3,569 )     (25,996 )     *       (29,565 )
Consolidated net loss     (3,569 )     (25,996 )     *       (29,565 )
Net loss attributable to common stockholders   $ (3,548 )   $ (25,996 )     *     $ (29,544 )
Basic and diluted net loss per share of common stock   $ (0.04 )                   $ (0.31 )
Schedule of Restated Consolidated Statement of Equity

Restated Consolidated Statement of Equity – Three Months Ended December 31, 2025

 

Line item   As
Previously
Reported on
10-Q		     Restatement
Adjustment		     ID     As
Restated		  
Additional paid-in capital   $ 371,403     $ 31,400       *     $ 402,803  
Additional paid-in capital, issuance of shares upon exercise of warrants for cash     9,184       17,346       1,2,3       26,530  
Additional paid-in capital, shares issued to employees     -       8,202       9       8,202  
Additional paid-in capital, tax withholding for employee net share settlement     -       (1,693 )     9       (1,693 )
Retained earnings     (32,095 )     (28,291 )     *       (60,386 )
Net loss attributable to common stockholders     (8,402 )     (1,743 )     *       (10,145 )
Total stockholders’ equity   $ 339,639     $ 3,109       *     $ 342,748  

 

 

Restated Consolidated Statement of Equity – Three Months Ended December 31, 2024

 

Line item   As
Previously
Reported on
10-Q		     Restatement
Adjustment		     ID     As
Restated		  
Additional paid-in capital   $ 61,366     $ (776 )     *     $ 60,590  
Issuance of common shares for intangible asset acquisition     2,454       1,243       13       3,697  
Additional paid-in capital, issuance of shares upon exercise of warrants for cash     8,064       12,341       2       20,405  
Shares issued to employees     867       (351 )     13       516  
Shares issued for services     314       614       13       928  
Retained earnings     (11,487 )     (19,224 )     *       (30,711 )
Net loss attributable to common stockholders     (3,548 )     (25,996 )     *       (29,544 )
Total stockholders’ equity   $ 49,869     $ (19,999 )     *     $ 29,870  
Schedule of Restated Consolidated Statement of Cash Flows

Restated Consolidated Statement of Cash Flows – Three Months Ended December 31, 2025

 

Line item   As
Previously
Reported on
10-Q		     Restatement
Adjustment		     ID     As
Restated		  
Cash flows from operating activities                        
Consolidated net loss   $ (8,402 )   $ (1,751 )     *     $ (10,153 )
Change in fair value of warrant liability     -       1,810       2,3       1,810  
Inventory     (498 )     (85 )     7       (583 )
Prepaid expenses and other current assets     107       (2 )     *       105  
Deferred revenue     110       76       11       186  
Accrued expenses and other payable     (1,222 )     5       *       (1,217 )
Depreciation and amortization     353       24       6,8       377  
Stock-based compensation     8,284       (82 )     9       8,202  
Net cash used in operating activities     (1,605 )     (5 )     *       (1,610 )
Purchase of short-term investments     (454 )     (125,766 )     10       (126,220 )
Proceeds from maturities and sales of short-term investments     2,079       37       *       2,116  
Net cash used in investing activities     1,540       (125,729 )     *       (124,189 )
Proceeds from issuance of shares of common stock     69,065       1       *       69,066  
Net cash provided by financing activities     78,247       1       *       78,248  
Net change in cash and cash equivalents     78,182       (125,733 )     *       (47,551 )
Cash, cash equivalents, and restricted cash at beginning of the period     193,629       (8,055 )     10       185,574  
Cash, cash equivalents, and restricted cash at end of period   $ 271,811     $ (133,788 )     *     $ 138,023  

 

Restated Consolidated Statement of Cash Flows – Three Months Ended December 31, 2024

 

Line item   As
Previously
Reported on 10-Q		     Restatement
Adjustment		     ID     As
Restated		  
Consolidated net loss   $ (3,548 )   $ (26,017 )     *     $ (29,565 )
Gain/loss on change in fair value of warrant liability     -       25,965       2       25,965  
Inventory     (248 )     60       7       (188 )
Stock based compensation     -       1,444       9,13       1,444  
Depreciation and amortization     513       (232 )     6,8       281  
Net cash used in operating activities     (3,578 )     1,220       *       (2,358 )
Purchase of property and equipment     (78 )     (60 )     6       (138 )
Net cash used in investing activities     (380 )     (60 )     *       (440 )
Contributions from non-controlling interests     (21 )     21       *       -  
Proceeds from issuance of shares of common stock     9,244       (1,181 )     9       8,063  
Net cash used in financing activities   $ 9,219     $ (1,160 )     *     $ 8,059  

 

* Represents the downstream effects of the identified restatement adjustments and other individually immaterial changes.