The Company identified errors related to (i) the initial measurement of the liability-classified warrants issued to Mateo Financing, LLC (the “Warrants”) on August 4, 2025 which in turn affected the loss on debt extinguishment recognized in the three months ended March 31, 2026, (ii) the recognition of changes in fair value of the warrant liability at each subsequent reporting date, and (iii) debt discount amortization resulting from the initial measurement errors. The Company determined that incorrect valuation inputs and methodology were used in the initial and subsequent measurement of the Warrants. These included an expected term shorter than the remaining contractual term through August 1, 2035, and incorrectly included an illiquidity adjustment. These errors resulted in the following misstatements.

•Impact as of December 31, 2025. As of December 31, 2025, the warrant liability, recorded within other long-term liabilities, was understated by $6.8 million. Short-term debt was overstated by $7.6 million because the unamortized warrant-related debt discount was understated. These amounts have been corrected through the opening balances as of January 1, 2026, including the opening accumulated deficit presented in the condensed consolidated statement of stockholders’ equity (deficit).

•Debt extinguishment. In February 2026, the Company amended the 2025 Credit Agreement, and the amendment was accounted for as a debt extinguishment (see Note 4 Financing arrangements). Because the unamortized warrant-related debt discount was understated, the loss on extinguishment of debt,

recorded within other income (expense), net, was understated by $7.0 million for the three months ended March 31, 2026. The write-off of the remaining unamortized discount eliminated the warrant-related misstatement of short-term debt as of March 31, 2026.

•Subsequent measurement. The warrant liability is measured at fair value at each reporting date, with changes in fair value recognized in other income (expense), net (See Note 1 Summary of business and significant accounting policies and Note 2 Fair value measurements). Because the same incorrect valuation assumptions were used at each remeasurement date, the change in fair value was misstated in each period. As of and for the three months ended March 31, 2026, the warrant liability, recorded within other long-term liabilities, was overstated, and other income (expense), net was understated by $3.8 million.

The Company identified an error in the accounting for the securities purchase agreement (Securities Purchase Agreement) it entered into in February 27, 2026 with YA II PN, Ltd (YA II PN), a fund of Yorkville Advisors Global, LP, in connection with the issuance and sale by the Company of convertible debentures (the Convertible Debentures) issuable in an aggregate principal amount of up to $50.0 million. In accounting for the bifurcation of the embedded conversion derivative from the Convertible Debentures, the Company used the fair value of the Convertible Debenture as the fair value of the embedded conversion derivative, rather than determining the fair value of the embedded conversion derivative using a with-and-without valuation approach and recognizing the combined instrument as short-term debt. As a result, the amounts initially allocated to the embedded conversion derivative and debt host at issuance, and the related debt discount and subsequent interest expense, were incorrectly recorded. This error resulted in the following misstatements:

•Initial measurement. As of and for the three months ended March 31, 2026, the initial measurement error caused accrued expenses and other current liabilities to be overstated by $30.9 million, short-term debt to be understated by $23.8 million, and other income (expense), net to be understated by $7.1 million.

•Subsequent measurement. The embedded conversion derivative liability is measured at fair value at each reporting date, with changes in fair value recorded in other income (expense), net. (see Note 2, Fair value measurements). Because the initial measurement was incorrect, the subsequent change in fair value was also misstated. For the three months ended and as of March 31, 2026, other income (expense), net was understated by $0.3 million, short-term debt was overstated by $0.4 million, and accrued expenses and other current liabilities were understated by $0.2 million.


	March 31, 2026
(in thousands)	As Previously Reported		Adjustment		As Restated


















Accrued expenses and other current liabilities	$	130,146	$	(30,692)	$	99,454


Short-term debt	71,954		22,368		94,322
Total current liabilities	356,862		(8,324)		348,538



Other long-term liabilities	5,819		2,973		8,792
Total liabilities	383,224		(5,351)		377,873

Accumulated deficit	(855,914)		5,351		(850,563)
Total stockholders’ equity	(1,869)		5,351		3,482


	Three months ended March 31, 2026
(in thousands, except per share data)		As Previously Reported		Adjustment		As Restated











Interest expense		$	(4,118)	$	380	$	(3,738)
Other income (expense), net		(17,612)		4,129		(13,483)
Total other income (expense), net		(21,730)		4,509		(17,221)
Loss before income taxes		(78,975)		4,509		(74,466)

Net loss		(80,820)		4,509		(76,311)



Basic and diluted net loss per share		$	(0.50)	$	0.03	$	(0.47)



Shares used to compute basic and diluted net loss per share		163,208		—		163,208


	Three months ended March 31, 2026
(in thousands)	As Previously Reported		Adjustment		As Restated

Net loss	$	(80,820)	$	4,509	$	(76,311)
Adjustments to reconcile net loss to net cash used in operating activities:








Non-cash interest expense	—		1,567		1,567
Loss on extinguishment of debt	8,870		7,080		15,950
Derivative expense	7,552		(7,096)		456
Change in fair value of derivative liabilities	5,652		(251)		5,401
Other	2,124		(5,809)		(3,685)






Net cash used in operating activities*	(36,618)		—		(36,618)