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filed a Form 8-K on October 15, 2026, stating that its previously issued unaudited condensed consolidated financial statements for the periods ended March 31, 2026, and June 30, 2026, should no longer be relied upon.
The Audit Committee of the Board of Directors concluded, after discussion with senior management, that the financials require restatement due to an error in the accounting for warrants issued to a placement agent for the company's January 2026 registered direct offering.
The error involved recognizing the approximately $1.0 million grant-date fair value of the warrants as a general and administrative expense rather than as a reduction of additional paid-in capital.
The misclassification overstated general and administrative expense and loss from operations by $1.0 million.
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