Item 2.02 Results of Operations and Financial Condition.
On April 13, 2023, the Company filed a prospectus supplement with the SEC which
contained certain preliminary estimated financial information as of and for the
quarter ended March 31, 2023 presented below. The preliminary estimated
financial information has been prepared by, and is the responsibility of, the
Company's management. KPMG LLP, the Company's independent registered public
accounting firm, has not audited, reviewed, compiled or performed any procedures
with respect to the preliminary estimated financial information provided below.
The Company's preliminary unaudited estimates for the first quarter ended
March 31, 2023 are as follows:
• Between $6.25 and $6.75 million in cash, cash equivalents and short-term
investments as of March 31, 2023;
• Between $1.4 million and $1.5 million in consolidated total revenue for
the quarter ended March 31, 2023; and
• Between $22.0 million and $24.5 million in consolidated comprehensive
loss for the quarter ended March 31, 2023.
The Company's preliminary estimates of these financial results are based solely
on information available to it as of the date of this Current Report on Form 8-K
and are inherently uncertain and subject to change. The Company's actual
financial results as of and for the three months ended March 31, 2023 are
subject to the completion of the Company's financial closing processes, any
adjustments that may result from the completion of such processes, and the
finalization of the Company's actual financial statements, which may differ
materially from the preliminary estimated financial information the Company has
provided as a result of completion of its final adjustments, review by its
independent registered public accountants and other developments arising between
now and the time that the financial results for such period are finalized. These
preliminary estimates are not a comprehensive statement of the Company's
expected financial results for the three-month period ended March 31, 2023 and
should not be viewed as a substitute for full financial statements prepared in
accordance with generally accepted accounting principles (GAAP). In addition,
these preliminary estimates for the fiscal quarter ended March 31, 2023 are not
necessarily indicative of the results to be achieved in any future period.
Accordingly, investors should not place undue reliance on these preliminary
estimated financial results. The Company's actual unaudited condensed
consolidated interim financial statements and related notes as of and for the
fiscal quarter ended March 31, 2023 are not expected to be filed with the SEC
until May 2023.
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