INTERPACE BIOSCIENCES, INC. (IDXG): auditor change — Interpace Biosciences to restate 2023 and quarterly 2023/2024 financials due to accrued royalty errors

INTERPACE BIOSCIENCES, INC.

Accrued royalties overstated by $5.3M to $7.1M across 2023 and 2024 quarterly balance sheets.
Restatement expected to reduce liabilities and increase net income; revenues and cash flows unchanged.
Non-reliance on financial statements for FY2023, Q1-Q3 2023 and Q1-Q3 2024.
Management will report a material weakness in internal controls over accrued royalty assessment.
Cumulative impact from 2015-2022 is $4.8M aggregate; no restatement for periods before 2023.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

INTERPACE BIOSCIENCES, INC. reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

t will be required to restate its previously issued financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 as well as the financial statements contained in the Company’s Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2024 and March 31, 2023, June 30, 2024 and June 30, 2023, and September 30, 2024 and September 30, 2023 to effect reversals of accrued royalties expenses. Accordingly, investors should no longer rely upon such financial statements. The reversal of accrued royalties expense is a result of the Company’s determination that the accrual of such royalties expenses was not required. The reversal is expected to have a positive impact on various financial statement items, including current liabilities, stockholders’ equity (deficit) and net income. On February 28, 2025, the Company’s management conclud

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Source: SEC EDGAR

accession 0001493152-25-009384

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